Monitoring the financial services industry to help companies navigate through regulatory compliance, enforcement, and litigation issues
Effective October 3, instead of providing consumers with Truth in Lending disclosures, Good Faith Estimates, and HUD-1 Settlement Statements, mortgage lenders must provide potential homebuyers with two new forms: a Loan Estimate and Closing Disclosure.
To help consumers understand the new “Know Before You Owe” mortgage forms, the Consumer Financial Protection Bureau has released …
The House Financial Services Committee is expected to vote Wednesday on bills to replace the Consumer Financial Protection Bureau’s sole director with a bipartisan, five-member commission (H.R. 1266) and require Senate confirmation for the CFPB’s inspector general (H.R. 957).
As we discussed here, The Financial Product Safety Commission Act (H.R. 1266), introduced on March…
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 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…
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 …
The Better Business Bureau recently released data from 2014 regarding the number of complaints received pertaining to registered debt collection agencies. The statistics show a sharp decrease in the number of complaints lodged against debt collection agencies. This number is contrary to data released by the Consumer Financial Protection Bureau, which show an increase in …
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