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
American Banker 06/25/2015
Consumer Stories Added to CFPB Complaint Database. by Ian McKendry. JUN 25, 2015 2:42pm ET. The Consumer Financial Protection Bureau went forward with a controversial move Thursday to include narratives in its complaint database. To continue ... CFPB Asks Google, Bing & Yahoo To Help Stop Student Loan Debt Scams That ...
The Consumerist 06/22/2015
The Internet is teeming with scammers, fraudsters, and hustlers determined to part consumers from their money, and as a $1.2 trillion venture, student loans often present an attractive avenue for these ne'er-do-wells. In order to better protect ... CFPB launches investigation into Bankrate mortgage rate tracker
The Consumer Financial Protection Bureau is investigating Bankrate (RATE) over the mortgage rate comparison tool on Bankrate.com. Bankrate disclosed the CFPB investigation in a filing with Securities and Exchange Commission. The inquiry could serve ... CFPB Takes Action Against Medical Debt Collector, Largely For Lack of Policies ...
Yesterday, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against a medical debt collection company for mishandling consumer credit reporting disputes and preventing consumers from exercising important debt ...
CFPB student loan ombudsman Rohit Chopra to step down
Education Dive 06/18/2015
Rohit Chopra, the Consumer Financial Protection Bureau's student loan watchdog, resigned Wednesday after four years in the position. The Washington Post reports Chopra's last day will be next week and the office for students' deputy assistant director ...
House Panel Reopens Battle Over CFPB Funding
American Banker 06/17/2015
House Panel Reopens Battle Over CFPB Funding. by Victoria Finkle. JUN 17, 2015 6:01pm ET. The House Appropriations Committee approved legislation Wednesday to subject the Consumer Financial Protection Bureau to the federal appropriations process ... CFPB Delays Mortgage Disclosures Due to 'Administrative Error'
National Mortgage News 06/17/2015
WASHINGTON — After months of declining industry and congressional pleas to delay an impending rule combining two mortgage disclosure regimes, the Consumer Financial Protection Bureau on Wednesday announced a two-month delay due to an ...
CFPB sues Ohio-based auto loan company
The Hill 06/17/2015
The Consumer Financial Protection Bureau is suing an Ohio-based auto loan company for allegedly using aggressive threats and deceptive claims to collect debts for military service members. CFPB Director Richard Cordray said Security National ...
CFPB Grapples with Spike in Employee Bias Complaints
American Banker 06/15/2015
WASHINGTON — Several times last year, Robert Cauldwell urged his colleagues at the Consumer Financial Protection Bureau to play it cool. Every time his fellow employees, incensed by alleged discrimination and retaliation by management, discussed the ... EXCLUSIVE: Obama Consumer Official Leaves Amid Charges He Helped ...
Daily Caller 06/04/2015
One of the officials blamed for creating a “toxic workplace” for women and minorities at the Consumer Financial Protection Bureau — including running a unit employees nickname “The Plantation” — is leaving the agency, The Daily Caller News Foundation ...
CFPB Slaps RPM Mortgage and CEO with $20M Fine
American Banker (subscription) 06/04/2015
RPM Mortgage and its chief executive are facing $20 million in fines on allegations that the company violated the loan originator compensation law enforced by the Consumer Financial Protection Bureau. To continue, please log in, register or subscribe. CFPB warns reverse mortgage advertising is misleading
A new study from the Consumer Financial Protection Bureau found that reverse mortgage advertising can be confusing and misleading, and issued a warning to older Americans to be on the lookout for potentially deceptive reverse mortgage advertisements.
CFPB, DOJ take action against Provident Funding for discriminatory lending
The Consumer Financial Protection Bureau and the Department of Justice filed a complaint against Provident Funding Associates for charging higher broker fees on mortgage loans to African-American and Hispanic borrowers. The lender could potentially ...
Real reason behind CFPB's new payday regs
The Hill (blog) 06/02/2015
Last month, the Consumer Financial Protection Bureau issued a “framework” for a rule that seeks to make it more difficult for consumers to obtain short-term or “payday loans.” At first glance, it defies explanation that the financial regulator would ...
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"