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.
Blog Posts, Consumer Advisories, Press Releases, Amicus Briefs and Reports
- Press Release, Sept. 30: CFPB takes action against Mortgage Kickback Agreements
- Press Release, Sept. 29: CFPB takes action against Flagstar Bank for violating new mortgage servicing rules
- Press Release, Sept. 26: CFPB releases statement on DoD proposal to amend Military Lending Act
- Press Release, Sept. 25: CFPB announces Project Catalyst research pilot
- Press Release, Sept. 25: CFPB orders US Bank to Pay $48 million refund to consumers illegally billed for services not received.
- Blog Post, Sept. 23: We can help you fight improper actions by debt collectors: Venida’s story (video)
- Blog Post, Sept. 23: Don’t let your student debt stop you from serving your country
- Consumer Advisory, Sept. 23: Guide for servicemembers with student debt
- Consumer Advisory, Sept. 23: Guide for Peace Corps volunteers with student debt
- Consumer Advisory, Sept. 23: Guide for participants in national service programs with student debt
- Press Release, Sept. 22: Federal Financial Institutions Examination Council Announces Availability of 2013 Data on Mortgage Lending
- Report, Sept. 22 – HMDA Data
- 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
Automotive News 11/19/2014
The statistical method the Consumer Financial Protection Bureau uses to identify which consumers belong to minority groups correctly identified African-American borrowers only 24 percent of the time. That was one of the findings of a nearly yearlong ...
Foreclosure rules would protect struggling homeowners, CFPB says
The Hill 11/20/2014
The Consumer Financial Protection Bureau (CFPB) is considering new foreclosure protections for homeowners who are struggling to make payments, the agency announced Thursday. “The Consumer Bureau is committed to ensuring that homeowners and ...
CFPB Orders 'Buy-Here, Pay-Here' Auto Dealer DriveTime To Pay $8M Penalty ...
The Consumerist 11/19/2014
The CFPB announced today that it has charged DriveTime Automotive Group Inc., an Arizona-based company that sells vehicles as well as originates and services auto loans, with harming customers by making harassing debt collection calls and providing ...
Report: 'Serious Control Deficiencies' at Consumer Financial Protection Bureau
The Weekly Standard (blog) 11/18/2014
The Consumer Financial Protection Bureau (CFPB), the 2007 brainchild of now-Senator Elizabeth Warren, was formed in 2010 as part of the Dodd-Frank Act. An annual audit by the Government Accountability Office (GAO) for the year ending September 30, ...
US consumer bureau proposes new rules for prepaid cards
The Consumer Financial Protection Bureau (CFPB) said consumers put nearly $65 billion into such accounts in 2012. Unlike checking accounts and other bank services, prepaid cards have not been not subject to rules that allow consumers to access account ...
Republicans Expected to Use New Majority Power to Push for CFPB Overhaul
Republican CFPB Reform The U.S. Midterm Elections have been over for less than a week, and already Democrats are circling the wagons to protect what will certainly be a top priority on the Republicans' list of changes to make – the Consumer Financial ...
HUD Adopts CFPB Changes to Qualified Mortgage Rule
Reverse Mortgage Daily 11/05/2014
HUD's alignment to the CFPB's standards also included cross-references to the CFPB's list of transactions exempted from the qualified mortgage definition, including a nonprofit transaction exemption, and the CFPB's limit on points and fees for ...
- Oct. 8: Forum on Checking Account Screening Policies and Practices in Washington, D.C.
- Oct. 1: Webinar to Answer FAQs About the TILA-RESPA Integrated Disclosure Rule.
- Sept. 23 - FTC/CFPB "Debt Collection & the Latino Community Roundtable
- Sept. 23 - Announcement on Public Service and Student Debt
- 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
- Guidance, Sept. 30: Manufactured-housing consumer finance in the United States
- CFPB Consent Order Against Lighthouse Title, Sept. 30
- CFPB Consent Order Against Flagstar Bank, Sept. 29
- CFPB Consent Order Against US Bank, Sept. 25
- Guidance, Sept. 24: Considering a Reverse Mortgage?
- Proposed Rule, Sept. 17: Defining Larger Participants of the Automobile Financing Market and Defining Certain Automobile Leasing Activity as a Financial Product or Service
- Complaint, Sept. 17: Complaint Against Hydra Group
- Complaint, Sept. 16: Complaint Against Corinthian
- Final Rule, Sept. 12: Defining Larger Participants in the International Money Transfer Market (Fact Sheet on the Rule)
- Notice, Sept. 9: Increases in Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease Transactions (Regulation M and Regulation Z)
- Guidance, Sept. 9: Updated Guides on the TILA-RESPA Integrated Disclosure Rule
- Guidance, Sept. 3: Marketing Credit Card Promotional APR Offers
- Notice, Sept. 4: Financial Coaching Program for Veterans and Low-income Consumers
- 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.
- S. 2829: A bill to require certain financial regulators to determine whether new regulations or orders are duplicative or inconsistent with existing Federal regulations, and for other purposes.
- Rep. Carolyn Maloney (D-NY) Sept. 10 letter on checking account overdraft practices.
- House Finance Services Chairman Jeb Hensarling (R-TX) Sept. 17 letter on CFPB "disparate impact" methodolgy
- Government Accountability Office September 2014 report, "CFPB: Some Privacy and Security Procedures for Data Collections Should Continue Being Enhanced"