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On March 2, 2016, the CFPB issued its first enforcement action directed at an organization’s information security practices. Dwolla, Inc., entered into a Consent Order with the CFPB which identifies “deceptive acts and practices relating to false representations” relating to the company’s data security practices in violation of UDAAP.
The new TILA-RESPA Integrated Disclosure rule from the Consumer Financial Protection Bureau is delaying mortgage closures and causing banks to trim their offerings, according to a survey.
A recent report by K&L Gates highlights the conclusions that can be drawn from the CFPB’s understanding of an abusive act.
Former Ally Financial Inc., CEO Michael A. Carpenter said the CFPB abused its power by holding the bank’s business hostage in order to coerce a record settlement of “trumped-up” racism charges and push profit-killing new regulations on the entire auto-lending industry.
Consumer Financial Protection Bureau Director Richard Cordray and FDIC Chair Martin Gruenberg have called on bankers to do more to serve unbanked and underbanked in the last month.
Fed Chair Janet Yellen was on Capitol Hill last week making her semiannual visit before the House Financial Services Committee. When she was asked basic information about the CFPB, Yellen appeared to lack basic knowledge of the Bureau’s budget.
Among the many Super Bowl ads aired this past Sunday, one drew the ire of the Consumer Financial Protection Bureau.
Last month, the Consumer Financial Protection Bureau traded briefs in federal court with Integrity Advance regarding Integrity’s motion to dismiss a CFPB enforcement action alleging violations of the Unfair, Deceptive or Abusive Acts and Practices clause of the Real Estate Settlement Procedures Act.
An independent audit of the Consumer Financial Protection Bureau shows it needs to update information privacy policies and procedures to better protect consumers.
A court date of April 12 has been set for the next stage in a legal challenge to the Consumer Financial Protection Bureau’s enforcement power.