Links in “CFPB”
- Why the CFPB Deserves Special Treatment
In a hearing in the House Committee on Financial Services on legislative proposals to promote greater transparency and accountability at the CFPB, a representative of the US Public Interest Research Group argued that the bills are not necessary, because the CFPB is a work in progress and is a remedial agency, which makes it different from the other federal agencies. [5/29]
- Alabama Firm Pays the Price of Non-Disclosure
The Consumer Financial Protection Bureau (CFPB) ordered RealtySouth, the largest real estate firm in Alabama, to pay $500,000 for inadequate disclosures that could leave consumers unaware of their rights to choose service providers during the home-buying process. Â [5/29]
- Privacy Notice Proposal Hits a Delay
The Annual Privacy Notice Proposal allowed a 30-day comment period that will end on June 12, 2014. To allow interested persons additional time to consider and submit their responses, the Bureau has determined that an extension of the comment period until July 14, 2014, is appropriate. [5/28]
- The Peril of the Student Loan Debt Crisis
[Video] For CFPB director Raj Date takes a look at how mounting student loan debt could cripple the U.S. economy. [5/28]
- What’s on the CFPB’s Radar for the Rest of 2014?
As we near the mid-year mark, here's a look at what the CFPB has on its plate for the rest of 2014. [5/28]
- CFPB Publishes Spring 2014 Rulemaking Agenda
As part of its voluntary participation in the Unified Agenda, the CFPB published its regulatory agenda for Spring 2014. The agenda includes rulemakings concerned with mortgages, defining larger participants, debt collection, payday loans and prepaid cards, and privacy disclosures. [5/27]
- CFPB Plans to Step Up Activities 50% in 2014
CFPB's Spring 2014 report states that the agency conducted over 100 supervisory activities, such as full scope reviews and follow-up examinations in 2013 and plans to conduct about 150 in 2014. The report also addresses elements of a strong fair lending compliance management system. [5/23]
- Do the Crime, Pay the Fine… Non-Banks, Too
The CFPB issued a report highlighting illegal actions uncovered by the Bureauâs supervision within non-bank markets. These include payday, debt collection, and consumer reporting markets, which are being federally supervised for the first time. Recent non-bank supervisory activities have resulted in over $70 million in remediation. [5/23]
- Credit Scores Underestimate Creditworthiness of Consumers with Medical Collections
CFPB study finds that consumers with medical debt in collections are likely to have credit scores that underestimate their creditworthiness by about 10 points. [5/23]
- CFPB Issues Advance Notice of Proposed Rulemaking to Implement Fair Debt Collections Act
To date we have not had any regulations that interpreted and implemented the Fair Debt Collections Act, which sometimes makes compliance with the Act challenging. The CFPB plans to change that and has issued an advanced notice of proposed rulemaking that includes 162 questions that are worth considering. [5/22]
