Links in “CFPB”
- FHA Official Jumps to CFPB to Monitor Impact of New Mortgage Rules
Federal Housing Administration's Patricia McClung will be leaving to join the CFPB to monitor the impact of rules and regs for lending and servicing that took effect earlier this year. [8/18/14]
- Protecting Those Who Protect Our Nation
The CFPB shut down operations of USA Discounters Ltd, which Director Cordray describes as a company that, "was designed to exploit unsuspecting servicemembers." The company sold certain financial protections that are inherently provided under the SCRA to active servicemembers. Cordray described this company's actions as "unconscionable" and said he will not allow it to continue. [8/15/14]
- Reg. Z Gets a Face Lift
The CFPB is required to recalculate the specific amounts and percents of several provisions within Regulation Z each year. Having done so, the CFPB has issued the final rule regarding these matters. These changes will be effective starting January 1, 2015. [8/15/14]
- Bait-and-Switch? That Will Be $19.3M, Please
The example of Amerisave can serve as a warning to all lending institutions, including credit unions. CFPB's Richard Cordray summarizes: "Amerisave lured consumers in with deceptive advertising, trapped them with costly upfront fees, and then illegally overcharged them for services from an undisclosed affiliate. By the time consumers could have discovered the advertised low rates were too good to be true, they had already committed to pay hundreds of dollars to Amerisave." [8/13/14]
- CFPB on Digital Currency: You Can’t Trust It as Far as You Could Throw It
The Bureau warns consumers about using digital currency for three reasons: a) volatile exchange rates, b) high threat from hackers and scammers, and c) digital currency is uninsured by any agency. [8/12/14]
- CFPB Move Seen as Possibly Paving the Way to New Digital Currency Rules
The CFPB issued a warning to consumers about the risks of digital currency and announced it is now accepting complaints on virtual currencies, moves which are often used as the start to rulemaking and enforcement. [8/12/14]
- CFPB Jumps the Gun
Last week, four credit unions were called out by Rohit Chopra, an assistant director at the CFPB, for not properly disclosing deal terms for products and services marketed to university students. It turns out that two of these credit unions, Indiana University Credit Union and Purdue Federal Credit Union, don't even have marketing agreements with their local universities. [8/11/14]
- 4 CUs Criticized by CFPB for Lack of Transparency with Their University Partnerships
There is no regulatory requirement that states that financial institutions make public the agreements they may have with universities to market their products to students. However, the CFPB feels that students should be aware if a financial institution is paying their university for access to the student body and in January 2013 urged financial institutions to voluntarily post these types of agreements online. Now the CFPB is publicly criticizing six banks and four credit unions that have marketing agreements with large universities for not taking this voluntary step. [8/8/14]
- CFPB’s Office Renovation Gets OIG’s Attention
The Office of Inspector General is making the controversial renovation of the CFPB's headquarters the subject of not one, but two investigations. [8/7/14]
- Big 10 Conference Goes 1-12 on CFPB’s Scoreboard
The CFPB looked at the public disclosure agreements of the financial partners of the 13 member schools of the Big Ten conference with financial partners. The bureau was satisfied with the publicly available contract of only one of the school-financial partner teams (go, Hawkeyes!). It is sending alerts to inform schools that "their bank partner has not yet committed to transparency when it comes to student financial products." It would seem unlikely that the CFPB will limit its attention to the Big Ten. [8/7/14]
