Links in “CFPB”
- Time for Subprime Credit Cards to Get Ready for Their CFPB Close-up
Subprime borrowers are getting more access to credit, which may seem like a good thing. Except the CFPB thinks those subprime customers are getting a bum deal and is planning on looking into the matter more closely in 2016. [1/20/16]
- The CFPB Isn’t Resting on Its Laurels
During 2015, the CFPB obtained settlements that amounted to more than $1.6 billion in consumer compensation. One group of industry observers believes that, in some ways, the CFPB's approach to compliance may become even more aggressive in 2016. For example, CFPBÂ is working toward limiting the use of arbitration agreements. [1/19/16]
- TRID: Was All That for Nothing?
After the industry's huge effort to implement the CFPB's TILA-RESPA Integrated Disclosure rule, are homeowners actually using the new Loan Estimate to shop around for lenders with the best rates? Apparently not. [1/19/16]
- Does Limited English Proficiency Pose Compliance Risks?
When planning for compliance with laws that prohibit discriminatory or deceptive practices, service providers should consider the challenges posed by consumers whose English is limited. Â The CFPB is increasingly active in this area. Â [1/19/16]
- CFPB Seeking Input on Concerns About HMDA Privacy Issues
CFPB is seeking public input regarding concerns that new HMDA data collection points may go too far. [1/19/16]
- CFPB’s Consent Order with EZCORP Means the Lender will Pay Up
CFPB alleged EZCORP violated the CFPA by making false threats of legal action, misrepresented repayment and collections processes, and collecting debts through in-home visits, third-party calls, and calls to consumers workplaces. Further, CFPB asserted EZCORP violated the EFTA by demanding authorization of electronic transfers as a condition for granting loans. Per the resulting consent order, EZCORP will pay $7.5 million to customers and a $3 million civil penalty. [1/19/16]
- He’s Back
Outspoken critic of the student loan industry Rohit Chopra left the CFPB seven months ago and has resurfaced in a senior role at the Department of Education to "fix our broken student loan system." [1/15/16]
- CFPB Guidance on Construction Loans Clear as Mud
The CFPB's fact sheet on disclosures of construction-to-permanent loans under TILA/RESPA Integrated Disclosure falls far short of the detailed guidance sought by the mortgage industry. [1/15/16]
- CFPB Wants Submissions Regarding HMDA Resubmission
The Consumer Financial Protection Bureau is soliciting comments from the public regarding its guidelines for correcting and resubmitting HMDA data. [1/12/16]
- Business is Booming at the CFPB
Wall Street Journal features CFPB's director and notes that the bureau has roughly doubled the number of enforcement cases it brought last year. [1/12/16]
