Consumer Financial Protection Bureau (CFPB)

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On March 25, the Network Branded Prepaid Card Association (“NBPCA”) announced that it had lodged a formal request with the Consumer Financial Protection Bureau to prevent the imposition of overly broad restrictions on prepaid accounts.  The NBPCA is a non-profit trade association that supports the growth and success of network branded prepaid cards and represents…

The Consumer Financial Protection Bureau (“CFPB”) recently prevailed on a motion for preliminary injunction against a Florida law firm and several related companies as part of its “nationwide sweep of alleged foreclosure relief scams.” According to the CFPB’s complaint against Hoffman Law Group, Nationwide Management Solutions LLC, Legal Intake Solutions LLC, BM Marketing…

This month, the Consumer Financial Protection Bureau (“CFPB”) is actively finalizing a policy that will allow consumers to voice their opinions on financial companies, and the products they offer — consumer complaints can be made publicly or maintained privately.  Specifically, the CFPB’s policy will allow consumers, when submitting a complaint to the CFPB, to choose…

The Consumer Financial Protection Bureau announced that it will be hosting a field hearing in Richmond, Virginia on payday lending.  The hearing will take place on March 26 at 12:00 noon.

The hearing will feature remarks from CFPB Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public.…

On March 17, the Consumer Financial Protection Bureau announced it is seeking public comment on how the credit card market is functioning and the impact of credit card protections on consumers and issuers.  This public inquiry will focus on issues including credit card terms, the use of consumer disclosures, credit card debt collection practices, and…

The Consumer Financial Protection Bureau recently issued its Winter 2015 Supervisory Highlights report which provides an overview of the supervision work completed by the CFPB from July through December 2014.  Matters resolved by the CFPB’s Supervision side are non-public in nature and are resolved, not generally through the payment of large fines and penalties, but…

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…

We reported earlier this month that the Federal Housing Authority recently provided an option for reverse-mortgage lenders to allow eligible surviving non-borrowing spouses to remain in their homes after the death of their borrowing spouses.  According to a report recently released by the Consumer Financial Protection Bureau, it appears that this option became necessary due…