CFPB Resource Center

  • April 11, 2014
    Chairman Threatens CFPB Subpoena for Discrimination Investigation On Thursday, April 10, 2014, Chairman of the House Financial Services Subcommittee on Oversight and Investigation Patrick McHenry, sent a letter to CFPB Director Cordray informing him of the Committee’s plans to hold additional hearings on allegations of discrimination at the CFPB. Rep. McHenry cautioned that should Director...
  • March 28, 2014
    CFPB Holds Payday Field Hearing/Releases Report On Tuesday, March 25, 2014, the CFPB held a field hearing on payday loans in Nashville, TN, which included remarks from Director Richard Cordray, the Tennessee Attorney General, and the CFPB’s Assistant Director for the Office of Intergovernmental Affairs. Director Cordray discussed the Bureau’s recent actions against payday lenders, highlighted...
  • March 21, 2014
    CFPB Report on Debt Collection Complaints On Thursday, March 20, 2014, the CFPB issued a report outlining numerous unverified consumer complaints it received about the debt collection market. According to the Bureau, as many as one third of consumers who filed complaints on debt collection activities did not owe the debt in question. Other top complaints included use of aggressive communication...
  • March 14, 2014
    CFPB to Hold Field Hearing on Payday Loans The CFPB has announced it will hold a field hearing in Nashville, TN on Tuesday, March 25, 2014 to discuss payday loans. The hearing will include remarks from CFPB Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public. The event, to take place at the Nashville Public Library Auditorium,...
  • March 7, 2014
    CFPB Releases Service Member Complaint Snapshot On Thursday, March 6, 2014, the CFPB announced the agency had recovered more than $1 million for service members, veterans, and their families who filed grievances about financial products or services. According to the CFPB’s second snapshot of complaints from military-related consumers, which reported the payout, some military families are not...
  • February 28, 2014
    CBA Issues Comment Letter on Debt Collection ANPR On Friday, February 28, 2014, CBA and other trade groups will respond to the CFPB’s Advanced Notice of Proposed Rulemaking (ANPR) on debt collections. In its notice, the Bureau cites it is the first agency with the authority to issue substantive rules under the Fair Debt Collection Practices Act (FDCPA), a law governing the practices of third-...
  • February 21, 2014
    CFPB and Congresswoman Waters Critical of Mortgage Servicing On Tuesday, February 19, 2014, Rep. Maxine Waters (D-CA), the Ranking Member of the House Financial Services Committee, sent a letter regarding the sale of mortgage servicing rights (MSRs) from banks to nonbank servicers. The letter was addressed to Thomas Curry, Comptroller of the Currency, OCC, and Joseph Smith, Jr., Office of...
  • February 14, 2014
    On Tuesday, February 11, 2014, the House passed a package of CFPB related bills by a vote of 223-193, including several measures intended to increase transparency and accountability of the Bureau. The package included: H.R. 2385- CFPB Pay Fairness Act, Rep. Sean Duffy (R-WI) H.R. 2446- The Responsible Consumer Financial Protection Regulations Act, Rep. Spencer Bachus (R-AL) H.R. 2571- Consumer...
  • February 7, 2014
    CFPB Takes First Step in Expanding HMDA Requirements On Friday, February 7, 2014, the CFPB announced its first step in the Home Mortgage Disclosure Act (HMDA) rulemaking process by convening a Small Business Review, or SBREFA, panel to solicit feedback from small lenders. This first step is required under the Small Business Regulatory Enforcement Fairness Act (SBREFA), and the Dodd-Frank Act...
  • January 31, 2014
    Director Cordray Testifies Before House Financial Services Committee On Tuesday, January 28, 2014, the House Financial Services Committee held a hearing entitled: “The Semi-Annual Report of the Consumer Financial Protection Bureau.” CFPB Director Richard Cordray reported on the Bureau’s release, which covers the period April 1, 2013 – September 30, 2013. Lasting nearly four hours and occasionally...

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