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On March 20, the Consumer Financial Protection Bureau’s Deputy Associate Director Dan Sokolov announced the Bureau’s plans to work with banks in order to quantify the cost of compliance with key federal regulations.
In three separate meetings with the Consumer Financial Protection Bureau, the Community Bankers Association of Illinois has learned new details about the Bureau and has offered suggestions to diminish its impact on community banks.
Although everyone is entitled to a free copy of their credit report each year, only about 20 percent of eligible recipients actually obtain a copy. Also, the majority of the information in the typical credit report is provided by a small number of large banks.
Banks and non-banks have paid an aggregate $101.5 million in penalties and $435 million in restitutions to consumers since the Consumer Financial Protection Bureau’s inception in July 2011.
The City of Chicago and the Consumer Financial Protection Bureau will join forces to crack down on the city’s non-bank lenders.
The Consumer Financial Protection Bureau’s Ombudsman’s Office recently suggested a shortcoming of the Bureau’s policy to involve enforcement attorneys at every stage of supervisory examinations.
The Consumer Financial Protection Bureau warned specialty consumer reporting agencies that they are required to make individual reports easily available to consumers who request them.
A majority of the largest banks in the country restrict their customers’ legal options for resolving disputes. A study released Nov. 26 by The Pew Charitable Trusts found that 64 percent of the largest 100 banks restrict the dispute resolution options for their checking account customers.
In its first report of examination findings, the Consumer Financial Protection Bureau stresses that institutions under its supervisory authority should have a good compliance management system (CMS).
Beginning in January, larger debt collectors will come under the regulatory supervision of the Consumer Financial Protection Bureau.