On November 13, the Consumer Financial Protection Bureau unveiled a comprehensive slate of consumer protections for prepaid debit cards that could increase the customer base for the financial product. The proposed rules (found here) are the most comprehensive set of federal standards for the fast-growing prepaid industry. Consumers are expected to load nearly $100
NBPCA Issues Statement Regarding CFPB’s Proposed Rules for Prepaid Cards
On November 13, Doug Bower, President and Director of the Network Branded Prepaid Card Association (NBPCA), issued the following statement regarding the CFPB’s comprehensive slate of consumer-protection rules for prepaid debit cards:
We appreciate the CFPB’s earnest efforts to gather information, analyze data, and draft a proposed rule that acknowledges that prepaid cards are a
CFPB and Federal Reserve Board to Host Webinar on TILA-RESPA Integrated Disclosures Rule
By this time next year, the CFPB’s new TILA-RESPA Integrated Disclosures rule will be in effect. Is your company prepared to comply with the new rule?
On Tuesday, November 18, the CFPB and the Federal Reserve will host an hour-long webinar beginning at 2:00PM EST to address frequently asked questions on how to complete the
CFPB Publishes Compliance Bulletin and Policy Guidance for Mortgage Servicing Transfers
On October 22, the CFPB published in the Federal Register the compliance bulletin and policy guidance regarding mortgage servicing transfers that it issued on August 19, 2014 (link to full text can be found here). It states that “[t]his bulletin is effective October 23, 2014 and applicable beginning August 19, 2014.” The bulletin
CFPB Supervision Report Targets Illegal Debt Collection Practices
On October 28, the Consumer Financial Protection Bureau issued the latest edition of its “Supervisory Highlights” report, covering illegalities it discovered in the debt collection, student loan servicing, and mortgage collection markets between March and June 2014. Although the Bureau acknowledged increased efforts by covered entities to ensure regulatory compliance, the report nevertheless
CFPB Report: One-Third of Older Consumers’ Complaints Are About Debt Collection
On November 5, the Consumer Financial Protection Bureau issued a report detailing debt collection complaint statics received from older consumers between July 2013 and September 2014.
From a broader perspective, the CFPB reports that since September 2013, consumers of all ages have filed more complaints with the CFPB about debt collection than about any other
U.S. Inspector General Warns of CFPB Data Security Weaknesses
For the second time in recent weeks, a federal official has issued a warning regarding potential security weaknesses with the Consumer Financial Protection Bureau’s consumer data-mining program. In an October 30 report, United States Inspector General Mark Bialek warned CFPB Director Richard Cordray that the IG office had “identified information security as a major management
CBO Releases Cost Estimates for Financial Regulatory Clarity Act
On October 17, the Congressional Budget Office responded to a request from the House Financial Services Committee and issued certain cost estimates associated with the implementation of the proposed “Financial Regulatory Clarity Act of 2014.” Specifically, the CBO estimated that the bill would cost the Consumer Financial Protection Bureau $7 million between 2015 and 2024,
The ACA International’s 2014 Fall Forum & Expo
This year’s ACA International Fall Forum & Expo, to be held in San Francisco on November 5-7, is quickly approaching, and their roster and agenda look outstanding. ACA International describes this year’s event:
ACA brings you four cutting-edge tracks with the latest updates from industry experts. Twenty-eight concurrent sessions from thought-provoking speakers, twenty-five plus innovation
CFPB Finalizes Privacy Policy Disclosure Rule
On October 17, the Consumer Financial Protection Bureau finalized an administrative rule, first proposed in May, that allows qualifying financial institutions to post their privacy policies online in lieu of sending the policies to customers personally. The rule, an amendment to a regulation known as “Regulation P,” 12 C.F.R. Part 1016, applies both to