In response to data released by the American Bankers Association meant to convince the CFPB to delay the effective date of its mortgage rules, CFPB Director Richard Cordray said the bureau will not change the onset date of its rules, which go into effect January 2014.
The Consumer Financial Protection Bureau fined two institutions a combined total of $459,000 in civil penalties for violating the Home Mortgage Disclosure Act (HMDA).
The Bipartisan Policy Center released a comprehensive study of the Consumer Financial Protection Bureau. While praising some aspects of the CFPB’s first two years, the report expressed concerns about transparency at the federal agency.
In union with six other federal regulatory agencies, the Consumer Financial Protection Bureau jointly issued an interagency guidance on reporting financial abuse of older adults.
In coordination with the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau ordered Chase Bank USA, N.A. and JPMorgan Chase, N.A. to refund approximately $309 million to more than 2.1 million customers for what the CFPB termed illegal credit card practices.
Regulation for the prepaid card market is “a real front-burner issue for the CFPB,” the agency’s Director Richard Cordray told the Washington Post on Sept. 11.
The Consumer Financial Protection Bureau recently summarized progress in its efforts to promote financial literacy.
On Sept. 4, Steve Antonakes was named Deputy Director of the Consumer Financial Protection Bureau. The former commissioner of banking for the State of Massachusetts had been Acting Deputy Director.
In the wake of its announcement that student loan debt had passed the $1.2 trillion mark, the Consumer Financial Protection Bureau continues to focus on student loan debt.
In its latest Supervisory Highlights report, the Consumer Financial Protection Bureau focused on mortgage servicing problems, although it also noted that many nonbanks which fall under CFPB supervision are “more likely to lack robust compliance management systems.”