Links in “CFPB”

The proposed No-Action Letter Policy has been released for a 60-day comment period. A penny for your thoughts? [10/17/14]

CFPB proposes a policy that permits it to issue "no action" letters to financial institutions who may seek to float the idea for a new and innovative product that would benefit consumers, but where regulatory uncertainty is otherwise hindering the development of the product. Under the proposal, the agency could issue a letter indicating that it had "no present intention to recommend initiation of an enforcement or supervisory action." [10/17/14]

Consumer-grade overview of everything you wanted to know about the CFPB, but were afraid to ask. [10/16/14]

Here's a look at what's behind the CFPB's two recently proposed changes to the TILA-RESPA Integrated Disclosure Rules and how they might impact financial institutions. [10/15/14]

In an effort to become more innovative, the CFPB have proposed the concept of a No-Action Letter. The goal of this letter is to “reduce the regulatory uncertainty that may exist for certain emerging product or services.” [10/13/14]

CFPB and FTC will host a roundtable on debt collection practices on Latino consumers, especially those with limited English proficiency. [10/13/14]

While the credit union industry applauds the efforts of the CFPB to protect consumers’ interests and to ensure that consumers have access to affordable financial services, there is concern that the CFPB needs to balance its goals against the need for credit unions to manage risk and protect against fraud. [10/10/14]

Banks that rely on specialty consumer reporting agencies to determine whether to open a checking account for a new customer can expect to see greater scrutiny of their use of these lists, which the CFPB suspects may be overly broad and leave consumers without the ability to dispute any inaccuracies contained in the reports. [10/10/14]

M&T Bank, New York, deceptively advertised free checking accounts with no strings attached. As it turns out, there were strings. Customers had to maintain a certain amount of activity to maintain the free status of the account and the bank would convert it into an account with fees if activity requirements were not met. What’s more, customers were not advised the change took place. [10/10/14]

The CFPB has issued an updated “readiness guide” to assist financial institutions in preparing for the new combined TILA/RESPA disclosures that go into effect August 1, 2015. The guide provides checklists to assist with you with updating your policies and procedures. [10/9/4]