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
National Mortgage Professional Magazine 05/01/2015
Venable LLP has announced that Richard Andrew Arculin, former senior counsel at the Consumer Financial Protection Bureau (CFPB) Office of Regulations, has joined the firm as a counsel in its Washington, D.C. office. He joins the firm's CFPB Task Force ... CFPB Cites Firm Over Potholes (Seriously)
American Banker (subscription) 05/01/2015
As strange as it may seem that an agency meant to protect consumers from financial harm is now also protecting them from potholes, it is an obscure part of the CFPB's authority. The Dodd-Frank Act transferred over a number of rules from the Department ...
Government help that hurts instead
Washington Times 04/30/2015
While the CFPB boasts that it is the country's “only Federal agency whose sole focus is protecting consumers in the financial marketplace,” a closer inspection of the self-congratulatory claim reveals how far the bureau has missed the mark. The House ...
CFPB fines Regions Bank $7.5 million for overdraft fees
Washington Post 04/28/2015
Regions Financial Corp. will pay $7.5 million in fines to the Consumer Financial Protection Bureau to settle allegations from the watchdog group that the bank charged overdraft fees to people who hadn't opted in to a service to transfer funds to cover ...
More Data Collection Won't Stop Future Financial Crises
U.S. News & World Report 04/20/2015
National Security Agency data collection has received considerable attention of late, and some have likened the Consumer Financial Protection Bureau's data collection efforts – like collecting information on 991 million credit card accounts – to those ...
Company to pay $3.1 million to troops for 'hidden fees'
Military Times 04/20/2015
CFPB alleged that Military Assistance Company "slowly drained" the money from account balances without notifying service members. For example, an account that maintained a positive balance for more than six months was charged a recurring fee of $12 to ...
Overwhelming majority in House vote to expose CFPB activity
An overwhelming bipartisan majority of the House of Representatives want more transparency at the Consumer Financial Protection Bureau. A total of 401 Congress members from both parties voted Tuesday for H.R. 1265, the Bureau Advisory Commission ...
CFPB Cites Mortgage Lender for False Advertisements
American Banker 04/09/2015
CFPB Cites Mortgage Lender for False Advertisements. by Rachel Witkowski. APR 9, 2015 2:41pm ET. Mortgage lender RMK Financial Corp. is facing a $250,000 fine by the Consumer Financial Protection Bureau on grounds that it used deceptive advertising ... Lenders' outcry against CFPB 'narratives' is justified
Automotive News (blog) 04/08/2015
It's no wonder auto lenders cried foul last month when the Consumer Financial Protection Bureau announced its plan to begin posting consumers' first-person tales of their grievances with auto loans later this year. Lender trade groups issued statements ... CFPB Launches Effort To Bring Financial Education To Schools
The Consumerist 04/08/2015
“We have watched too many Americans struggle to manage their affairs within our complex financial system,” CFPB Director Richard Cordray said in a statement. “Financial education in our schools is critical to the financial well-being of future ... Washington's Latest Bank Heist
Wall Street Journal 04/06/2015
Federal regulators extorting settlement money out of big banks is an old story in the Obama Administration. But most of the cash extracted to date has been justified in the name of punishment for the financial crisis. Now the Justice Department is ...
Consent Orders and Complaints, Petitions to modify CIDs, Exam Manuals, Notices, Guidance, Rules, and Information Collection
- Lawsuit, Dec. 17: CFPB v. Union Workers Credit Services
- Conesnt Order, Dec. 11: College Education Services, LLC
- 2014 CFPB Semi-annual Report, Fall 2014: Report
- 2015 Rulemaking Agenda, Nov. 24: Federal Register
- Bulletin, Nov. 18: Social Security Disability Income Verification
- 2014 Annual Ombudsman's Report to the Director, Nov. 17
- Proposed Disclosures, Nov. 13
- Compliance Guides, Nov.10: Small Entity Compliance Guides for Ability-to-Repay and Qualified Mortgage Rule and TILA/RESPA Servicing
- Proposed Rule under EFTA (Regulation E) and TILA (Regulation Z)
- Final Rule, Oct. 28: Annual Privacy Notice Requirements Under the Gramm-Leach Bliley Act (Regulation P)
- Compliance Bulletin & Policy Guidance, Oct. 23
- Proposed Rule, Oct. 14: Amendment to TILA-RESPA
- 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"