The CFPB has lengthened the time allotted for a company to respond to a consumer complaint.
Community banks and other financial service providers that offer remittance transfers will be subject to new rules under Regulation E, the Electronic Funds Transfer Act, which go into effect in January 2013.
Thirty-nine Republican senators signed a Feb. 3 letter to President Obama, stating their intent to file an amicus brief challenging as unconstitutional Obama’s recess appointments to the Consumer Financial Protection Bureau and the National Labor Relations Board
The Consumer Financial Protection Bureau will create a community bank advisory panel, Director Richard Cordray told a congressional committee at a hearing on Jan. 31. The panel will advise the director of community banker concerns and on the effects of CFPB actions.
Despite a memo from the Justice Department defending the President’s recess appointment of Richard Cordray, Obama’s actions have raised significant constitutional issues and, in turn, more uncertainty for the banking industry.
The Consumer Financial Protection Bureau had a fitting announcement for Martin Luther King, Jr. Day: the creation of the Bureau’s Office of Minority and Women Inclusion.
The target of the Consumer Financial Protection Bureau’s first nonbank investigation is PHH Corp., one of the nation’s largest nonbank mortgage lenders.
Five-plus months after the official opening of the Consumer Financial Protection Bureau, the bureau finally got to kick off its nonbank supervision program.
President Obama made a recess appointment on Jan. 4, announcing that Richard Cordray will lead the Consumer Financial Protection Bureau.
Eugene A. Ludwig is founder and CEO of Promontory Financial Group. He was U.S. Comptroller of the Currency from 1993 to 1998. Promontory, based in Washington, D.C., is a global financial services consulting firm, with a focus on risk management and compliance. He was interviewed by CFPB Journal writer Justin Dullum