Links in “CFPB”

At a Senate hearing, Mike Crapo (R-Idaho) criticizes CFPB's acquisition of data such as religion, social security numbers, and "major life events." Cordray counters that the data collection is a critical part of the agency's purpose and that the data are scrubbed to remove personally identifying information. [6/11/14]

ABA lends its support for H.R. 3770, which would require an independent audit of the CFPB and H.R. 4262, which would require the CFPB to keep its meetings open to the public. The legislation "will ensure that the Bureau remains transparent in its operations." [6/10/14]

The trade groups are generally supportive of the proposal to revise the Remittance Transfer Rule, but outline in this letter a number of clarifications and revisions that are needed, including a clarification that would permit the remittance transfer provider to look at the way in which an account funding a transfer is identified at the time the transfer is requested to help determine whether it is for personal, family or household purposes. [6/10/14]

Director Cordray testifies before the Senate Committee on Banking, Housing, and Urban Affairs regarding the CFPB's fifth semi-annual report, describing the Bureau's efforts to protect consumers in the consumer financial marketplace. [6/10/14]

In a comment letter to the CFPB on proposed remittance rule amendments, NAFCU argued for an expansion of the 100-remittance threshold for exemption to the new disclosure rules. NAFCU pointed out that over 25% of credit unions have said they have or will discontinue offering remittance services and those that still offer remittance services have had to increase the fees to members significantly. [6/9/14]

CFPB's Chopra testifies in Senate hearing that the country's $1.2 trillion debt is hampering the economy. Democrats have introduced a bill that would allow borrowers to refinance student loans at current interest rates, similar to refinancing a mortgage. [6/5]

Five areas that the CFPB is planning to change in the near future and how they could impact your credit union. [6/4]

CFPB Director, Richard Cordray, gave an address at the Financial Literacy and Education Commission Meeting Thursday. After discussing the significance of educating younger generations to be financially responsible, Cordray announced the CFPB's commitment to lead an effort called the "State Engagement Project." This project seeks to overcome hurdles of K-12 financial education by bringing state policymakers and federal agencies together. [5/30]

Several trade associations are lending their support to an amendment to the appropriations bill for fiscal year 2015 that would prohibit any funds made available by the Act from being used in "disparate impact" litigation. Under the disparate impact theory, even a lender who takes every step to prevent discrimination and treat all consumers fairly and equally could be the target of serious claims if it impacts a protected group adversely. For example, the DOJ and CFPB recently entered into a $98 million settlement with a bank for its indirect auto lending program. [5/30]

In a hearing on allegations of employee discrimination at the CFPB, the Chairman of House Financial Services Committee points out the irony that if the CFPB were a private company, the disparate impact related to its treatment of employees would be ample grounds for enhanced supervision and costly enforcement from the CFPB. [5/29]