Archive for CFPB – Page 2

CFPB Issues Supervisory Highlights (Fall 2015), Including Discussion of Fair Lending Compliance

The federal Consumer Financial Protection Bureau (CFPB) recently released its Supervisory Highlights (Issue 9, Fall 2015), a copy of which is available here. The CFPB reported that, among other things, its “supervisory activities have either led to or supported six recent public enforcement actions, resulting in $764.9 million being returned to consumers and $50.7 million

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Debt Buying Companies to Explore Impact of CFPB’s Recent Consent Orders

Three consent decrees issued over the past few months present clear challenges for the debt buying industry, creditors and companies that provide services to them. The first, between the Consumer Financial Protection Bureau and JP Morgan Chase Bank, contained an agreement altering the bank’s debt collection activities. The bank also agreed that any debt sold

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DC Circuit Holds Bank Has Standing to Challenge CFPB Constitutionality But Not FSOC’s

The U.S. Court of Appeals for the District of Columbia Circuit recently held that a bank has standing to challenge the constitutionality of the federal Consumer Financial Protection Bureau and the recess appointment of its director, reversing the district court and remanding. However, the Court also held that the plaintiff bank lacked standing to challenge the

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CFPB, DOJ Enter Into Alleged ‘Discretionary Pricing’ Discrimination Consent Order with Auto Finance Company

The Consumer Financial Protection Bureau and Department of Justice recently entered into a Consent Order with an automobile finance company for alleged violations of the federal Equal Credit Opportunity Act, 15 U.S.C. §§ 1691 (ECOA), arising from the auto finance company’s policies and practices allowing car dealer discretion for interest rate markups. A copy of

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CFPB Wins Early Round In Battle to Regulate Attorney Professional Conduct

Yesterday I commented on a recent decision from the Eleventh Circuit Court of Appeals, Miljkovic v. Shafritz and Dinkin, P.A. et al., noting it spelled trouble for attorneys engaged in debt collection. Miljkovic incorrectly construes the Fair Debt Collection Practices Act and its legislative history as well as two U.S. Supreme Court cases, to arrive at the mistaken

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CFPB to Issue Proposed Amendment Delaying TRID Effective Date to Oct. 1, 2015

The federal Consumer Financial Protection Bureau issued a brief press release yesterday, confirming reports that it would be issuing a proposed amendment to delay the effective date for the “Know Before You Owe” TILA-RESPA Integrated Disclosure (TRID) rule until Oct. 1, 2015. A copy of the press release is available at:  Press Release. The press release simply

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CFPB to Supervise Nonbank Auto Finance Companies

Large non-bank auto financers will now be supervised by the Consumer Financial Protection Bureau, according to a final rule released June 10, that also outlines the examination procedures that will be used to evaluate said companies. Citing that auto loans are the third largest category of household debt in America, and the automobile leasing market continues

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CFPB Announces Leniency for Good Faith Efforts to Comply as to TRID Implementation, But No Formal Grace Period

In response to a letter from numerous Senators, and in response to “considerable input” from other members of Congress and various trade groups, the Consumer Financial Protection Bureau today announced that it will employ leniency in relation to implementation of the TILA-RESPA Integrated Disclosure Rule. The CFPB’s letter states that the CFPB “will be sensitive to the

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Election Signals Anti-Regulation Sentiment

The GOP victory in yesterday’s mid-term elections probably will not translate into any immediate relief for the consumer financial services industry. But if you are looking for any sign of where things might be heading, know that voters handily rejected many candidates Sen. Elizabeth Warren, the unofficial founder of the Consumer Financial Protection Bureau, stumped

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CFPB Orders Realty Company to Pay $500,000 RESPA Fine

The Consumer Financial Protection Bureau has ordered RealtySouth, the largest real estate firm in Alabama, to pay a civil monetary penalty of $500,000 for mortgage disclosure violations. The CFPB has charged the company with illegally steering purchasers to use its affiliated company, TitleSouth LLC, for title and closing services. The penalty, along with other injunctive

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There’s Guidance in CFPB’s Supervisory Highlights Report

The Consumer Financial Protection Bureau’s May 22 Supervisory Highlights report offers a rare glimpse into the CFPB’s thoughts on its first two years of supervision of nonbank entities, particularly debt buyers and debt collectors. Although the report contains several of the bureau’s standard talking points (data integrity in debts sales, for example) it does reveal new issues that have

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House Committee to Query Financial Regulatory Agencies

The House Financial Services Committee will question representatives of federal financial regulatory agencies during a hearing tomorrow entitled, “Who’s In Your Wallet: Examining How Washington Red Tape Impairs Economic Freedom.” According to the committee, “This hearing will examine the economic consequences of recent rulemaking, supervisory, and enforcement actions of the Consumer Financial Protection Bureau, the Federal

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