Links in “CFPB”

Could new rules for ACH be coming from the CFPB? Cordray said, "While there are undoubtedly great benefits to the current system of electronic payment networks—financial transactions today would not be the same without them—at the Consumer Bureau we also have some concerns." Find out what his concerns are here. [11/21/14]

The proposal would require servicers to provide certain borrowers with foreclosure protections more than once over the life of the loan, to put in place additional servicing transfer protections, and to take steps to protect borrowers from a wrongful foreclosure sale. The proposal would also help ensure that surviving family members and others who inherit or receive property have the same protections under the CFPB’s mortgage servicing rules as the original borrower. [11/21/14]

CFPB's financial report for 2014 shows that it has grown from 663 employees in 2011 to 1,443 in 2014. Its transfers from the Fed increased during the same period from $162 million to $534 million. The report also includes an independent auditor's report that found material weaknesses in the agency's internal controls. [11/21/14]

The CFPB's proposed reclassification of overdraft services as an extension of credit is loaded with intended and unintended consequences, including effectively banning overdraft services and setting up the CFPB to become the biggest threat to the safety and soundness that financial institutions will face. [11/20/14]

The CFPB's mortgage rules got you confused? The FDIC is here to help with a new video covering the Ability to Repay and Qualified Mortgage Rule with another two videos on the way! [11/20/14]

The CFPB has released a bulletin regarding avoiding discrimination against those receiving Social Security disability income as part of the lending process. Does extra guidance mean this will soon be an increased area of scrutiny? It may be time to brush up on what the CFPB expects of lenders. [11/19/14]

The Government Accountability Office recently released financial statements and financial audits for the CFPB and FHA. Information regarding the CFPB can be found here. The FHA audit and financial statements can be found here. [11/18/14]

While a significant portion of the CFPB's recent proposal on prepaid accounts deals with overdraft protection, it simultaneously released a study of 325 account agreements for prepaid products that found that 96.62% of the agreements reviewed offered no formal opt-in overdraft service. [11/18/14]

A look at the CFPB's recent efforts to stave off depositions due to its claimed "inherent right to non-disclosure." Critics argue that once a case goes to court, the CFPB is subject to the same rules of discovery facing everyone else. [11/17/14]

The proposed rule on prepaid accounts just issued by the CFPB has been expanded from the 2012 proposed rule to include a wider range of accounts.  In addition to the use-anywhere prepaid cards, the proposed rule also covers such things as campus cards used for financial aid disbursements, some government-benefits cards, tax-refund cards, and prepaid cards that some companies use to pay employees. CFPB Director Richard Cordray added that prepaid accounts are more than just cards and include other types of accounts, such as PayPal, Google Wallet and possibly certain mobile payment plans. [11/14/14]