Links in “CFPB”

Regulatory uncertainty ultimately harms consumers, because it constrains financial institutions from seeking to develop innovative products. The CFPB's proposal to mitigate uncertainty by providing a letter that it intends to take no action against a particular product has a number of disadvantages over the rulemaking approach. A group of trade associations details these shortcomings in this letter to the bureau. [12/16/14]

The CFPB has released its annual report detailing trends associated with college credit card agreements. While a 70% decline in the number of agreements since the 2009 disclosure requirement were passed may seem promising, the CFPB's findings indicate a shift to less regulated banking products. [12/16/14]

The CFPB has announced that the maximum allowable charge a consumer reporting agency may charge consumers has increased from $8 to $12. This change will be effective starting January 1, 2015 and will be re-evaluated each year pursuant to the Dodd-Frank Act. [12/15/14]

The CFPB has announced a research pilot with American Express to gain insight into saving habits among prepaid card users. Director Cordray is hopeful that this study will improve the CFPB's capacity to empower consumers to make better informed financial decisions. [12/15/14]

The CFPB is proposing more changes to the 2013 mortgage servicing rules. Among other things, the proposed changes include elements of force-placed insurance notices and periodic statement requirements found in RESPA and TILA. [12/15/14]

CFPB sues two companies for a range of infractions in their dealings with student loan recipients, from tricking consumers into paying upfront fees to access free federal loan benefits, implying an affiliation with the government, and charging consumers a monthly fee. More coverage here. [12/12/14]

The CFPB released its 53-page report on the medical debt collection and reporting industry. The report states that 43 million Americans have overdue medical debt on their credit reports, which significantly impacts consumer credit. The report provides actions for reporting agencies to promote dispute resolution. [12/12/14]

Even though the CFPB only directly regulates financial institutions with assets in excess of $10 billion, every financial institution—regardless of its asset size—is impacted in a big way by the CFPB. In this video, AffirmX Analyst Sydney Caskey explains why you might not want to ignore the newest regulatory agency in town. [12/12/14]

Sometimes it feels like the CFPB is just about everywhere. This month's issue of the The NCUA Report contains a special guest report from the CFPB director on "the Bureau's" Ability-to-Repay Rule. [12/11/14]

While not having to send out an annual privacy notice may sound like a good idea on the surface, the hoops a bank would have to jump through to comply with CFPB requirements suggest that nobody at the CFPB has ever actually worked in a bank. [12/11/14]