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
In response to the CFPB’s request for information (RFI) regarding “best practices” for normalizing the data in the Consumer Complaint Database, issued on June 30, 2015, the American Bankers Association (ABA) submitted a comment letter that argues any efforts made by the CFPB to “normalize” data in its consumer complaints database – that is,
On August 25, the Consumer Financial Protection Bureau released its monthly consumer complaint snapshot, which included a focus on complaints regarding credit reporting. According to the snapshot, the CFPB has handled 105,000 credit reporting complaints, making them the third most popular type of complaint received by the CFPB. The CFPB received nearly 7,000 credit
The Consumer Financial Protection Bureau and the Federal Trade Commission jointly filed an amicus brief with the United States Court of Appeals for the Third Circuit in Bock v. Pressler & Pressler, LLP. In the case, a U.S. district court previously ruled that a debt collection law firm violated the Fair Debt Collection
The Consumer Financial Protection Bureau sent a questionnaire with almost 60 questions to randomly selected debt collectors and service providers as part of its potential rulemaking regarding debt collection, a process that began almost two years ago.
The CFPB received 23,000 comments in response to its Advance Notice of Proposed Rulemaking (ANPR) for debt collectors,
On August 3, to the relief of car dealerships and auto finance companies, the California Supreme Court upheld a standard arbitration clause from an automotive purchase agreement by a 6-1 majority decision in Sanchez v. Valencia Holding Co., LLC, which reversed both the trial court and Court of Appeal’s rulings invalidating the entire arbitration
As previously reported, a federal judge in Atlanta denied a law firm’s motion to dismiss a claim against it filed by the Consumer Financial Protection Bureau for violations of the Fair Debt Collection Practices Act and the Consumer Financial Protection Act or the Dodd-Frank Act. On July 27, Frederick J. Hanna & Associates filed