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Recent Updates
- Senate Vote on Cordray Nomination Expected Next Week: Anyone Holding Their Breath?
- Get Out the Popcorn (and an Energy Drink): The CFPB Releases Videos On New Mortgage Rules
- CFPB Proposes Delay in Implementing Rule Against Financing of Certain Credit Insurance on Mortgage Loans
- Just-Issued Final Remittance Rule Suggests CFPB is Listening… Sort Of
- FHFA Limits Fannie and Freddie to “Qualified Loans”: Another Strike Against Non-Qualified Loans and the Consumers Who Rely on Them
- CFPB Publishes Small Entity Compliance Guides for New HOEPA, ECOA, and TILA Rules- Institutions of All Sizes Should Take Notice
- CFPB Probes Auto Lenders Over Extended Warranty And Other Ancillary Products
- CFPB Hosting Student Loan Hearing: New Rules On The Way???
- Legislation Seeks to Limit CFPB’s Authority Over Community Banks, Credit Unions and Small Servicers
- CFPB Eases Limits On Credit Card Fees to Avoid Court Battle: Afraid of the Fight or Evidence that It Is Listening Industry Stakeholders?
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Showing 7 posts in FDIC.
Another Month, Another CFPB Enforcement Action: American Express Ordered to Refund $85 Million and Pay $27.5 Million in Fines
For the third time in as many months, the CFPB announced the resolution of an enforcement action against a major credit card provider. After reaching settlement with Capital One and Discover, the CFPB set its sights on American Express. Yesterday (10/1/12), the CFPB issued multiple consent orders requiring several American Express companies “to refund an estimated $85 million to approximately 250,000 customers for illegal card practices” and pay a $27.5 million penalty to be split among the CFPB, the FDIC, the Federal Reserve and the OCC. CFPB Director Cordray remarked that the Bureau found that “[s]everal American Express companies violated consumer protection laws and those laws were violated at all stages of the game—from the moment a consumer shopped for a card to the moment the consumer got a phone call about long overdue debt.” Read More ›
The CFPB Strikes Again: Discover To Pay $210 Million Over Phone Marketing
As the CFPB-Lawblog predicted last month, the CFPB’s $210 million settlement agreement with Capital One was a harbinger of more enforcement actions against credit card companies. Late last week, the CFPB announced another $210 million settlement with Discover to resolve charges that its call-center representatives misled consumers into paying for certain “add-on products”—payment protection, credit score tracking, and identity theft protection. The CFPB claims that the marketing scripts Discover created for its internal and third-party telemarketers “contained material misrepresentations and omissions” that “were likely to mislead reasonable consumers.” The CFPB further alleges that “Discover’s telemarketers also often downplayed key terms and spoke quickly during the part of the call in which the prices and terms of the add-on products were disclosed.” Capital One’s settlement with the CFPB also involved the marketing of credit card “add-on products.” Read More ›
Court Grants Preliminary Injunction That Prevents CFPB From Enforcing TILA Rules on Credit Card Fees
A federal district court in First Premier Bank v. U.S. Consumer Financial Protection Bureau (D.S.D.) granted a preliminary injunction to First Premier Bank (“Premier”) to block the CFPB’s enforcement of an amendment to Regulation Z, which would narrow the scope of fees credit card companies can impose on the type of cards typically offered to subprime borrowers. The injunction, based in part on the finding that the Federal Reserve Board (“FRB”) had exceeded its authority, prevents the CFPB from enforcing the amendment until a final decision is made in the case. Read More ›
Senate Committee Approves Cordray to Head Consumer Financial Protection Bureau
The Senate Banking Committee voted 12-10 to approve Richard Cordray’s nomination to be the first director of the CFPB. Cordray is a former Ohio attorney general who currently leads the Bureau’s enforcement division. The committee voted along party lines, with no Republican committee member voting to approve the nomination. Cordray’s nomination now proceeds to the full Senate for a vote. Read More ›
Date Calls for Greater Transparency in Checking Account Fees
On the heels of Bank of America’s announcement that it will impose a monthly fee on debit card users, the Consumer Financial Protection Bureau (“CFPB”) has signaled that it will work toward increasing transparency regarding checking account fees and might require more simplified checking account disclosures. Raj Date, special advisor to the Secretary of the Treasury on the CFPB, recently issued a statement noting that “checking accounts often come with a wide variety of unexpected costs that can quickly add up for consumers.” Read More ›
CFPB Drafting Qualified Mortgage Regulations in Hopes of Expanding Mortgage Loan Originations
The CFPB is currently drafting regulations that define the requirements of a Qualified Mortgage (“QM”) and the benefits to lenders whose loans fall within the QM parameters. Recognizing that “[t]here can be little or no access to credit unless suppliers of capital are willing to finance home mortgages,” Patricia McCoy, the CFPB’s assistant director for mortgage markets, is appreciative of the hundreds of extremely thoughtful comment letters received that will inform this “critical and difficult rulemaking.” Read More ›
CFPB Releases Mortgage Servicing Examination Procedures and Manual
The Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) announced its initial approach to supervising mortgage servicers. Specifically, the Bureau released its Mortgage Servicing Examination Procedures (the “Procedures”), along with its CFPB Supervision and Examination Manual (the “Manual”). The devotion of CFPB resources to servicer regulation was foreshadowed by a speech from Raj Date, special advisor to the Secretary of the Treasury, on September 20, 2011. The CFPB, of course, was the brainchild of Professor Elizabeth Warren, who argued in a November 2008 law review article for the creation of a “single, highly motivated federal regulator” to police mortgage servicing activity. The Manual and the Procedures constitute the CFPB’s first broad attempt to implement that vision. Read More ›