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Tag Archives: CFPB

CFPB Lays Out What It Will Look For as an Abusive or Deceptive Practice

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The Consumer Financial Protection Bureau (CFPB) has released material which lays out how it will investigate and/or identify unfair, deceptive or abusive acts and practices. This has a serious impact on the entire debt relief industry, non-profits included. The rules and regulations, to me, appear to be clear that the underlying issue is if the material and activities by the ... Read More »

    Debt Collectors and Credit Bureaus to Report to the Consumer Financial Protection Bureau

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    The CFPB has just announced they will be rolling out new proposed rules that will regulate consumer debt collection and consumer reporting markets. Proposed rules would mark the first time these important markets would be subject to federal supervision. “Our proposed rule would mean that those debt collectors and credit reporting agencies that qualify as larger participants are subject to ... Read More »

      CFPB Gets an Earful of Good Suggestions About Student Loan Disclosures

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      Recently the Consumer Financial Protection Bureau (CFPB) requested feedback from consumers about student loan issues. Advanced results and feedback on the survey are now available. The focus of the CFPB effort is to make information more available to students and potential students so they can make the best and most informed decision possible before falling on the sword for student ... Read More »

        CFPB Whistleblower Hotline for Debt Relief Company Tipsters

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        The Consumer Financial Protection Bureau recently announced a whistleblower procedure for employees of financial companies and debt relief providers to use to anonymously submit complaints. According to Venable law firm and Jonathan Pompan: The Consumer Financial Protection Act (the “CFPA”), Title X of Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), enacted strong anti-retaliation protections for employees ... Read More »

          CFPB Appears to Embrace Debt Workout Arrangements

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          The Consumer Financial Protection Bureau has recently released a copy of their new simpler proposed credit card agreements. One point that caught my eye was the use of the term “Workout Arrangement” in conjunction with defaulted debt. The use of this term, rather than specifying credit counseling or some other debt relief channel is very interesting. It mirrors the language ... Read More »

            CFPB Releases Credit Card Complaint Report

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            The Consumer Financial Protection Bureau (CFPB) released a report today on the first three months of collecting consumer complaint information about credit card issues. Of the 5,074 complaints received by the CFPB, 83.8$ were forwarded to the credit card issuer. Of those forwarded to the credit card issuers, 74% were reported as a full or partial resolution. 71% of the ... Read More »

              Consumer Financial Protection Bureau May Issue Early Warning of Investigation Activity

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              The CFPB today announced a new policy that may give people under investigation by the CFPB a chance to respond early in an investigation. The Consumer Financial Protection Bureau (CFPB) today outlined plans to provide advance notice of potential enforcement actions to individuals and firms under investigation. The Early Warning Notice process allows the subject of an investigation to respond ... Read More »

                My Public Testimony Regarding CFPB Supervision of Debt Relief Companies

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                Below you will find a copy of my public testimony to the CFPB as part of their request for comments regarding determining who they should regulate. If you read my previous article, “CFPB is Looking for Public Comments on Debt Relief Industry” you can learn more about their request. My Public CFPB Testimony Consumer Financial Protection Bureau Nondepository Supervision 1801 ... Read More »

                  CFPB Praised for Openness and Transparency Trying to Be Gutted on Capitol Hill

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                  Will Innovative New Financial Regulator Be Hobbled Before It Even Starts? by Lois Beckett ProPublica, July 20, 2011, 4:26 p.m. Want to know what people find most confusing about mortgage disclosure documents? Then check out these heat maps created by a new government regulatory agency. The heat maps show two model mortgage forms that the agency posted on its website ... Read More »

                    Survey Says Even Big Majority of Republican Voters Want More Financial Regulation

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                    It’s interesting how feedback from real people is often different than what we hear out of Congress and the influence of politics. If you believed what is broadcast on the news we hear the Republicans in Congress are against the regulation and powers of the new Consumer Financial Protection Bureau, a single agency with oversight over financial affairs. But in ... Read More »

                      CFPB Still Moving Ahead. Enforcement and Supervision Imminent.

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                      Yesterday was the last Congressional hearing I’m aware of prior to the July 21, official launch date for the Consumer Financial Protection Bureau (CFPB). There was tension that House Republicans would roll back the scope and authority of the new CFPB even before it actually began but from reports of the hearing, the gutting of the agency did not occur. ... Read More »

                        Credit Counseling Against Registration of Debt Relief Providers? Huh?

                        In what is another of the ultimate ironies of nonprofit charitable credit counseling, it appears that at least two trade associations feel nonprofit credit counselors should not have to participate in any national registration of debt relief companies with the Consumer Financial Protection Bureau. I must admit, the position against CFPB registration stumps me and seems anti-counsumer at face value. ... Read More »

                          Congres Gets One Last Chance to Poke CFPB Before it Opens for Business

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                          I don’t think there can be any dispute that the GOP has fought the existence of the CFPB and tried a number of approaches to defang it or try to make it go away. This Thursday, Elizabeth Warren, appears again in front of the House Oversight Committee and will most likely face one last round of aggressive questioning before the ... Read More »

                            CFPB is Looking for Public Comments on Debt Relief Industry

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                            Last week I had the pleasure of visiting the Consumer Finance Protection Bureau (CFPB) in Washington, DC. to meet with staff and attend a planning session. Elizabeth Warren started the meeting with an introduction and left the meeting in the capable and good hands of Peggy Twohig and Alice Hrdy, both who supervised debt relief issues over at the FTC, ... Read More »

                              Elizabeth Warren Called Liar at Congressional Hearing. Disgusting.

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                              A recent appearance by Elizabeth Warren of the Consumer Financial Protection Bureau in front of a Congressional hearing ended most unfortunately when Representative McHenry, Republican of South Carolina, accused Warren of making up the fact their staffs had agreed to an ending time for the meeting. Essentially he publicly called her a liar. More details about the hearing make it ... Read More »

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