At 10:00 a.m. EDT on September 29, Richard Cordray, Director of the Consumer Financial Protection Bureau, will testify at a House Financial Services Committee hearing to present the CFPB’s latest semi-annual report.
Cordray last appeared before this House committee in March 2015. During that hearing, U.S. Rep. Randy Neugebauer announced the introduction of a bill
Complaints to the Consumer Financial Protection Bureau filed against debt collectors declined ten percent from July to August 2015, according to the latest debt collection litigation and complaint statistics report from WebRecon. There were 3,432 complaints in August – down from 3,812 in July. 834 different debt collectors were implicated by the complaints. According
On September 24, the Consumer Financial Protection Bureau and the U.S. Department of Justice announced a proposed Consent Order with Hudson City Savings Bank, whereby the mortgage lender agreed to pay $27.5 million in direct loan subsidies and community outreach programs, as well as an additional $5.5 million civil penalty. The proposed Consent Order also
The Consumer Financial Protection Bureau has announced that it will be holding a field hearing on arbitration in Denver, Colorado on Wednesday, October 7 at 11:00 a.m. MDT.
The CFPB’s March 10, 2015 Consumer Arbitration Study has come under scrutiny from the financial services industry. Many believe the CFPB has already concluded that there are
On September 11, Virginia Attorney General Mark Herring announced a crackdown on Virginia’s car-title loan industry. Car-title loans are made to borrowers who sign over their car titles as collateral, and are commonly made to individuals with poor credit histories in need of fast cash. Herring claims that such loans “are trapping a lot of
Spokeo, Inc. v. Robins has continued to garner attention, both in terms of motions to stay the litigation in the pending case and with respect to amicus briefing by parties interested in the issues raised in this important case. On September 9, the Supreme Court set arguments for the case for November 2. As of
On September 18, the Consumer Financial Protection Bureau announced the appointment of new members to the Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council.
“These advisory bodies play a crucial role in ensuring that the Bureau is addressing the wide variety of perspectives in the consumer financial marketplace,” said CFPB Director
On September 17, the Seventh Circuit Court of Appeals declined to rehear an appeal it decided against Neiman Marcus over a payment card data breach, leaving in place the precedential ruling that held plaintiffs can sue for the trouble and expense of preventing fraud on their accounts.
The decision stems from a class action suit
The CFPB will hold a Community Bank Advisory Counsel meeting with Richard Cordray on Wednesday, September 30, from 3:00–4:00 p.m. The meeting will be held in the Second Floor Auditorium of the Bureau’s offices, located at 1275 First Street, N.E., Washington, D.C. 20002.
The topics to be discussed with the Director include
On September 10, Consumer Financial Protection Bureau Director Richard Cordray refused an appeal by members of Florida’s congressional delegation and the state’s top financial regulator to use Florida’s payday-lending rules as a model for planned federal regulation. According to one source, Cordray indicated in a private meeting that he disagreed with certain aspects of Florida’s