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
The Hill 10/22/2014
The Consumer Financial Protection Bureau (CFPB) said Wednesday that it has finished tweaking some mortgage rules to ensure access to credit. The minor adjustments, which were proposed in April, include two changes aimed at helping certain nonprofit ...
CFPB's Loan Report Attacks Lenders Rather Than Empowering Students
The Consumer Financial Protection Bureau's (CFPB) recent annual student loan ombudsman report aims to help those falling behind with private lenders. However, its reactive approach would simply stifle flames rather than prevent their initial burst by ...
Flagstar Bank to pay $37.5 million over servicing violations: CFPB
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 ...
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 ...
- 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.