The CFPB is seeking approval from the Office of Management and Budget to conduct a national telephone survey of 1,000 credit card holders as part of its study on which the CFPB may base its decision to limit or prohibit the use of arbitration clauses in credit card agreements.
The CFPB’s “study” of the use
On June 9, 2014, the House of Representatives unanimously passed H.R. 3211, the Mortgage Choice Act, which amends the Truth in Lending Act and the definition of “qualified mortgage” under the Dodd-Frank Act. The legislation was introduced by Representatives Bill Huizenga (R-MI) and Gregory Meeks (D-NY), and is intended to afford low and moderate income
On June 10, 2014, CFPB Director Richard Cordray appeared before the Senate Committee on Banking, Housing and Urban Affairs in conjunction with the May 2014 release of the Bureau’s fifth Semi-Annual Report. Cordray highlighted a variety of topics, including mortgages, student loans, complaint numbers, and proposed data collection efforts.
Senator Mike Crapo (R-Idaho) questioned
Contrary to industry expectations, the CFPB announced on Wednesday, June 11, 2014 that it would be delaying its prepaid card regulations until the end of the summer. The announcement came during a presentation by CFPB Director Richard Cordray to the Senate Banking Committee. The rule had been expected this month.
This follows a pattern of
The Consumer Financial Protection Bureau issued a Request for Information (“RFI”) this week regarding “the opportunities and challenges associated with the use of mobile financial services,” focusing particularly on unbanked and underserved consumers. The RFI comes amid growing concerns that the proliferation of mobile financial services poses an increased privacy risk to consumers.
The Bureau
On May 7, 2014, ACA International, the Association of Credit and Collection Professionals, submitted an amicus curiae brief in an important Fair Debt Collections Practices Act (FDCPA) dispute over settlement-letter language for time-barred debts. The plaintiff received a collection letter from the debt collector offering an opportunity to settle a debt after Michigan’s six-year limitations
CFPB Announces Spring 2014 Rulemaking Agenda, Confirms Development of “Larger Participant” Definition for Auto Finance Market
On May 23, 2014, the Consumer Financial Protection Bureau posted its updated semi-annual rule-making agenda, which covers several important categories of upcoming regulatory action.
Defining Larger Participants in Auto Lending Market for Regulation
Through use of its rulemaking
Beginning in June, the Consumer Financial Protection Bureau will provide the public with access to the meetings of the Consumer Advisory Board (CAB)and the CFPB’s three Councils. Anyone may attend or watch the full meetings live online the same way most other agencies allow under the Federal Advisory Committee Act.
As we previously discussed,
On May 22, 2014, the Consumer Financial Protection Bureau issued its spring 2014 supervisory highlights report. The report zeros in on the debt collection and consumer reporting industries, highlighting numerous violations uncovered at payday lenders, debt collection firms, and consumer reporting agencies. Specifically, it appears that the CFPB’s largest concerns with these groups surrounds
Last week, Richard Cordray, the Director of the Consumer Financial Protection Bureau, issued a statement praising BMO Harris Bank and its decision to compensate auto dealers for originating indirect auto loans based on a non-negotiable percentage of the loan amount. Director Cordray stated, “It is encouraging to see BMO Harris taking this proactive step to