Humphrey lays out approach for helping older Americans

Skip Humphrey, the head of the Office for Older Americans at the Consumer Financial Protection Bureau, described his approach to fighting growing abuses against senior citizens in his Nov. 15 testimony before the Senate Subcommittee on Financial Institutions and Consumer Protection.

CFPB official describes bureau’s approach to financial literacy, supervision

The Consumer Financial Protection Bureau will have a significant financial education component, in addition to its supervisory and enforcement responsibilities, said Barton Shapiro, senior advisor for community banks and credit unions with the CFPB. Barton spoke to bankers Nov. 3 gathered in Lincoln, Neb., for the annual meeting of the Nebraska Independent Community Bankers.

CFPB reports on first 100 days

In its first 100 days, the Consumer Financial Protection Bureau has staffed up, studied up and started up a few key initiatives.

Panelists, consumers share thoughts at Oct. 26 Town Hall Forum

On the evening of October 26 Raj Date, Special Advisor to the Secretary of the Treasury for the CFPB, visited Minneapolis for one in a series of town hall meetings. The CFPB website had advertized for the events saying, “We’re on a mission. We’re criss-crossing the country to hear from consumers about their experiences with financial products and services.”

Observations on the CFPB Supervision and Examination Manual

The Consumer Financial Protection Bureau (“CFPB”) has issued its initial CFPB Supervision and Examination Manual (Version 1.0). According to the Bureau, the Manual is a guide to how the CFPB will supervise and examine consumer financial service providers that fall within the CFPB’s supervisory authority – depository institutions with more than $10 billion in assets and their affiliates, and nondepository entities. At first blush, the Manual seems familiar and comparable to the examination manuals and procedures currently followed by the Federal banking agencies. Indeed, the introduction pages to the Manual expressly incorporate examination procedures developed under the Federal Financial Institutions Examination Council (“FFIEC”), and the CFPB Manual states that the Bureau will use the FFIEC’s Uniform Consumer Compliance Rating System. However, upon further review, there are significant differences.

CFPB drafts financial aid shopping sheet

The “complex and confusing process of taking out student loans” and the resulting serious financial hardship caused by student loan debt have prompted the Consumer Financial Protection Bureau to draft a one-page “financial aid shopping sheet.”

Single director vs. commission argument continues

In the nearly two months since members of Congress held a confirmation hearing for nominee Rich Cordray, little has changed in the debate over appointing a director of the Consumer Financial Protection Bureau.

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