Search Results: test CFPB

CFPB Solicits Comments on CID Process

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The Consumer Financial Protection Bureau (CFPB) has solicited comments to assist it to revise its current Civil Investigative Demand (CID) process.  The “Request for Information Regarding Bureau Civil Investigative Demands and Associated Processes” was published in the Federal Register on January 26, 2018. The CFPB’s power to issue CIDs is derived from…

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Signs of Change at the CFPB

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On January 16 and 17, 2018, the Consumer Financial Protection Bureau (CFPB) released two statements signaling that yet more change is on the horizon for the agency.  Close on the heels of similar announcements regarding potential changes to its Home Mortgage Disclosure Act and prepaid card rules, the Bureau announced…

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CFPB Focusing on Risks in Car Loans

The Consumer Financial Protection Bureau (CFPB) released its quarterly report on credit trends for the third quarter of 2017 last week, focusing on trends in the auto lending industry.  Auto loans are a key sector in the lending market—approximately100 million auto loans are outstanding, valued at more than $1 trillion….

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CFPB Issues Consumer Protection Principles for Sharing Financial Account Information with Third Parties

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On October 18, 2017, the Consumer Financial Protection Bureau (CFPB) published guidelines for financial institutions to use when authorizing third-party access to consumers’ financial information.  These guidelines are targeted at protecting consumers who give their consent to allow other companies to access their account information.  Companies—including fintech firms, banks, and…

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U.S. Chamber of Commerce Challenges CFPB Rule Immunizing Class Actions from Arbitration Clauses

On September 29, 2017, the United States Chamber of Commerce and various business and financial services groups (collectively, Plaintiffs) filed a complaint for declaratory and injunctive relief in the United States District Court for the Northern District of Texas, alleging that—for four independent reasons—the Consumer Financial Protection Bureau’s (CFPB) recently-issued…

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CFPB Amends Mortgage Servicing Rule to Facilitate Communications with Borrowers

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On October 4, 2017, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule amending a provision of Regulation X regarding the timing for mortgage servicers to communicate with borrowers about foreclosure prevention alternatives.  On the same date, the CFPB also issued a proposed rule regarding timing requirements for…

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Republicans File Congressional Review Act Challenge to CFPB's Arbitration Rule

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As LenderLaw Watch previously reported, on July 10, 2017 the Consumer Financial Protection Bureau (CFPB) released its Arbitration Rule, which blocks the use of mandatory arbitration clauses in consumer financial products and services contracts that prohibit class action lawsuits.  On July 19, 2017, the CFPB published this Rule in the Federal Register,…

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CFPB Publishes State-by-State Snapshot of Consumer Complaints

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On June 27, 2017, the Consumer Financial Protection Bureau (CFPB) published a state-by-state breakdown of consumer complaints that have been filed with the CFPB.  The snapshot—which is contained in the June 2017 edition of the CFPB’s Monthly Complaint Report—compiled data from the CFPB’s Consumer Complaint Database about the number of…

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CFPB Finalizes Arbitration Rule, Paving the Way for More Class Action Litigation

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On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) announced the release of its anticipated Arbitration Rule, opening the door for more consumer class actions against financial institutions concerning financial products and services.  Many consumer contracts, such as credit card and bank agreements, contain mandatory arbitration clauses.  These clauses…

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CFPB Imposes Hefty Fine on Mortgage Servicer for Alleged Violations of Servicing Rules

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On June 7, 2017, the Consumer Financial Protection Bureau (CFPB) issued a Consent Order against mortgage servicer Fay Servicing, LLC (Fay), requiring Fay Servicing to pay $1.15 million to borrowers and to cease activities that the CFPB contended violated the Real Estate Settlement Procedures Act (RESPA), its implementing regulation, Regulation X,…

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