Following up on the failure in 2014 to implement changes to the CFPB through legislative action, on March 5, U.S. Rep. Sean Duffy (R-Wis.) reintroduced a package of bills seeking to make changes to the CFPB’s leadership structure, how data is collected from consumers, and more.
Representative Duffy is the Chairman of the House Financial
As anticipated, yesterday the CFPB announced the release of its report to Congress following the CFPB’s study of arbitration agreements in connection with offering or providing consumer financial products or services. According to the CFPB, the study’s results “indicat[e] that arbitration agreements restrict consumers’ relief for disputes with financial service providers by limiting class
On March 10, the CFPB will hold a field hearing on arbitration at 11 a.m. in Newark, New Jersey.
The event will include remarks by Richard Cordray, head of the Consumer Financial Protection Bureau, and will be held at the J. Harry Smith Lecture Hall at Essex Community College, 303 University Avenue. Tomorrow’s field hearing
On February 19, Richard Cordray, Director of the Consumer Financial Protection Bureau, addressed the agency’s Consumer Advisory Board. In this speech, he highlighted the CFPB’s ongoing oversight of the credit reporting industry. He noted first that the three biggest credit reporting agencies maintain files on over 200 million consumers. These credit reports and scores
On February 19, the CFPB proposed a rule that would suspend the requirement that creditors submit agreements for open-end consumer credit plans to the Bureau under section 1632(d) of the Truth in Lending Act and section 1026.58 of Regulation Z. The temporary suspension would last one year, making it applicable to the next three quarterly
On February 23, legislation was introduced in the West Virginia Senate to amend the state’s Consumer Credit Protection Act. Senate Bill 542 would revise sections 46A-2-121, -122, -125, -126, and -128, sections 46A-5-101 and -106, and add new section 46A-5-107.
Among these proposed changes, the Bill seeks to:
On February 12, Representative Steve Stivers (R-Ohio) reintroduced bi-partisan legislation that would require the Senate to confirm an independent inspector general for the Consumer Financial Protection Bureau, arguing it would provide greater oversight.
The Bureau of Consumer Financial Protection-Inspector General Act of 2015 (H.R. 957) is co-sponsored by Tim Walz (D-Minn.), Blaine Luetkemeyer (R-Mo.), and
On January 21, the U.S. District Court for the Eastern District of Pennsylvania struck a class action under the Fair Debt Collection Practices Act, 15 U.S.C. §§ 1692 et seq. (“FDCPA”) and the Telephone Consumer Protection Act of 1991, 47 U.S.C. §§ 227 et seq. (“TCPA”). Although the judge allowed the lead plaintiff to pursue
On February 3-5, 2015, DBA International will host its annual conference – Passport to the Future – at the Aria Resort & Casino in Las Vegas.
DBA International describes this year’s event:
“This conference brings together all the players in the industry – welcoming over 1,200 attendees and showcasing over 130 exhibit booths – and
Last week, the Consumer Financial Protection Bureau (CFPB) announced four appointments to its leadership team.
In addition to naming Anthony Alexis as assistant director of enforcement, the CFPB also announced the hiring of Leandra English as deputy chief operating officer, Agnes Bundy Scanlan as the regional director of supervision examination, and Jeffrey Sumberg as chief