Dykema Gossett PLLC
Dykema Gossett PLLC

Consumer Financial Protection Bureau Law Blog

CFPB Law Blog

News and analysisi of the priorities, initiatives and regulatory actions and proceedings of the Consumer Financial Protection Bureau


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Showing 131 posts in CFPB Rulemaking.

CFPB Releases Report and Resources on Student Loan Repayment

This week, the Consumer Financial Protection Bureau (CFPB) reaffirmed its focus on the problem of intractable student loan debt.  On October 16, 2014, the CFPB Student Loan Ombudsman released his Annual Report, which described the number and nature of student loan complaints handled by the CFPB in the preceding year and issued recommendations for the coming year Read More ›

CFPB Announces Proposed No-Action Letter Program

On October 10, 2014, the Consumer Financial Protection Bureau (CFPB) announced a proposed policy under which they would issue No-Action Letters to applicants indicating that the CFPB would not initiate supervisory or enforcement action regarding innovative financial products or services.  Under this proposal, the CFPB would issue these No-Action Letters when a new financial product or service promises "substantial customer benefit where there is substantial uncertainty whether or how specific provisions of statutes or regulations implemented by the [CFPB] would be applied." Read More ›

CFPB Continues Increased Scrutiny of Auto-Lending Financers Even as Congress Attempts to Rein It In

In March 2013, the CFPB released industry guidance regarding auto financing interest rates and dealership reserves. On September 8, 2014, Congress finally took steps to nullify this guidance.  Read More ›

Roll Out Mobile Payment Technology Could Subject Apple to CFPB Scrutiny

During Apple Inc.’s latest product announcement on September 9, 2014, Apple announced a new system for mobile payments that “will change how you pay with breakthrough contractless payment technology and unique security features build right into the devices you have with you every day.” The Apple Pay system is Apple’s first foray into the mobile payment industry.  Apple will be partnering with numerous banks and retailers to provide an alternative way to pay, utilizing a nearfield communication (NFC) chip which is a set of standards for smartphones and other mobile devices to establish short-range radio communication (a few centimeters). Read More ›

Top Democrat on the House Financial Services Committee Proposes Sweeping Changes to Fair Credit Reporting Act

U.S. Representative Maxine Waters (D-Cal), the top Democrat on the Republican led House Financial Services Committee, proposed a bill on September 10, 2014 to change many key provisions of the Fair Credit Reporting Act (FCRA) regulating the way lenders report consumer payments to credit reporting agencies.  The bill, entitled the “Fair Credit Reporting Improvement Act of 2014”, proposes the most sweeping changes to the FCRA since it was passed in 1970, and would affect consumer reporting agencies, consumers, lenders, employers and furnishers of credit information. Read More ›

Interagency Guidance Regarding Unfair or Deceptive Credit Practices

Several regulatory agencies have jointly issued guidance to banks, saving associations, and Federal credit unions concerning the repeal of consumer protection regulations promulgated under the FTC Act.  The Board of Governors of the Federal Reserve System (the Board), the Consumer Financial Protection Bureau (CFPB), the National Credit Union Administration (NCUA), and the Office of the Comptroller of Currency (the OCC) jointly issued guidance on August 22, 2014 to banks, savings associations, and Federal credit unions explaining that the repeal of certain regulations as a result of the Dodd-Frank Act should not be construed as a tacit approval of these prohibited practices addressed in the regulations, and that the CFPB may still enforce such rules in principal under its general mandate to prohibit deceptive practices.  Read More ›

Eighteen Months after Bulletin 2013-01, CFPB Issues New Guidance on Mortgage Servicing Transfers

Mortgage servicers and subservicers should consider reviewing the August 19, 2014 bulletin from the Consumer Financial Protection Bureau (CFPB) on mortgage servicing transfers to ensure compliance with the most up-to-date guidance.  This bulletin replaces the February 2013 bulletin on the same topic, incorporating the January 10, 2014 revisions to Regulation X, which implements the Real Estate Settlement Procedures Act (RESPA).  For servicers who have fully implemented the CFPB’s February 2013 guidance and the new servicing rule, we do not expect the information in the new bulletin to require significant changes to policies and practices.  Rather, the bulletin may provide a useful set of benchmarks and reminders.  Read More ›

CFPB Raises Concerns About Overdraft Fees

In a July 31, 2014 Data Point, the Consumer Financial Protection Bureau (CFPB) concluded that  consumers who opt in to overdraft services for debit card and ATM transactions put themselves at a “serious risk when using their debit card.”  The Data Point is based on data from a set of large banks supervised by the CFPB. The CFPB reviewed account-level and transaction-level data in an attempt to better understand how overdraft practices affect consumers. The study was supplemented by other research and responses to a CFPB Request for Information issued to the public in February 2012.  The report concluded that the majority of debit card overdraft fees are incurred on transactions of $24 or less and are repaid within three days; in other words, a consumer repairing the transaction fee within three days pays the equivalent of a 17,000 percent annual percentage rate (APR).   Read More ›

CFPB Issues Advisory Concerning The Risks Associated With the Use of Virtual Currencies

On August 11, 2014, the Consumer Financial Protection Bureau (CFPB) issued a consumer advisory warning consumers about the risks of virtual currencies, also referred to as “digital currencies,” such as Bitcoin.  The potential risks include the threat of hacking and scams, volatile exchange rates, unclear costs, and the risk that companies offering virtual currencies may not offer help or refunds for lost or stolen funds.  The CFPB also announced that consumers who encounter problems with a virtual currency may now submit a complaint with the CFPB.    Read More ›

The CFPB Implements Guidelines to Comport With the U.S. Supreme Court’s June 2013 Decision in United States v. Windsor, Striking Down Section 3 of the Defense of Marriage Act

On July 9, 2014, the Consumer Financial Protection Bureau (CFPB) announced that it had recently implemented policies to ensure certain statutes and regulations were consistent and in compliance with the U.S. Supreme Court’s June 26, 2013 decision in United States v. Windsor, in which the Court struck down Section 3 of the Defense of Marriage Act (DOMA) as unconstitutional.  Section 3 of DOMA provided, in part, that “the word ‘marriage’ means only a legal union between one man and one woman as husband and wife, and the word ‘spouse’ refers only to a person of the opposite sex who is a husband or a wife.”  Read More ›