The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which passed on July 21, 2010, created the Consumer Financial Protection Bureau (CFPB). Among other things, Congress gave the CFPB the authority to: (1) write rules, supervise certain financial services companies, and enforce federal consumer financial protection laws; (2) restrict unfair, deceptive, or abusive acts or practices; (3) collect and track consumer complaints; (4) promote financial education; (5) research consumer behavior and awareness, as well as developments in markets for consumer financial products and services; and (6) monitor financial markets.
To help its members keep track of the CFPB’s actions, AFSA has created a resource center with updates all in one place.
AFSA is in the process of transitioning this space to better serve our members. Please pardon our dust as create the CFPB Resource Center.
Blog Posts, Consumer Advisories, Press Releases, Amicus Briefs and Reports
- Press Release, Sept. 17: CFPB Proposes New Federal Oversight of Nonbank Auto Finance Companies
- Report, Sept. 17: Supervisory Highlights Report
- Report, Sept. 17: Proxy Methodology for Race and National Origin
- Press Release, Sept. 17: CFPB Sues Online Payday Lender for Cash-Grab Scam
- Blog Post, Sept. 16: Protecting servicemembers from predatory auto loans: Harry and Ari’s story (video)
- Press Release, Sept. 16: CFPB Sues For-Profit Corinthian Colleges for Predatory Lending Scheme
- Consumer Advisory, Sept. 16: Notice for Current and Former Corinthian Students
- Blog Post, Sept. 16: National City Bank Settlement Administrator Will Contact Eligible Borrowers Soon
- Press Release, Sept. 12: CFPB Finalizes Rule to Oversee Larger Nonbank International Money Transfer Providers
- Press Release, Sept. 9: Agencies Announce Increases in Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease Transactions
- Blog Post, Sept. 9: Reminder for Steps You Can Take if You Think Your Credit or Debit Card Data was Hacked
- Blog Post, Sept. 9: Disputing debt you never owed: William’s story (video)
- Press Release, Sept. 3: CFPB Warns Credit Card Companies Against Deceptively Marketing Promotional Offers
- Consumer Advisory, Sept. 3: Consumer Tips About Credit Card Interest-rate Promotions and How Grace Periods Work
- Blog Post, Sept. 3: You Could Still End Up Paying Interest on a Zero Percent Interest Credit Card Offer
- Blog Post, Sept. 3: Student loan debt doesn’t have to be scary: Leah’s story
Consumer Financial Protection Bureau Director Richard Cordray testifies before House Financial Services Oversight and Investigations Subcommittee hearing on ''Allegations of Discrimination and Retaliation and the CFPB Management Culture'' on Capitol ...
U.S. Bank refunding $48 million to customers
The bank, which is the fifth largest in the country, was ordered to refund customers $48 million Thursday as part of the Consumer Financial Protection Bureau's crackdown on deceptive banking practices. It must also pay a $5 million penalty to the CFPB ...
The U.S. Consumer Financial Protection Bureau Is Collecting Massive Amounts ...
Ironically, an agency that Congress created to protect consumers has been collecting an unprecedented amount of personal information about the very consumers it was tasked with protecting. Since its creation, the Consumer Financial Protection Bureau ...
GAO: CFPB Should Take Steps to Protect Consumer Data Collected From Banks
Wall Street Journal 09/22/2014
The Government Accountability Office said the Consumer Financial Protection Bureau lacks written procedures for protecting data and needs to beef up its information security practices, sounding a similar warning to lawmakers and business groups who ...
Lawsuits: Payday loan scheme victimized consumers
Pensacola News Journal 09/17/2014
The defendants also allegedly evaded state authorities and disregarded court actions in previous payday loan cases filed in Pennsylvania, New Hampshire, Idaho and Illinois, according to a declaration filed with the CFPB action. More than 1,000 consumer ...
CFPB proposes rule to supervise large auto finance companies
Washington Post 09/17/2014
The Consumer Financial Protection Bureau on Wednesday proposed bringing the financing units of the big automakers under federal supervision for the first time, a move that would ultimately let the agency examine the lending arms of Toyota, Ford and ...
Regulators Sue Corinthian Colleges for Allegedly Harassing Low-Income Students
The Consumer Financial Protection Bureau is suing Corinthian Colleges (COCO), one of the largest operators of for-profit colleges in the U.S., on grounds that it deceived students and harassed them to collect on student loan debts. The CFPB, a federal ...
US Consumer-Finance Regulator Plans Auto-Lending Examinations
Wall Street Journal 09/16/2014
The CFPB's effort comes amid growing concern about car-lending practices, including whether consumers are being steered into loans they can't afford and sold pricey add-on products whose total costs may not be clearly disclosed. Last year, auto lenders ...
Researchers Dub CFPB Consumer Complaint Database Unlawful
Reverse Mortgage Daily 09/15/2014
As the Consumer Financial Protection Bureau (CFPB) continues to solicit comments on its proposed consumer complaint narrative database, several researchers are questioning the initiative's legitimacy and authorization. Raising a number of concerns ...
CFPB chief: Prepare for new mortgage regs
The Hill 09/11/2014
Industry groups have long been aware of the impending rule, a requirement of the Dodd-Frank financial reform law of 2010. Cordray said some lenders are already preparing for compliance, which he said would require “significant changes to business ...
Union tensions at consumer watchdog
Tensions are rising among members of the Consumer Financial Protection Bureau's union as a growing faction, dissatisfied with how the bureau handles employee grievances, push for the ouster of the chapter's president, according to documents obtained by ...
- Upcoming – Oct. 8: Forum on Checking Account Screening Policies and Practices in Washington, D.C.
- Upcoming – Oct. 1: Webinar to Answer FAQs About the TILA-RESPA Integrated Disclosure Rule.
- Sept. 18: Auto Finance Field Hearing in Indianapolis
- The event featured remarks from Director Cordray, as well as testimony from consumer groups, industry representatives, and members of the public.
- Director Cordray’s Remarks (see attached, but the link should be available soon)
- Bill Himpler’s Remarks
- Recording of the Event – Coming Soon
- Sept. 18: Senate Banking Committee Hearing, “Assessing and Enhancing Protections in Consumer Financial Services.”
- Sept. 17: Hydra Group Enforcement Action Press Call
- Sept. 17: Housing Finance Meeting
- The White House held a meeting between regulators, home loan lenders, and mortgage insurers to discuss how to increase the availability of financing for borrowers. Officials from the CFPB were present.
- Sept. 16: Corinthian Enforcement Action Press Call
- Sept. 12: ABA Consumer Financial Services Committee
- Rohit Chopra, Assistant Director at the, focused his presentation on student loan modifications.
- Sept. 11: American Bar Association Section of Business Law’s Annual Meeting
- Toby Alexi, head of the CFPB’s enforcement provision, spoke on the use of UDAP/UDAAP by Federal and State Regulators.
- Sept. 11: Consumer Advisory Board Meeting
- Sept. 10: CFPB at the National Association of Federal Credit Unions
- Sept. 9: Senate Banking Committee Hearing, “Wall Street Reform: Assessing and Enhancing the Financial Regulatory System.”
- Sept. 8: CFPB at the American Mortgage Conference
Consent Orders and Complaints, Petitions to modify CIDs, Exam Manuals, Notices, Guidance, Rules, and Information Collection
- H.R. 5062: to amend the Consumer Financial Protection Act of 2010 to specify that priviledge and confidentiality are maintained when information is shared by certain nondepository covered persons with Federal and State financial regulators, and for other purposes.
- H.R. 5403: to nullify certain guidance of the Bureau of Consumer Financial Protection and to provide requirements for guidance issued by the Bureau with respect to indirect auto lending.
- H.R. ___: to amend the Fair Credit Reporting Act to improve the consumer reporting system, and for other purposes.
- H.R. 5405: to make technical corrections to the Dodd-Frank Wall Street Reform and Consumer Protection Act, to enhance the ability of small and emerging growth companies to access capital through public and private markets, to reduce regulatory burdens, and for other purposes.
- Rep. Carolyn Maloney (D-NY) Sept. 10 letter on checking account overdraft practices.