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Tag Archives: CFPB

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

              Voter Poll

              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 »

                          Consumer Groups Call on CFPB to Provide Easy Access to Complaints Filed Against Companies

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                          Consumers Union and a bunch of other groups have submitted a letter to the CFPB to ask that consumers have easy access to complaints filed against companies. Washington D.C.- A coalition of consumer, civil rights, good government, and community groups have called on the new federal financial watchdog, the Consumer Financial Protection Bureau (CFPB), to ensure that the public has ... Read More »

                            Elizabeth Warren Says CFPB to Spend Half of Budget on Enforcement

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                            This past Monday I had the pleasure of catching up with my old friend Elizabeth Warren. She was the keynote speaker at the National Association of Attorneys General meeting in Charlotte, NC. Professor Warren made it very clear that the Consumer Financial Protection Bureau (CFPB) will focus on compliance, supervision and enforcement of financial products. This includes all areas of ... Read More »

                              Consumer Financial Protection Bureau. Amazing Website. Loaded for Bear.

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                              The new Consumer Financial Protection Bureau (CFPB) website is up and interested people can subscribe to updates by visiting it. Visit consumerfinance.gov. Even from their featured logo you can tell they plan to be the cop on the financial beat. The enforcement chief of the CFPB is Richard Cordray. Cordary has already indicated he plans to come out swinging with ... Read More »

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