CFPB Resource Center

  • June 7, 2013
    CFPB Expands Online Complaint Database On Friday, May 31, 2013, the CFPB announced the addition of credit reporting and money transfer complaints to its online database. The CFPB began accepting credit complaints in October 2012, and has added more than 6,000 of these to the database. The Bureau began accepting complaints for money transfers in April 2013. Additionally, all types of complaints...
  • May 31, 2013
    CFPB Issues Final QM Amendments On Wednesday, May 29, 2013 the CFPB finalized its earlier proposed changes to the QM/Ability to Repay Rule. This covers issues on how to calculate loan originator compensation as part of the 3% points and fees limit, how to facilitate lending by small lenders, and exempting certain nonprofit creditors. As for the loan originator compensation portion of the final...
  • May 24, 2013
    Senate Postpones Nominee Votes On Tuesday, May 21, 2013, Senate Majority Leader Harry Reid (D-NV) indicated he would delay until July the confirmation vote of Richard Cordray to lead the CFPB until July. Leader Reid will bring additional stalled presidential nominees into the fold after the Senate completes immigration reform legislation. Republicans are sure to attempt blocking the vote, by not...
  • May 17, 2013
    Senate Set to Vote on Cordray On Tuesday, May 14, 2013, Majority Senate Leader Reid (D-NV) indicated he would be willing to give President Obama’s second-term Cabinet choices a vote on the floor prior to the Memorial Day recess. In this mix of Cabinet member appointees is the head of the CFPB, Director Richard Cordray. Although Senator Reid indicates a vote will happen, he may wait until the...
  • May 10, 2013
    CFPB Student Debt Report On Wednesday, May 8, 2013, the CFPB issued a report on “Student Loan Affordability: Analysis of Public Input on Impact and Solutions.” The report summarized input from the public about the challenges student loan debt presents and the wide-ranging impact it has on the financial lives of consumers including housing, small business development, retirement savings and rural...
  • May 3, 2013
    CFPB Issues Final Remittance Rule On Tuesday, April 30, 2013, the CFPB finalized (again) its rule on international money transfers (remittances). This finalized rule is intended to preserve new consumer protections while facilitating industry’s compliance with the rule. The rule will take effect October 28, 2013. Director Cordray remarked , “We are dedicated to protecting consumers who send money...
  • April 26, 2013
    CFPB Director Cordray Testifies Before Senate Banking Committee On Tuesday, April 23, 2013, CFPB Director Richard Cordray testified before the Senate Banking Committee on the CFPB’s Semi-Annual Report to Congress . The Committee discussed a number of pressing issues with Director Cordray, most notably, CFPB collection of “big data,” the consumer complaint database, indirect auto lending, student...
  • April 19, 2013
    CBA Attends Meeting on Project Catalyst On Tuesday April 16, 2013, CBA's Associate General Counsel Jeff Bloch attended a meeting at the CFPB to discuss Project Catalyst , the Bureau’s initiative to encourage consumer-friendly innovation and entrepreneurship in consumer financial products and services. This project was developed to fulfill the Dodd-Frank Act mandate to give all consumers access to...
  • April 12, 2013
    CBA Requests Time and Guidance on Mortgage Rules On Wednesday, April 10, 2013, CBA along with several other trade associations sent a letter to Director Cordray requesting more time and guidance from the CFPB on the mortgage rules. The industry’s most urgent concern is the incredibly short period of time allowed to comply with the new mortgage rules. The problems associated with the short...
  • April 5, 2013
    CFPB Announces Enforcement Action Against Mortgage Insurers On Thursday, April 4, 2013 the CFPB announced enforcement actions against four mortgage insurers to end what the bureau described as “improper kickbacks paid by mortgage insurers to mortgage lenders.” The proposed orders requires the mortgage insurers to pay more than $15 million in penalties to the CFPB. The orders also require...

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