CFPB Resource Center

  • June 27, 2014
    CFPB Orders GE Capital to Pay $225 Million to Consumers On Thursday, June 19, 2014, the CFPB ordered GE Capital, now known as Synchrony Bank, to pay $225 million to consumers who were “harmed by illegal and discriminatory credit card practices.” The Bureau allocated $56 million to approximately 638,000 consumers who were “subjected to deceptive marketing practices,” and $169 million to roughly...
  • June 20, 2014
    OIG of the Federal Reserve Board and CFPB issues Work Plan On Monday, June 16, 2014 the Office of the Inspector General (OIG) of the Federal Reserve Board and CFPB issued a Work Plan outlining audits and evaluations it is conducting or plans to conduct in the near future. The following is a list of the items relevant to the CFPB, divided into Ongoing Projects and Planned Projects. CFPB: Ongoing...
  • June 13, 2014
    CBA Comments on Remittance On Friday, June 6, 2014, CBA and other trades filed a comment letter with the CFPB in response to the agency’s proposal to revise the regulation to implement Section 1073 of the Dodd-Frank Act, which created new requirements for remittance transfers. The CFPB proposed to institute a five-year extension on a temporary provision allowing federally insured financial...
  • June 6, 2014
    CFPB Publishes Semi-Annual Report to Congress The CFPB issued its fifth Semi-Annual Report on May 28, 2014. Totaling 177 pages, the Report provides a detailed accounting of actions the Bureau has taken from October 1, 2013 through March 31, 2014. With considerable attention devoted to the consumer complaint process, the document also highlights issues regarding supervision, enforcement and...
  • May 30, 2014
    Federal Reserve OIG and CFPB Announce New Website On Tuesday, May 27, 2013, the Office of the Inspector General for the Board of Governors of the Federal Reserve System (Board) and the CFPB launched a new public website . The Inspector General for the Board and the CFPB, Mark Bialek, said the “redesign is just one example of our commitment to continuous improvement” and asserted the new site “...
  • May 23, 2014
    CFPB Issues Supervisory Highlights for Nonbanks On Thursday, May 22, the CFPB issued a report highlighting illegal actions uncovered by the agency’s supervision of payday, debt collection, and consumer reporting markets. The report noted recent non-public CFPB supervisory activities overall have resulted in more than $70 million in remediation to approximately 775,000 consumers. Under the Dodd-...
  • May 9, 2014
    CBA Issues Comment Letter on CFPB’s Debt Collection Survey Proposal On Tuesday, May 6, 2014, CBA issued a comment letter to the CFPB in response to its proposed consumer debt collection survey. The Bureau requested public comment on a proposal to mail a survey to consumers in an effort to learn about their experiences interacting with the debt collection industry. While CBA strongly supports the...
  • May 2, 2014
    House Financial Services Committee Votes to Subpoena CFPB Over Discrimination Allegations On Tuesday, April 29, 2014, the House Financial Services Subcommittee on Oversight and Investigations met to consider testimony regarding allegations of discrimination at the CFPB. The CFPB and the National Treasury Employees Union (NTEU) did not allow Bureau officials to appear as witnesses at a...
  • April 25, 2014
    CFPB Releases Mortgage Closing Report In a report released on Wednesday, April 23, 2014, the CFPB found many consumers feel pressured by lenders to rush through the closing process and sign documents even when they did not fully understand the terms. The Bureau listed three major “pain points” for consumers during the closing process, which included: Not enough time to review : Consumers were...
  • April 18, 2014
    CFPB Expects Federal Student Loan Interest Rates to Increase On Monday, April 14, 2014, the CFPB's Student Loan Ombudsman, Rohit Chopra, penned a blog post titled “Explainer: Federal student loan interest rates to jump,” outlining an expected increase in rates for federal student loans. Rates are currently set under the Bipartisan Student Loan Certainty Act of 2013, which became law in August...

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