Links in “CFPB”
- CFPB’s Student Loan Ombudsman Chastises Industry
Rohit Chopra, assistant director at the CFPB and the agency's student loan ombudsman chastised the industry for lack of data, lack of transparency, failure to provide adequate loan modifications, and faulty servicer payment processing. [9/15/14]
- House Bill Would Put Brakes on CFPB’s Indirect Auto Finance Guidance
H.R. 5403 would nullify the CFPB's 2013 indirect auto finance guidance and require the agency to provide a notice and comment period before issuing any new guidance. [9/12/14]
- Mobile Services Could Be Key to Serving the Unbanked
An FDIC white paper points out that 90% of the underbanked and unbanked have a mobile phone and 71% have a smart phone. CUNA is urging the CFPB to minimize the regulatory burdens associated with offering mobile banking services so that credit unions and smaller institutions can pursue this avenue. [9/11/14]
- Cordray Points to “Considerable Progress” in Report to Senate
New mortgage rules, greater enforcement of system misconduct, investigating consumer complaints and securing relief on behalf of tens of thousands of consumers are among the accomplishments cited by CFPB Director Cordray in his report to the Senate Committee on Banking, Housing and Urban Affairs. [9/11/14]
- Congresswoman to CFPB: Limit Overdraft Fees
Carolyn Maloney (D-NY) sends letter to CFPB's Cordray calling for limits to overdraft fees and expanding opt-in requirements to apply to checks and ACH transactions. [9/11/14]
- Richard Cordray: Consumers’ Biggest Fan
Director Richard Cordray of the CFPB discussed Tuesday the implementation of the Dodd-Frank Act and the creation of the CFPB. In addition to reporting on specific accomplishments, Cordray addressed the overarching goals of the agency, saying "at the heart of our mission is the premise that consumers deserve to have someone stand on their side and make sure they are treated fairly in the financial marketplace." Thomas Curry of the OCC also provided this insight regarding improvements to safety and soundness since implementing the Dodd-Frank Act. [9/10/14]
- CFPB Guides Consumers to Safety
Ever trying to protect consumers, the CFPB has offered guidance on four simple steps to take if you think your debit or credit card data may have been hacked. This guidance seeks to mitigate the mess caused by several high-profile security breaches and to help consumers help themselves during uncertain times. [9/10/14]
- Regulations Z and M: Thresholds Will Increase
The Federal Reserve Board and CFPB have announced increases in thresholds pertaining to Regulations Z and M as required the Dodd-Frank Act. These thresholds are to be adjusted annually based on increases in the Consumer Price Index, and will take effect on January 1, 2015. [9/10/14]
- Clearing the Air: Remittance Transfers
Every year, consumers in the U.S. transfer billions of dollars out of the country through banks, credit unions, and other businesses in ways that fall under the definition of a remittance transfer. In light of the CFPB's recent amendments to Regulation E, AffirmX's Senior Analyst Coppelia Padgett helps clear the air about what a remittance transfer is and what it involves, because you might be surprised at what is and is not covered by this regulation and the recent amendments. [9/9/14]
- Come One, Come All!
If you have ever wondered what happens during CFPB Board meetings, you are in luck. The next meeting is scheduled to take place Thursday, September 11, 2014 and is open to the public. [9/8/14]
