Links in “CFPB”

Ever heard the expression "the nail that sticks out will get hammered"? The CFPB's examination manual underscores the importance of a smooth complaint management program. Find out how to create a program that will eliminate any invitations for regulatory hammers. [12/10/14]

Not much new reported in the CFPB's most recent semi-annual report. But it did break down the number of enforcement actions for TILA violations, EFTA violations, and CARD Act violations. [12/9/14]

The industry is picking up on a recent report that the CFPB's study used to make its claims of disparate impact on minority borrowers for auto loans was fatally flawed. The study found that the report overestimated African Americans by more than 40%. "If the agency doesn't know a borrower's race accurately, it casts doubt on whether it can detect racial bias." The CFPB counters that there are problems with the study. (Subscription required. To read an unlocked report of the underlying study, click here.) [12/8/14]

The CFPB recently brought charges against Premier Consulting Group for illegally charging up-front fees for debt-settlement services that customers never received. In many instances, the upfront fees coupled with the ineffective or non-existent services offered caused consumers to fall deeper in to debt. Premier Consulting Group is set to pay a fine of $69,075, and will be prohibited from future violations. [12/5/14]

Sliding employee morale and distrust of leadership are just two of the findings of a recent internal survey of the CFPB. [12/5/14]

The CFPB is developing a form to allow companies to proactively participate in viewing and responding to consumer complaints. Here is an argument for why your financial institution should consider registering. [12/5/14]

The Department of Justice and the CFPB may be going after Honda next for discriminatory pricing of loans made through auto dealerships. [12/4/14]

The CFPB requested comments by February 2, 2015 on a form that will allow companies to participate in its Company Portal. This portal allows companies to view and respond to complaints through the complaint handling system. [12/4/14]

According to the consumer finance site CardHub.com, the CFPB is likely to require financial institutions to treat checking account overdrafts as credit. This could mean that credit unions would have to document members’ ability to repay prior to offering them overdraft protection among other credit requirements. [12/4/14]

The CFPB recently issued a bulletin on how financial institutions should use income from social security disability benefits to determine repayment eligibility. In particular, the bulletin focuses on when it is not necessary to obtain verification from a physician concerning the length of the applicant’s disability. [12/4/14]