Bank Notes

  • April 28, 2016
    On Thursday, April 28, 2016, the CFPB released its student loan Payback Playbook , a set of prototype disclosures designed to outline a path to affordable payments for borrowers trying to avoid student debt distress. The Payback Playbook provides borrowers with personalized information about their repayment options from loan servicers so they can secure a monthly payment they can afford. The...
  • April 26, 2016
    On Tuesday, April 26, 2016, the Bureau released the Monthly Complaint Report which focused on mortgage complaints and complaints received from California. According to the report, as of April 1, 2016, the CFPB has handled approximately 859,900 total complaints, including 26,500 complaints in March 2016, and 223,100 mortgage complaints, and 118,900 from California. Other notably takeaways include...
  • April 26, 2016
    On Tuesday, April 26, 2016, the CFPB released the results of a report conducted by Fors Marsh Group, titled: “Testing of Bankruptcy Periodic Statement Forms for Mortgage Servicing.” The Bureau commissioned the survey to test sample bankruptcy-specific periodic statement forms. The forms were developed using suggestions collected during the comment period for the proposed amendments to Regulation...
  • April 25, 2016
    On Monday, April 25, 2016, the CFPB entered into a consent order with a debt collection law firm Pressler & Pressler LLP and debt buying firm New Century Financial Services, Inc. The Bureau alleges the firm engaged in violations of the Fair Debt Collection Practices Act and the ban on unfair, deceptive or abusive acts and practices when it “filed hundreds of thousands of lawsuits against...
  • April 21, 2016
    On Thursday, April 21, 2016, a D.C. District Court Judge issued arguably the most public rebuke of the CFPB to date. In CFPB v. Accrediting Council for Independent Colleges and Schools (ACICS), Judge Richard Leon denied the CFPB’s civil investigatory demand against ACICS and dismissed the related enforcement action. The court found the CFPB acted outside its jurisdiction because ACICS was...
  • April 21, 2016
    On Thursday, April 21, 2016, the CFPB revealed it is pursing enforcement actions against the online lead aggregator T3Leads and its cofounders, Dmitry Fomichev and Davit Gasparyan. The CFPB alleges the cofounders “did not vet or monitor its lead buyers, exploited consumers’ lack of understanding of the risks, costs, and conditions of the loans applied for, and put consumer information at risk of...
  • April 20, 2016
    Today, the CFPB released results of a study which found attempts by online lenders to debit payments from a consumer's checking account add significant costs to online payday loans. The report is based on data collected by the Bureau over an 18-month period between 2011 and 2012 and focusing on online payday and certain online installment loans made by more than 330 lenders. The analysis is a...
  • April 20, 2016
    The CFPB announced a field hearing focused on arbitration will take place on May 5, 2016, in Albuquerque, New Mexico. It will take place at 11 a.m. UTC (1 p.m. EST) and will be live-streamed from the agency’s blog . The hearing will include remarks from CFPB Director Richard Cordray as well as testimony from consumer groups, industry representatives, and members of the public.
  • April 19, 2016
    On April 19, 2016, Reps. Randy Hultgren (R-IL), Andy Barr (R-KY), and Mia Love (R-UT) introduced H.R. 4993, the Homeowner Information Privacy Protection Act (HIPPA). The bill would require the Comptroller General of the United States to conduct a study regarding the impact on consumer privacy resulting from new information collected under the Home Mortgage Disclosure Act (HMDA). The information...
  • April 18, 2016
    On Monday, April 18, 2016, a group of Democratic Senators sent a letter to the Government Accountability Office (GAO), requesting it study the recent development and regulation of financial technology firms, often referred to as “fintech.” Sens. Jeff Merkley (D-OR), Sherrod Brown (D-OH), and Jeanne Shaheen (D-NH) acknowledged fintech has filled gaps in communities where access to credit is often...

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