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, Dec. 4: Action against Debt Settlement Firm
- 2015 Rulemaking Agenda, Nov. 24: Federal Register
- Blog Post, Nov. 21: Fall 2014 rulemaking agenda
- Press Release, Nov. 20: Proposed expanded foreclosure protections
- Blog Post, Nov. 20: Proposed changes to our Mortgage Servicing Rules
- Press Release, Nov. 19: Action against 'Buy-Here, Pay-Here' auto dealer
- Blog Post, Nov. 18: Social Security disability income shouldn't mean you don't qualify for a mortgage
- Blog Post: Nov. 17: Veterans- Take advantage of student loan forgiveness, but don't let it damage your credit
- Blog Post & Press Release, Nov. 13: Prepaid Products
- Press Release & Report, Nov. 5: CFPB report finds debt collection tops older consumer complaints
- Blog Post, Nov. 5: Four things older Americans can do about debt collection problems
- Press Release, Oct. 28: CFPB supervision report highlights risky practices in student loan servicing
- Blog Post, Oct. 27: Final lists of rural and underserved counties for use in 2015
- Blog Post & Plan, Oct. 23: Helping more consumers use our services in other languages
- Blog Post, Oct. 16: Struggling private student loan borrowers are still searching for help
- Blog Post, Oct. 10: We're open to innovative approaches to benefit consumers
- 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
- Blog Post, Sept. 26: Hosting a financial coach in your community
- Press Release, Sept. 26: CFPB releases statement on DoD proposal to amend Military Lending Act
- Blog Post, Sept. 25: New Project Catalyst research pilot to study early intervention credit counseling
- 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. 24: Updated reverse mortgage guide: Two things you should know
- 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
American Banker 12/18/2014
Furniture Store Agrees to CFPB Fines for Debt Collection Tactics. by Rachel Witkowski. DEC 18, 2014 4:56pm ET. The Consumer Financial Protection Bureau joined two attorneys general in an enforcement action against Freedom Stores for how it collected ... US consumer bureau sues Sprint for phone bill 'cramming'
WASHINGTON (Reuters) - The U.S. Consumer Financial Protection Bureau on Wednesday filed a lawsuit against Sprint Corp over unauthorized charges on customers' cellphone bills, a practice known as cramming, in the agency's first foray into mobile ...
Finding Racism Where It Isn't
Wall Street Journal 12/12/2014
The 2010 Dodd-Frank Act that created the Consumer Financial Protection Bureau explicitly prohibited the agency from regulating auto dealers, which the agency would like to accuse of racism. Thus the agency has gone after wholesale finance providers ... Feds to study prepaid card users
The Hill 12/12/2014
The Consumer Financial Protection Bureau (CFPB) announced plans to begin studying how low-to-moderate income earners save money using prepaid cards. The Project Catalyst Initiative is a byproduct of the Dodd-Frank Wall Street Reform and Consumer ... CFPB Takes Action Against Two Alleged Student Debt Relief Scams
The Consumerist 12/11/2014
The CFPB, in conjunction with Florida's Attorney General Pam Bondi, shut down student debt relief company College Education Services and separately filed a lawsuit against Student Loan Processing.US for illegally marketing student debt relief services.
Who distorted what? Wording of CFPB statement will get its own investigation
Automotive News (blog) 12/10/2014
The ombudsman's office for the Consumer Financial Protection Bureau said it would conduct an independent review into complaints that the CFPB's press releases don't match the consent orders they describe -- something auto finance insiders have ... Lender group says CFPB rule would burden smaller players
Automotive News 12/09/2014
In seeking to extend its jurisdiction over “nonbank” auto lenders -- including captive finance companies and independent finance companies -- the Consumer Financial Protection Bureau is reaching for lenders that are too small, the American Financial ...
Is the CFPB Overestimating Racial Bias in Auto Loans?
American Banker (subscription) 12/05/2014
The financial services industry believes it has finally discovered proof that the Consumer Financial Protection Bureau uses flawed methods to detect possible discrimination in auto loans. But the CFPB argues the proof is flawed as well. To continue ... DoD's proposed MLA rule makes it harder for military members, all Americans to ...
The Hill (blog) 12/04/2014
The Obama administration is proposing regulations to protect military service members and their families from being abused by lenders. While the intentions are fine, the new rules would make it harder for every American – military or civilian – to ... New study slams CFPB methodology
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 ...
- Nov. 18: Webinar on TILA-RESPA Integrated Disclosure
- Nov. 13: Field Hearing on Prepaid Accounts in Wilmington, DE
- Director Cordray's Remarks
- Recording of the Event - Coming Soon
- Oct. 23: FTC/CFPB Debt Collection & the Latino Community Roundtable
- Oct. 17: Event with President Obama at CFPB Headquarters
- Oct. 10: Economic Rights as Civil Rights: The Importance of Fair Lending
- 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 - 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
- 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"