Article Archives – Page 75

The CFPB has loosened consumer complaint deadlines

The CFPB has lengthened the time allotted for a company to respond to a consumer complaint.

CFPB updates remittance rules

Community banks and other financial service providers that offer remittance transfers will be subject to new rules under Regulation E, the Electronic Funds Transfer Act, which go into effect in January 2013.

Republicans intend to file challenge

Thirty-nine Republican senators signed a Feb. 3 letter to President Obama, stating their intent to file an amicus brief challenging as unconstitutional Obama’s recess appointments to the Consumer Financial Protection Bureau and the National Labor Relations Board

CFPB to create community bank panel

The Consumer Financial Protection Bureau will create a community bank advisory panel, Director Richard Cordray told a congressional committee at a hearing on Jan. 31. The panel will advise the director of community banker concerns and on the effects of CFPB actions.

Constitutional questions add to uncertainty

Despite a memo from the Justice Department defending the President’s recess appointment of Richard Cordray, Obama’s actions have raised significant constitutional issues and, in turn, more uncertainty for the banking industry.

CFPB creates Office of Minority and Women Inclusion

The Consumer Financial Protection Bureau had a fitting announcement for Martin Luther King, Jr. Day: the creation of the Bureau’s Office of Minority and Women Inclusion.

CFPB launches lender investigation; publishes new exam guidelines

The target of the Consumer Financial Protection Bureau’s first nonbank investigation is PHH Corp., one of the nation’s largest nonbank mortgage lenders.

CFPB kicks off nonbank supervision program, at last

Five-plus months after the official opening of the Consumer Financial Protection Bureau, the bureau finally got to kick off its nonbank supervision program.

Recess appointment puts Cordray in charge

President Obama made a recess appointment on Jan. 4, announcing that Richard Cordray will lead the Consumer Financial Protection Bureau.

Financial Research office promising, CFPB should focus on non-banks, former Comptroller says

Eugene A. Ludwig is founder and CEO of Promontory Financial Group. He was U.S. Comptroller of the Currency from 1993 to 1998. Promontory, based in Washington, D.C., is a global financial services consulting firm, with a focus on risk management and compliance. He was interviewed by CFPB Journal writer Justin Dullum