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Consumer Financial Services Watch News and developments related to consumer financial products and services

Tag Archives: Bureau of Consumer Financial Protection (CFPB)

Credit Card Repayment Ability Fix Issued by CFPB

By K&L Gates on Posted in Bureau of Consumer Financial Protection (CFPB), Credit Cards, Payment Systems

By: David A. Tallman , Eric Mitzenmacher

Financial life just got a little bit easier for stay-at-home moms and dads. For over a year and a half, regulations originally promulgated by the Federal Reserve (and reissued by the CFPB) have restricted credit access for “spouses and partners who do not work outside the home,” based on an interpretation of the Credit Card Accountability, Responsibility, and Disclosure Act (the “CARD Act”) that required a creditor to consider a card applicant’s “independent” ability to repay any credit extended.

CFPB Puts Inherited Consumer Financial Protection Regulations on the Table

By K&L Gates on Posted in Bureau of Consumer Financial Protection (CFPB), Credit Cards, Fair Lending/Anti-Discrimination, Mortgage Lending, Mortgage Servicing, Payment Systems, Privacy & Information Security

By: David A. Tallman

Adding to its already full plate, the Bureau of Consumer Financial Protection (the “CFPB” or the “Bureau”) recently requested public comment on its review of the various consumer financial protection regulations it has inherited from other agencies.

CFPB Now Accepting Mortgage Complaints from Consumers

By K&L Gates on Posted in Bureau of Consumer Financial Protection (CFPB), Mortgage Lending, Mortgage Servicing

By: Kathryn M. Baugher

On December 1, 2011, the Consumer Financial Protection Bureau began accepting mortgage complaints from consumers through the agency’s home page. This development follows the Bureau’s October announcement that it would be expanding the coverage of its consumer complaint portal to include products such as mortgages and student loans.

CFPB and Other Federal Banking Agencies Issue Joint Supervisory Statement Clarifying $10 Billion Asset Determination: Regulatory Uncertainty Remains

By K&L Gates on Posted in Bureau of Consumer Financial Protection (CFPB), Other Federal Agencies & GSEs

By: Andrew Caplan and Stephanie C. Robinson

The Dodd-Frank Act gives the CFPB exclusive supervisory authority and primary enforcement authority of federal consumer financial protection laws over depository institutions with total assets greater than $10 billion and their affiliates (“Large Institutions”). Under Dodd-Frank, the federal banking agencies maintain supervisory and enforcement authority over other institutions with respect to federal consumer financial protection laws.

CFPB Proposes to Disclose Credit Card Complaint Data to the Public

By K&L Gates on Posted in Bureau of Consumer Financial Protection (CFPB), Credit Cards

By: Stephanie C. Robinson

It is no secret that the CFPB is taking great interest in consumers’ complaints about credit cards. From day one, a “submit a credit card complaint” icon has held a prominent position on the agency’s home page, and CFPB representatives have talked about how credit card offers and terms are sometimes too complicated for consumers to understand.

CFPB to Provide Early Warning Notice of Potential Enforcement Actions

By K&L Gates on Posted in Bureau of Consumer Financial Protection (CFPB)

By: Kathryn M. Baugher

On November 7, the Consumer Financial Protection Bureau unveiled a process designed to warn individuals and companies of possible enforcement actions against them. At its discretion, the Bureau may provide an Early Warning Notice and an opportunity to respond before deciding whether to pursue an enforcement action.

CFPB Announces “Know Before You Owe” for Student Loans

By K&L Gates on Posted in Bureau of Consumer Financial Protection (CFPB)

By: Kathryn Baugher

The CFPB is expanding its “Know Before You Owe” initiative to cover student loans. Since “Know Before You Owe” began last May, the CFPB has asked the public for input on a variety of draft mortgage disclosure forms. Now the CFPB is working with the Department of Education to gather feedback on a sample financial aid offer form.

CFPB to Host Town Hall in Minneapolis on October 26

By K&L Gates on Posted in Bureau of Consumer Financial Protection (CFPB), Credit Cards

By: Rebecca Lobenherz

The CFPB, which has regularly reached out to consumers online through its blog posts and its consumer complaint portal, is also seeking consumer input the old-fashioned way – in person. On October 26, Raj Date, Special Advisor to the Secretary of the Treasury for the CFPB, who previously spoke with consumers in Philadelphia, will be headed to Minneapolis, Minnesota to discuss the Bureau’s upcoming initiatives directly with consumers.

CFPB Shares Company Portal Manual with Industry

By K&L Gates on Posted in Bureau of Consumer Financial Protection (CFPB)

By: Kathryn M. Baugher

In the months ahead, the CFPB will be expanding the coverage of its consumer complaint portal to include products such as mortgages and student loans. Consumers have been able to submit credit card complaints through a portal on the CFPB web site since July 21st. In addition to providing a consumer portal through which consumers can submit and check on the status of their complaints, the CFPB now provides a company portal through which companies can view and respond to consumer complaints. The CFPB recently met with industry representatives to show them how the new system works.

CFPB Official Hints at Disclosure Requirements for Checking Accounts

By K&L Gates on Posted in Bureau of Consumer Financial Protection (CFPB)

By: David L. Beam

Raj Date recently issued a statement on the CFPB’s web site which suggests that the Bureau is considering a standardized disclosure form for checking account fees. The “problem,” Mr. Date said, “is that checking accounts often come with a wide variety of unexpected costs that can quickly add up for consumers.” One bank might call the fee one thing, while another bank calls it something else. And the circumstances under which banks charge the same fee might be different.

And the Plot Thickens: the CFPB Issues a Quartet of Interim Final Rules Laying Out Its Investigatory and Enforcement Procedures

By K&L Gates on Posted in Bureau of Consumer Financial Protection (CFPB)

By: Melanie Hibbs Brody, Paul F. Hancock, David G. McDonough, Jr., Stephanie C. Robinson

The powerful new Consumer Financial Protection Bureau (the “Bureau” or “CFPB”) is up and running, and is expected to soon begin investigating and prosecuting claims against covered persons under the Consumer Financial Protection Act (the “CFPA” or “Act”).