February 2012 Articles – CFPB Journal

CFPB launches overdraft fee inquiry

The Consumer Financial Protection Bureau is taking regulatory concerns about checking account overdraft fees to the next level.

CFPB creates panel to monitor small business rules

The Consumer Financial Protection Bureau will convene a Small Business Review Panel to monitor the effects that the new mortgage disclosure form will have on small mortgage lending firms.

An update on CFPB issues for community banks

In a new publication Dodd-Frank and Community Banks: Your Guide to 12 Critical Issues, the American Bankers Association covers key areas such as capital, housing (QM and QRM), interchange, preemption and more.

CFPB proposes definition for ‘larger participants’ in debt collection and consumer reporting

CFPB opened a rule for comment that would define which debt collector and consumer reporting companies it will regulate.

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.