RSSWith myriads of rules unwritten, lead CFPB attorney leaves the Bureau
The Consumer Financial Protection Bureau’s rule-writing department now needs a qualified leader as it finalizes a deluge of new regulations by January 2013.
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Bankers beware, that new customer might be a CFPB operative
On July 23, the Consumer Financial Protection Bureau began recruiting investigators.
Bank regulation now has its Facebook
On August 10, the Consumer Financial Protection Bureau began using an online social-media-chat-room to collect comment on proposed rules from everyday consumers.
Proposed rules permit mortgage lenders to charge upfront points, fees
In an update to a story we ran May 16, the Consumer Financial Protection Bureau is seeking public comment on rules governing mortgage originations.
CFPB criticized for lackluster approach to reducing regulatory burden for small banks
In a statement submitted to the House Committee on Small Business for its August 1 hearing, the American Bankers Association criticized the Consumer Financial Protection Bureau for its lackluster compliance with the Small Business Regulatory Enforcement Fairness Act.
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 permits contributions to qualified plans: Justification for cautious optimism?
Often when Congress creates a new agency, those subject to such agency’s jurisdiction anxiously await the implications. Bankers are no exception with respect to the newly created Consumer Financial Protection Bureau (CFPB). While we hope for the best, the skeptic in us naturally expects draconian consequences and inflexible policies designed to benefit consumers without consideration of the safety and soundness of the financial institution. However, a recent CFPB bulletin provides reason to be cautiously optimistic that the CFPB may be responsive to the business needs of the banking industry under the proper circumstances.
CFPB reprimands Capital One in case similar to Minnesota’s charge against Discover
The Consumer Financial Protection Bureau announced July 18 its first public enforcement action, requiring Capital One Bank, N.A., to refund approximately $140 million to two million customers and to pay an additional $25 million penalty.
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.
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