House Financial Services Committee Chairman Rep. Jeb Hensarling (R-Texas) recently sent a letter to CFPB Director Richard Cordray expressing concern about the Bureau’s proposed regulation of nonbank auto lenders.
According to Hensarling, it would be “inappropriate” for the agency to regulate nonbank auto lenders until it clarifies the “rules of the road.” The letter echoes
Flagstar Bank FSB has agreed to pay $37.5 million to settle allegations that it prevented borrowers from accessing foreclosure relief and modifying their mortgage loans, according to the U.S. Consumer Financial Protection Bureau.
The CFPB claims that Flagstar delayed borrowers’ requests for foreclosure relief, denied loan modifications, and failed to tell borrowers when their applications
On July 23, the Consumer Financial Protection Bureau published in the Federal Register a proposed policy statement that is expected to expand the type of data disclosed in its consumer complaint database to include unstructured consumer complaint narrative data. The CFPB extended the comment period to September 22 to permit additional time for the submission
Troutman Sanders partner, David N. Anthony, participated in a Strafford webinar early this year titled, “Consumer Debt Collection and New CFPB Regs, Enforcement and Litigation: Game Changers for the Industry.” Due to overwhelming popularity, Strafford scheduled an encore presentation with live Q&A for Tuesday, October 14, 1:00pm-2:30pm EDT.
The panel will provide banking and finance
On September 25, the Consumer Financial Protection Bureau announced a Project Catalyst research pilot to examine the effectiveness of early intervention credit counseling for consumers who are at risk of default on their credit card debt. The project is aimed at exploring ways to help consumers better manage their credit card debt and avoid default.
According to a recent study by the U.S. Government Accountability Office, the financial data gathered by the Consumer Financial Protection Bureau on 25 million to 75 million U.S. credit cardholders is not safe enough. As part of its government mandate, the GAO examined laws, regulations, and contracts pertaining to the CFPB’s data collection methodologies, risk
As we previously discussed here, on September 18 the Consumer Financial Protection Bureau conducted a field hearing in Indianapolis. Aside from opening remarks from CFPB Director Richard Cordray himself, the hearing also consisted of a panel discussion of industry participants (including representatives from the NADA, the Consumer Bankers’ Association, and the American Financial Services
The Consumer Financial Protection Bureau, under fire from both industry and Congressional constituencies for using unexplained statistical methodologies to reach conclusions that auto lenders have engaged in unlawful credit discrimination, issued a report on September 17 that provided details of its methodologies and argued for their validity.
The CFPB and other federal regulators have generally
The Consumer Financial Protection Bureau, through its announcement on September 17 of the “larger participant” rule for auto lenders, has made clear that it intends to tighten its regulatory grip on the auto lending industry in the United States. In a separate special “Supervisory Highlights” report, also issued on September 17,
On September 17, the Consumer Financial Protection Bureau issued proposed regulations that amend the CFPB’s existing regulations defining “larger participants” of consumer financial products it supervises by adding a new section to define larger participants of a market for automobile financing. The CFPB explains that the approximately 38 nonbank larger participants that would be captured