CFPB Resource Center

  • August 23, 2013
    CFPB Highlights Supervisory Issues On Wednesday, August 21, 2013, the Consumer Financial Protection Bureau (CFPB) issued a press release in connection with Supervisory Highlights for August. Issues cited in the release include bank and nonbank mortgage servicing, detailing problems with account transfers, poor payment processing and servicers’ loss mitigation processes. Most notably, the CFPB...
  • August 16, 2013
    Federal Reserve Ordered to Produce Debit Interchange Plan On Wednesday, August 14, 2013, U.S. District Court Judge Richard Leon held a hearing to discuss moving forward in the matter of NACS v. Board of Governors of the Federal Reserve System. As previously reported, on July 31, 2013, Judge Leon struck down the Board's current rules on interchange fees for debit card transactions, in place since...
  • August 9, 2013
    CBA and Trades Urge CFPB to Provide Reasonable Compliance Grace Period On Monday, August 5, 2013, CBA led a joint trades letter with the Education Finance Council (EFC), the National Council of Higher Education Resources (NCHER), and the Student Loan Servicing Alliance (SLSA) to CFPB Director Richard Cordray urging the Bureau to immediately provide private student lenders and servicers with a 30-...
  • August 2, 2013
    Federal Court Vacates Fed’s Debit Interchange Rule On Wednesday, July 31, 2013, a U.S. District Court judge struck down the Federal Reserve Board's rules on interchange fees for debit card transactions, in place since late 2011. U.S. District Judge Richard Leon ruled the Board overstepped its discretionary authority to set a 21-cent cap on debit card transactions. The rule, which has been in...
  • July 26, 2013
    CBA Files Comment Letter on Mortgage Rules On Monday, July 22, 2013, CBA filed a comment letter with the CFPB concerning the agency’s proposed clarifications and revisions of the mortgage rules issued in January. Specifically, the CFPB’s proposed changes and clarifications address: (1) the loss mitigation and error resolution procedures under the servicing rules; (2) amounts counted as mortgage...
  • July 19, 2013
    Director Cordray Confirmed by the Senate On Tuesday, July 16, 2013, the U.S. Senate confirmed Richard Cordray as Director of the CFPB, 66-34, as part of a compromise between Senate Democrats and Republicans that prevented a change in the Senate rules known as the ‘nuclear option.’ It is expected this will make the Noel Canning case moot. CBA issued the following statement upon Director Cordray’s...
  • July 12, 2013
    Senate Rules Change Could Help Cordray be Confirmed Senate Majority Leader Harry Reid (D-NV) and Senate Minority Leader Mitch McConnell (R-KY) continued a heavy debate this week over the so-called “nuclear option.” Current Senate rules allow for Executive Branch nominees to be filibustered, forcing a 60 vote majority from the Senate for a confirmation. Traditionally, the Senate requires 67 votes...
  • June 28, 2013
    Supreme Court to Hear Recess Appointment Case On Monday, June 24, 2013, the Supreme Court agreed to hear a case that indirectly questions the validity of Richard Cordray as director of the CFPB. The case, Noel Canning v. NLRB , challenges the President’s recess appointment of several members of the National Labor Relations Board (NLRB). In January 2013, the US Court of Appeals for the District of...
  • June 21, 2013
    House Financial Services Subcommittee Hears Testimony on the CFPB’s Budget On Tuesday, June 18, 2013, the House Financial Services Subcommittee on Oversight and Investigations met regarding the CFPB’s Budget for FY 2013. CFPB Chief Financial Officer Mr. Stephen Agostini testified on behalf of the Bureau. The Committee Chairman, Jeb Hensarling (R-TX) still refuses to hear testimony from Director...
  • June 14, 2013
    CFPB Releases Initial Findings on Overdraft and Non-sufficient Funds On Tuesday, June 11, 2013, the CFPB released a report entitled “ CFPB Study of Overdraft programs – A white paper of initial data findings .” As referenced in the white paper, the CFPB intends to refine its inquiry in to overdraft services based on the findings in this first report. A follow up report is expected in late 2013/...

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