RSSCFPB forges ahead with CID subpoenas
The Consumer Financial Protection Bureau recently filed legal petitions against two financial companies seeking to force them to cooperate with administrative subpoenas known as “civil investigative demands”.
Author Archives: John Niemann
Campaign donations reveal CFPB to be highly partisan
Employees at the bureau made more than 300 donations totaling nearly $50,000 to Democratic candidates. Not a single donation was given in support of a Republican or conservative candidate.
CFPB requests en banc rehearing in PHH case
Last week, as expected, the CFPB filed a petition requesting another hearing of the case by the full court, or en banc. In the petition, the bureau claims the panel’s ruling “set up what may be the most important separation-of-powers case in a generation.”
CFPB proposes rule to streamline consumer data sharing
The Consumer Financial Protection Bureau launched a public inquiry into the growing array of services that share consumer data, many of which use bank and credit-card account records to offer low-cost mortgage and consumer loans, as well as tax-preparation tools.
New CFPB report finds troubles with student loans
Student loan borrowers are paying more than $125 million in unnecessary interest charges annually, and more than 8 million borrowers have gone 12 months or more without making any sort of payment, according to the latest ombudsman’s report.
Financial enforcement actions down in third quarter of 2016
The rate of federal enforcement activity against financial institutions in the third quarter of 2016 dropped below 7 percent for the first time since 2013, according to industry watchdog organization Continuity.
Federal court rules CFPB structure unconstitutional
The three judge panel of the U.S. Court of Appeals for the D.C. Circuit called the Bureau’s governance model a “gross departure” from the checks and balances normally imposed on regulatory agencies.
CFPB finalizes new rules for pre-paid cards and more
On October 5, the Consumer Financial Protection Bureau released its final rule extending an array of new substantive restrictions, upfront and ongoing disclosure obligations, and government reporting requirements on prepaid cards and a range of electronic non-bank accounts.
CFPB moves to expand definition of sex discrimination
A letter from CFPB Director Richard Cordray indicates discrimination on the basis of gender identity and sexual orientation will be a focus of CFPB fair lending supervision and enforcement.
CFPB targets for-profit college
The Consumer Financial Protection Bureau announced it has taken action against for-profit college chain Bridgepoint Education, Inc., for deceiving students into taking out private student loans that cost more than advertised.
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