CFPB Journal staff report – Page 30

CFPB sends warning to specialty consumer reporting agencies

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.

Pew study finds most large banks steer customers to arbitration to resolve disputes

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.

CFPB highlights findings in its initial round of exams

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).

Debt collection companies to come under CFPB supervision

Beginning in January, larger debt collectors will come under the regulatory supervision of the Consumer Financial Protection Bureau.

Non-banks watch consumer reporting companies for clues about CFPB

David Stein, a former attorney with the Federal Reserve and the Consumer Financial Protection Bureau, offers this “heads up” to non-bank “larger participants” in the consumer financial services marketplace.

American Express hit with fines from CFPB, other regulators

The Consumer Financial Protection Bureau issued its third major enforcement action, this time against American Express.

Discover hit with major penalty over telemarketing practices

The Consumer Financial Protection Bureau and the Federal Deposit Insurance Corporation announced Monday a joint public enforcement action requiring Discover Bank to refund $200 million to some 3.5 million customers.

CFPB sues law firm over loan modifications

The Consumer Financial Protection Bureau has filed its first civil law suit, suing a Los Angeles law firm that charged homeowners for mortgage modifications that it allegedly didn’t perform.

CFPB to begin examining credit reporting companies

Credit bureaus will come under the regulatory supervision of the Consumer Financial Protection Bureau beginning Sept. 30.

Trade groups react to mortgage disclosure efforts

The American Bankers Association is not a fan of the Consumer Financial Protection Bureau’s proposal to come up with a combined RESPA/TILA form.