August 2014 Articles – CFPB Journal

CFPB announces new community bank advisory council members

The Consumer Financial Protection Bureau has selected nine community bankers to advise and consult with the bureau on a variety of consumer financial issues.

CFPB extends money transfer rule exemption

The Consumer Financial Protection Bureau has finalized revisions to its international money remittances rule which will extend an exemption for certain remittances.

Auto finance company fined for distorting credit reports

First Investors Financial Services Group Inc., an auto finance company, has been fined $2.75 million for sending inaccurate information to credit reporting agencies by the Consumer Financial Protection Bureau.

Financial Services Roundtable objects to CFPB complaint portal

The Financial Services Roundtable has accused the Consumer Financial Protection Bureau of possibly spreading inaccurate information through its consumer complaint database.

Digital currency comes under CFPB scrutiny

Digital currencies may be up for regulation from the Consumer Financial Protection Bureau. The CFPB issued a consumer advisory on virtual currencies and announced that it will begin taking complaints on the currencies.

CFPB looks further into big bank overdraft products

The CFPB’s goal is not to remove overdraft protection from banks’ product menu. That was CFPB Director Richard Cordray’s message after the bureau’s released a new study on overdraft on July 31.

Payday lender fined $10 million by CFPB

Payday Lender Ace Cash Express has been ordered by the Consumer Financial Protection Bureau to pay $10 million in restitution and penalties for deceptive debt-collection practices.