Links in “CFPB”

Wells Fargo hires two former CFPB officials who had a hand in guiding the agency through its rulemaking on mortgage loans that took effect in January. [4/18]

An outspoken critic of the indirect auto lenders was in the audience at a recent CFPB forum and was called upon to speak as an audience participant. What the audience didn't know was that the CFPB had flown him in and put him up. Makes one wonder what the FTC would have to say about that. [4/16]

International money transfer rule proposed by the CFPB would extend temporary exception of estimating third-party fees and exchange rates when providing remittance transfers to account holders for another 5 years (2020). [4/16]

CFPB issued a civil investigative demand in June 2012 to three tribally related payday lenders. The lenders requested the CFPB set aside the CIDs. The CFPB denied the petition, but granted the lenders an extension to October 2013, a date which has come and gone without further response. Now the CFPB has filed a petition in U.S. District Cout seeking to enforce the order. [4/15]

Payday lending, prepaid cards, privacy notices are priorities for the CFPB in the coming months, according to its general counsel. [4/14]

Senator Dan Coats has introduced a bill that would change the manner in which the CFPB obtains information from financial institutions with less than $10 billion in assets. The CFPB would be required to use publicly available information or seek the information from the banking regulators, rather than placing additional reporting burdens on the financial institutions. [4/11]

The “Stop Errors in Credit Use and Reporting Act” (“SECURE Act”) would provide consumers with free access to their credit scores, if an unfavorable decision is based on that score, along with making the credit score available with the consumer’s annual free credit report. The bill would also require the CFPB to develop procedures to ensure that credit reporting agencies report accurate information. [4/11]

At a meeting of the House Financial Services Committee, committee members press CFPB General Counsel Meredith Fuchs for specifics on the CFPB's methodology for detecting "disparate impact." While Ms. Fuchs did not provide the specifics the committee members sought, the chairman ended his questioning with a zinger in reference to the bureau's own woes with recent news of its employment practices: "You certainly create the impression that you are trying to impose a standard upon others that you are incapable of living under yourself." [4/10]

Bank of America to refund customers $727 million and pay $45 million in fines for card add-on products, such as deceiving customers into buying credit monitoring and identity theft protection. CFPB indicates it will be "vigilant in [its] pursuit of companies who wrong consumers in this market." [4/10]

CFPB (see also OCC penalty) orders Bank of America, N.A. and FIA Card Services, N.A. to provide an estimated $727 million in relief to approximately 1.4 million consumers harmed by practices related to credit card add-on products. An additional $20 million CMP will be paid to CFPB by BofA as the 5th major FI fined for deceptive marketing of their add-on products related to credit monitoring and credit reporting services that were promoted, but not received. [4/10]