Links in “CFPB”
- Where Are Debt Collection Rules Heading? Look to New York (CFPB Does)
The CFPB and the New York Department of Financial Services work hand in hand. Hence, the DFS' proposed debt collection rules is a good bet to form the basis for where the CFPB may be going with its debt collection rules. [7/22/14]
- Cordray: Complaint Narratives Offer Consumers a Megaphone
A CFPB field hearing in Texas provides further insight into the CFPB's rationale for wanting to give consumers the option of including a complaint narrative, which would be public. CFPB Director Cordray said he hopes the public narratives encourages more consumers to make complaints by offering them a "megaphone" to tell their stories. [7/21/14]
- Why Proposed Rule on Consumer Complaint Narratives Would Put Banks at a Disadvantage
Because of their obligation to maintain confidentiality of their customers, banks would not be able to offer a full response to narrative consumer complaints proposed by the CFPB. [7/18/14]
- 10 Tips to Tip The Scale in Your Favor
A former CFPB enforcement lawyer gives ten tips to help institutions successfully navigate CFPB enforcement investigations. [7/18/14]
- Adding Consumer Narrative to CFPB Complaint Database: More Fuel for “Reputational Risk” Argument?
The CFPB has proposed to permit consumers who submit complaints to also submit a narrative to be included in the publicly available Consumer Complaint Database. Will the narratives provide more fodder for regulators to use when making "reputational risk" arguments? [7/17/14]
- All They Do Is Complain, Complain, Complain
Take a look at the CFPB's new report describing the complaints they have received over the past three years. Is your institution guilty of some of these practices? [7/17/14]
- But What Does It MEAN?
Using the definition of "assumption" from Reg Z, the CFPB issued a rule clarifying the term "successor-in-interest" as part of its ability-to-repay rule. [7/17/14]
- A Lesson on How Not to Collect Debt
Hanna & Associates, a Georgia-based debt collection agency, is facing penalties administered by the CFPB for deceptive debt collection practices. These practices included churning out over 350,000 lawsuits in a four-year period based on unsubstantiated or limited evidence that, although the result of an automated process, were signed by attorneys to increase the intimidation factor. [7/15/14]
- CFPB Not Fooled
Some mortgage brokers have been switching to a "mini-correspondent" model, and the CFPB is worried that these institutionsârather than intending to grow into a full correspondent modelâbelieve that this status makes them exempt from consumer protection rules regarding broker compensation. Cordray stated that âthey cannot avoid those rules by calling themselves by a different name.â [7/14/14]
- Got Consumer Complaints?
The CFPB will hold a hearing regarding consumer complaints on July 17. Due to its track record of announcing related CFPB developments, it should be worth tuning in. [7/11/14]
