Links in “CFPB”

Comparing pre- and post-CFPB times and tones, it's easy to identify the themes the CFPB is emphasizing. In general, the bureau has underscored that it will not be turning a blind eye to institutions mistreating consumers, regardless of the reasons given. [9/24/14]

CBA writes to CFPB outlining five reasons why adding consumer narratives to the CFPB complaint portal is a bad idea. [9/24/14]

Chair of the Financial Services Committee Jeb Hensarling (R-Texas) says the CFPB's data collection methods are a "shocking intrusion" into the privacy of American Citizens. He says the "CFPB is trying to out-NSA the NSA when it comes to accumulating information on Americans." [9/24/14]

Today, you can't throw a stick anywhere in the compliance news landscape without hitting at least a few items either from or about the agency that likes to refer to itself as "The Bureau." Some may disregard these reports from and about the Consumer Financial Protection Bureau, because they understand that it only directly regulates large financial institutions in excess of $10 billion. However, even if your bank or credit union is far beneath that threshold, the CFPB matters. AffirmX's Dennis Agle explains why. [9/23/15]

In a letter to the CFPB, CUNA expresses concern about the reputational harm that credit unions could face as a result of permitting consumers to post narrative descriptions of their complaints that could contain “inaccuracies, exaggerations and even intentionally false information.”  In addition, CUNA points out that privacy concerns may not allow credit unions to provide the details necessary to adequately respond to a consumer’s complaint. [9/23/14]

The GAO has conducted an analysis on the CFPB regarding its privacy and security procedures for data collections. According to the GAO, “additional efforts are needed in several areas to reduce the risk of improper collection, use, or release of consumer financial data.” [9/23/14]

The CFPB has amended its final rule regarding international money transfer markets and includes a definition of “larger participants” that are subject to the CFPB. [9/23/14]

CFPB official speaking at conference says mortgage servicing environment is not like NASCAR, "where you direct your staff around a predictable track repeating the same steps over and over." Today's mortgage servicing environment is more like the Wild West, with state and federal regulators changing the rules, regulators and attorneys citing services for prior practices, and stiff competition from bank and non-bank servicers. [9/22/14]

The agencies are requesting comments on customer due diligence (FinCEN), fixed assets (NCUA), and Regulation C (CFPB). These comments are due during the month of October. [9/22/14]

The Federal Reserve and CFPB have published rules which amend Regulation Z exemption threshold from $50,000 to $54,600. The same adjustment was made to Regulation M. These adjustments will take effect January 1, 2015. [9/22/14]