Links in “Consumer Protection”
- Mortgage Originator Fined for Impermissible Compensation Scheme
The CFPB has filed suit against RPM Mortgage, Inc. for violating the Loan Originator Compensation Rule and the Consumer Financial Protection Act. The suit alleges that the company CEO designed and implemented a scheme that allowed loan originators to receive compensation tied directly to the interest rate of the loan through their individual expense accounts. [6/16/15]
- CFPB Talks Credit
On the quest for financial education for consumers, the CFPB has released an article all about credit and how consumers can make sure their personal information is safe. [5/19/15]
- CFPB Aims its Spotlight at PayPal Credit
The CFPB has notified PayPal that it wants information on its credit products, including advertising, servicing, debt collection, and complaints handling. [4/13/15]
- CFPB’s New Mortgage Shopping Toolkit; Here’s What You Need to Know About It
The CFPB has introduced a new consumer publication that replaces the âSettlement Cost Bookletâ or âSpecial Information Booklet.â Here's what mortgage lenders need to know about it. [4/7/15]
- Where CUs and the CFPB Could Meet
While there may be much about the CFPB that gives credit unions heartburn, they both share something in common: both have as their touchstone a focus on consumer impact. [3/26/15]
- An Update from the OCC: It’s Not 1990 Anymore
The OCC's Comptroller's Handbook got a facelift with March 1990's "Check Credit" booklet being replaced by the new "Deposit-Related Consumer Credit." The update includes guidance on products, selection of third-party organizations, and due diligence. [2/12/15]
- Anti-Operation Choke Point Bill Reintroduced
The Financial Institution Customer Protection Act would forbid agencies from pressuring banks to cancel accounts unless there is a material reason. "This legislation needs to be codified into law so that other agencies don't ever fall into this illegal and abusive practice." [2/9/15]
- ABA Supports Same-Day ACH, with Conditions
The conditions include adequate consumer protection, securing the integrity of the payment system, a level playing field for all parties, and provisions to allow for market forces to drive the evolution of the payment system. [2/5/15]
- Legislators Say Merchants Must Protect Customer Data
During a hearing before the House subcommittee on commerce, manufacturing, and trade, committee members unanimously affirmed the need for legislation to set a federal standard for data protection and customer notification. [1/28/15]
- Toomey Named Chair of Senate Banking Subcommittee
Sen. Richard Shelbey (R-Alabama), new chair of the Senate Banking Committee, has announced the lineup of the five subcommittees. Sen. Patrick Toomey (R-Pennsylvania) will chair the Subcommittee on Financial Institutions and Consumer Protection. [1/27/15]
