Links in “CFPB”

The CFPB has ordered GE Capital Retail Bank to pay the “largest credit card discrimination settlement in history,” $225 million, to compensate consumers for discriminatory and illegal credit card practices. The bureau found that GE Capital used deceptive marketing practices to promote add-on products, including deceiving customers as to their eligibility for benefits and not disclosing that customers were making a purchase. [6/27/14]

CFPB is recruiting for its second round of participants in its Technology & Innovation fellowship program, a two-year program for tech developers. The first group's work include developing an online tool to visualize and track HMDA data, the "Ask CFPB" FAQ feature, and eRegulations. [6/26/14]

Department of Education is said to be working closely with the CFPB to make significant restrictions on products that banks sell to college students. Proposed revisions are expected to be issued in July. [6/23/14]

At yesterday’s board meeting, NCUA approved proposed changes to its appraisal rules to eliminate redundancy between its rule and new CFPB rules regarding providing consumers with copies of appraisals. The proposed rule would also create an exemption to the appraisal requirement when a refinance does not involve new funds, other than closing costs, and there has been no obvious and material change to the market conditions or the physical condition of the collateral property. [6/20/14]

The CFPB ordered GE Capital Retail Bank to provide $225 million in remediation for  deceptive credit card add-on practices, discriminatory debt relief promotions, and for violating fair lending laws. CFPB's Director Cordray states, "this kind of conduct has no place in the consumer financial marketplace." Cordray's press release details each violation and the action to be taken by the CFPB. [6/20/14]

A look at the key points that came out of the first in a series of CFPB webinars on the integrated disclosure rules for Truth in Lending and Real Estate Settlement Procedures Acts. [6/20/14]

After getting some heat from House members on the estimated $185 million renovation the CFPB's headquarters, CFPB Director Cordray shoots back with, "Come see the building. It's a dump. You want to come see it?" [6/20/14]

Spotlight shines on a culture of discrimination and retaliation, “abnormal” numbers of breaches of consumers’ personally identifiable information, and examination procedures like “fishing expeditions,” where examiners were told to expand their sample size if their initial examination did not come up with any violations. [6/20/14]

Last year, the CFPB warned banks that dealer finance charge participation may violate Fair Lending rules, even if the practices are neutral on their face. The industry pressed for clarification from the CFPB on how it determines what would constitute discrimination. In testimony before the House yesterday, CFPB Director Cordray says that the bureau will be issuing a white paper this summer regarding the use of proxy methodology it would use. [6/19/14]

The Consumer Financial Protection Bureau (Bureau) published an interim final rule issuing a temporary cease-and-desist order, which requires the Bureau to establish procedures for conducting adjudication proceedings. This final rule takes effect on July 18, 2014. [6/18/14]