On May 31, the Consumer Financial Protection Bureau released a report summarizing the complaints the Bureau received from senior citizens since the CFPB opened its doors in July 2011. In its nearly six years of operation, the Bureau has handled approximately 1,163,200 complaints, with 103,100 complaints coming from consumers 62 years of age and older.
As CFPB Faces Uncertainty, State Regulators Fill Gap
Many predicted that newly-elected President Donald Trump would remove Richard Cordray, Director of the Consumer Financial Protection Bureau, upon taking office. Cordray remains the head of the CFPB, but uncertainty still looms at the agency. President Trump has characterized the Dodd-Frank Wall Street Reform and Consumer Protection Act, the legislation which created the CFPB, as
CFPB Files Suit Against Four Online Lenders Operated by Native American Tribe
On April 27, the Consumer Financial Protection Bureau filed a lawsuit in an Illinois federal court against four online installment loan companies operated by a California Native American tribe. Although the tribe operates the installment loan companies, the CFPB’s complaint alleges that the defendants are not “arms of the tribe” and therefore
CFPB Meets With Community Bankers to Discuss Use of Alternative Data in Credit Decisions
On April 25, the Consumer Financial Protection Bureau held its Spring 2017 Community Bank Advisory Council meeting in Washington. The purpose of the meeting was to allow representatives from community banks an opportunity to provide additional input on the Bureau’s Request for Information (“RFI”) on the use of alternative data to assess creditworthiness of consumers
CFPB Cracks Down on Collection Firm for Alleged Misrepresentation of Attorney Involvement
The Consumer Financial Protection Bureau is continuing its pursuit of third–party collection law firms it believes misrepresent to consumers the level of attorney involvement in their collection practices.
On April 17, the CFPB filed suit in the Northern District of Ohio against Weltman, Weinberg & Reis Co., L.P.A., for allegedly misrepresenting in millions
CFPB Publishes Guide to Prepaid Card Rule, Delays Rule’s Effective Date
At the end of January, the Consumer Financial Protection Bureau published its Prepaid Rule – Small Entity Compliance Guide. The Bureau intends for the Guide to provide a user-friendly summary of the Prepaid Rule, issued in October, but cautions that the Guide is not a substitute for reviewing the Rule, Regulation E, or
Multistate Coalition of AGs Calls on Congress to Support Consumer Protections for Prepaid Debit Cards
A multistate coalition of attorneys general led by District of Columbia Attorney General Karl A. Racine is opposing three resolutions before Congress (S.J. Res. 19, H.J. Res. 62, and H.J. Res. 73) that would block a Consumer Financial Protection Bureau final rule intended to give users of prepaid cards some of the same protections given
U.S. District Court Dismisses CFPB Case Against Payment Processor
On March 17, the U.S. District Court for the District of North Dakota granted Intercept Corporation (“Intercept”), Bryan Smith, and Craig Dresser’s Motion to Dismiss the Consumer Financial Protection Bureau’s (“CFPB”) Complaint in the case between the CFPB and Intercept. The decision to grant the Motion to Dismiss marks the first time that the Bureau
CFPB Releases Monthly Report Highlighting Credit Card Complaints
On March 28, the Consumer Financial Protection Bureau released its monthly complaint snapshot, with a specific focus on credit cards. Since its inception in July 2011, the Bureau has handled 1,136,000 consumer complaints across all products, with 116,200 complaints related to credit cards. The CFPB received 26,300 complaints in February 2017, with 2,299 of those
Consumer Protection Remains Stated Focus of Washington AG
A recent interview given to the Washington State Tri-City Herald highlights the increased focus of the Washington Attorney General’s office on consumer protection issues.
In the interview, Attorney General Bob Ferguson explained that his focus is to recover money for consumers who have been harmed. He told the paper that since he has