Article Archives – Page 78

CFPB eyes checking accounts

The CFPB’s next area of focus looks to be checking accounts.

CFPB proposes 26 percent increase in its budget

Richard Cordray, the director of the Consumer Financial Protection Bureau testified before the U.S. House Committee on Financial Services subcommittee on oversight and investigations Feb. 15 about the CFPB’s proposed budget.

Work begins on mortgage statement prototype

The Consumer Financial Protection Bureau is busy drafting a new model form for mortgages: the monthly statement that borrowers receive with the details of their loans.

Industry weighs in on CFPB reform bills

A House subcommittee hearing on Feb. 8 gave the banking industry a chance to comment on three bills that would make changes to the Consumer Financial Protection Bureau.

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.