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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.
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.
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 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.”
The ex-CFPB Deputy Director Raj Date has attracted criticism for creating a mortgage company which competes in nonqualified mortgages, a category of loan he helped create at the CFPB. While Date’s conduct has its critics and defenders, one thing is certain. Community banks have been pushed out of the mortgage business by the rules Date helped write, and Date’s company now plans to soak up the extra loans.
The Consumer Financial Protection Bureau recently released a mid-year update to its analysis of private student loan complaints, which it began collecting in March 2012.