On October 8, Consumer Financial Protection Bureau Director Richard Cordray delivered prepared remarks on screening policies and practices associated with the opening of checking accounts. These remarks, which focused on the specialty credit reports used by banking institutions to determine a potential customer’s credit risk, may signal the CFPB’s increased interest in access to checking
The Consumer Financial Protection Bureau will review how credit unions and banks use reporting agencies to screen members when they open a checking account, according to CFPB Director Richard Cordray’s remarks at an October 8 forum in Washington. The CFPB is concerned about the accuracy of reports from these databases, whether customers can access and
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