Links in “CFPB”

CFPB fires its salvo on debt collection industry, citing the more than 30,000 consumer complaints received about the industry and noting common consumers complaint on being hounded by debt collectors about debts not owed, aggressive communication tactics and threats of illegal actions. Report cites Bureau's actions to combat cited weaknesses. [3/21]

CFPB's Deputy Director Steve Antonakes' speech to the U.S. Chamber of Commerce notes the Bureau's five tools of rulemaking, consumer complaint response, supervision, enforcement, and consumer education. Notes goal of Bureau to achieve evenhanded oversight, promote  innovation, and to see that consumer protections and business opportunities complement one another. [3/20]

House Financial Services Committee Chair calls on CFPB to end its closed-door meeting policy for its four advisory groups, adding that the agency has allegedly told its employees to include only minimal details about their work calendars. [3/20]

CFPB Director Richard Cordray's remarks at the National Association of State Treasurers highlighted the mortgage crisis, complaints, consumer education efforts, and use of prepaid cards by states. [3/19]

CFPB's servicing and secondary markets program manager is reported to have said at a Federal Reserve Bank of Cleveland last week that possible actions the agency is considering in response to "zombie foreclosures" include creating a national definition of "abandonment," hastening the foreclosure process, and creating a national registry of zombie properties. [3/18]

CFPB issues its first annual Freedom of Information Act report, claiming virtually no backlog to "processed perfected requests." But user experience in at least one instance suggests otherwise, according to this post. [3/18]

Speech given at annual National Community Reinvestment Coalition (NCRC) convention highlights Bureau's efforts on consumer protection and access to credit. The speech noted continued problems in collections and mortgage industries as evidenced by the heavy volume of complaints (300,000 to date with 21,000 received in February 2014), with the majority focused on debt collections (6,200  per month on average) and mortgages (4,500). [3/13]

A look at the CFPB's planned debt collection survey of 10,000 consumers finds that many of the proposed questions are unlikely to produce responses that yield valid conclusions. [3/13]

CFPB plans to address "zombie foreclosures," properties that banks and mortgage servicers have walked away from before the completion of the foreclosure process, sometimes leaving borrowers on the hook for mortgage debt, taxes and maintenance, even though they may have long since moved out. [3/13]

House Financial Services Committee Chair has given the CFPB until tomorrow to answer its questions regarding how it specifically determines that practices that are neutral superficially are nonetheless considered discriminatory. [3/12]