Links in “CFPB”

2015 was a big year for the CFPB. 2016 is looking even bigger. [1/11/16]

In light of the expansion to HMDA, Regulation C, the CFPB has opened a 60-day comment period to obtain feedback on the rules for when financial institutions must resubmit HMDA data due to identified errors. In a separate letter, CUNA has blasted the agency for overreaching in its final rule that requires reporting on 48 data fields when the Dodd-Frank Act required reporting on only 17 fields. [1/11/16]

In its call for comment on changes to its HMDA Resubmission Guidelines, the CFPB states that it will not separately propose and solicit comments on changes before finalizing and publishing changes. In other words, the current comment period may be the industry's only chance to submit comments. [1/11/16]

The CFPB is looking to the public for feedback on the resubmission guidelines of mortgage lending data reported under the Home Mortgage Disclosure Act (HMDA). The existing rules don't provide a good fix for new HMDA and will likely require significant changes to promote accuracy and meet timing requirements. [1/8/16]

When there's a new agency out there with an enforcement arm issuing subpoenas, expect the legal firms to start circling. "Practically every large firm in the country now wants to get into this area." [1/7/16]

Court rules that CFPB is not "federalizing" state law, nor is it trying to establish a federal usury limit, as prohibited by the Consumer Financial Protection Act. [1/6/16]

PLA today updates the UDAAP Database with recent enforcement actions from prudential regulators, including the CFPB, FDIC, and the Board of Governors of the Federal Reserve System. A table illustrating these recent actions is viewable here. [1/6/16]

The CFPB has told NAFCU that it does not intend to issue a proposed rule on overdraft protection in 2016. On the other hand, NAFCU has also been told by the CFPB that it is studying the consistency with which financial institutions are calculating consumers’ available funds in relation to overdraft programs. [1/5/16]

In response to a letter from Mortgage Bankers Association regarding TRID enforcement, the CFPB notes that there may be unintentional errors in the early phase of implementation, but that initial examinations will focus on bankers' good faith efforts to ensure compliance. [1/4/16]

Bureau says the law firm "relied on deception and faulty evidence to coerce consumers into paying debts that often could not be verified or may not be owed." [1/4/16]