CFPB Resource Center

  • January 24, 2014
    CFPB Seeks Advisory Board and Council Applications On January 15, 2014, the CFPB announced it is seeking applications for positions on its Consumer Advisory Board (CAB), the Credit Union Advisory Council (CUAC), and the Community Bank Advisory Council (CBAC). The Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the CFPB, required the establishment of CAB to advise and...
  • January 17, 2014
    CFPB Extends Comment Period for Debt Collection ANPR On Tuesday, November 12, 2013, the CFPB issued an Advance Notice of Proposed Rulemaking (ANPR) on debt collection practices, which included a 90-day comment period ending February 10, 2014. On January 14, 2014, the Bureau published a notice in the Federal Register announcing an extension of the comment period to February 28, 2014. The proposed...
  • January 10, 2014
    CFPB Releases Mortgage Resources On Tuesday, January 7, 2014, the CFPB released new consumer resources on mortgage rules, many of which take effect today, January 10, 2014. As part of the CFPB’s campaign to educate consumers on the new rules, these resources include sample letters consumers can send to their mortgage servicers, mortgage tips, FAQs, factsheets, and other consumer tools. “Taking...
  • December 20, 2013
    CFPB and DOJ Issue Enforcement Action for Auto Lending Practices On Friday, December 20, 2013, the CFPB and DOJ issued enforcement action against Ally Bank for auto lending practices, specifically discrimination in connection with dealer reserve compensation. Ally will pay $80 million to consumers, pay to hire a settlement administrator to distribute funds to victims, and monitor dealer reserve...
  • December 13, 2013
    CFPB Releases First Phase of Arbitration Study In conjunction with a field hearing in Dallas, TX on Thursday, December 12, 2013, the CFPB released phase one of its study on consumer use of mandatory arbitration clauses in connection with consumer financial products and services. The Dodd-Frank Act requires the CFPB to conduct a study of the use of pre-dispute arbitration clauses in consumer...
  • December 6, 2013
    CFPB Releases Final Nonbank Student Loan Servicing Rule On Tuesday, December 3, 2013, the CFPB released its final larger participant rule for nonbank student loan servicers. CBA commented on the proposed rule when it was issued in March, supporting of the Bureau’s approach to supervising nonbanks and the rule’s inclusion of federal student loans. The Bureau oversees student loan servicing for...
  • November 27, 2013
    CFPB Releases Compliance Study Results In a blog post on Friday, November 22, 2013, the CFPB released the results of its case studies on regulatory compliance operations. The Bureau reviewed compliance costs at seven banks, ranging in size from less than $1 billion to more than $100 billion in assets, to determine direct impact of the rules on banks, to identify burdens, and how costs affect...
  • November 22, 2013
    CFPB Issues Final Rule on TILA/RESPA Disclosures On Wednesday, November, 20, 2013, the CFPB issued final rules to simplify and consolidate certain Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) disclosures, including those provided to consumers within three days of receiving the mortgage application and those currently provided at the loan closing. The CFPB provided...
  • November 15, 2013
    CFPB Hosts Auto Forum On Thursday, November 14, 2013, the CFPB hosted an auto forum focused primarily on the dealer reserve compensation system used for indirect lending. In his remarks , Director Richard Cordray recognized the need for greater dialogue on the issue. Assistant Director Patrice Ficklin added the CFPB continues to have fair lending concerns with the current system and sees...
  • November 8, 2013
    CFPB Issues ANPR on Debt Collection On Tuesday, November 6, 2013, the CFPB released an Advanced Notice of Proposed Rulemaking (ANPR) to gather information about the debt collection system. The ANPR follows a joint Federal Trade Commission-CFPB industry roundtable held in June 2013 and a field hearing in July 2013, where the Bureau first expressed its intent to issue regulations related to debt...

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