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CFPB News and Updates - 11/5/2012

Nov
05

The following articles cover recent news and updates regarding the Consumer Financial Protection Bureau (CFPB).

Posted By Sharon Bahr read more

CFPB Finalizes Rule on Defining Larger Participants of the Consumer Debt Collection Market

Oct
29

On October 24, 2012, the Consumer Financial Protection Bureau (CFPB) issued a final rule that will allow it to supervise the larger consumer debt collectors for the first time.

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Financial Literacy & Education Commission Holds Quarterly Meeting

Oct
24

On October 18, 2012, the Financial Literacy and Education Commission (FLEC) held its quarterly meeting; FLEC is comprised of the heads of 20 federal agencies, including NCUA and the other financial regulators. Consumer Financial Protection Bureau (CFPB) Director Corday made several remarks regarding financial literacy and the CFPB’s role and responsibilities in addressing the issue. Director Cordray noted that the CFPB is focusing its efforts in the following three areas:

Posted By Sharon Bahr read more

CFPB News and Updates

Oct
22

The following articles cover recent news and updates regarding the Consumer Financial Protection Bureau (CFPB). 

Posted By Halley Hayden read more

Fed Evaluates CFPB's Consumer Response Unit

Oct
16

The Federal Reserve Board’s Office of the Inspector General (OIG) recently released its Evaluation of the CFPB’s Consumer Response Unit.

Posted By Sharon Bahr read more

CFPB Updates Its Consumer Complaint Database

Oct
15

The Consumer Financial Protection Bureau (CFPB) published new information on its blog regarding the consumer complaint database.  The latest snapshot of complaints received, details complaints from July 21, 2011 through September 30, 2012 on credit card issues.  During this time frame, the CFPB received approximately 79,20

Posted By Sharon Bahr read more

MCUA Comments on CFPB's Mortgage Servicing Proposed Rules

Oct
15

The Missouri Credit Union Association (MCUA) submitted two separate formal comment letters on the CFPB’s mortgage servicing proposed rules.  In our letters, we urged the Bureau to consider that many of the proposal requirements are outside of the statutory requirements under the Dodd-Frank Act.  We also urged the Bureau to exempt credit unions from several provisions within the proposed rules, where possible. &

Posted By Sharon Bahr read more

Mortgage Loan Proposals Pending at Two Agencies

Oct
05

There are currently two pending proposals regarding appraisals for certain mortgage loans.  First, a Consumer Financial Protection Bureau (CFPB) proposal would amend Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) and require creditors to provide free copies of all written appraisals and valuations developed in connection with an application for a loan secured by a first lien on a dwelling.  Currently, federal credit unions are exempt from the appraisal delivery requirements of R

Posted By Sharon Bahr read more

CFPB Draft Five-Year Strategic Plan

Oct
05

On September 25, 2012, the Consumer Financial Protection Bureau (CFPB) released a draft strategic plan for the next five years, 2013 – 2018.  The draft strategic plan includes setting goals and strategies on what the agency aims to achieve, establishing strategies for the agency, and measuring the agency’s pe

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CFBP Mortgage Servicing Proposal Concerns

Oct
02

Credit Union National Association (CUNA) staff continue to draft comment letters to the Consumer Financial Protection Bureau (CFPB) concerning the proposed mortgage servicing rules that will amend Regulation Z and Regulation X.  Below are a few items contained within the proposals that may be of heightened concern for credit unions:

Posted By Sharon Bahr read more

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