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Published Category: Policy & Compliance

Mortgage disclosures are getting better, thanks to you.

On July 21st, the Consumer Financial Protection Bureau opened its doors for business. That means that we have started taking your credit card complaints, and initiated the supervision process for large banks and their affiliates. But our work didn’t start last week. In May, we launched Know Before You Owe, a project that combines and […]

Published Category: Policy & Compliance

Preserving a level playing field and access to mortgages

Today, the CFPB is issuing an interim rule effective immediately to fill a regulatory gap. Some lenders are chartered or licensed by states, while others operate under federal charters. For years, state lenders have been able to rely on a federal law called the Alternative Mortgage Transaction Parity Act (or AMTPA, for short) to make […]

A consumer-centered supervision program

Yesterday, we began operation of what will be the largest function within the CFPB: Supervision. As part of this effort, Special Advisor to the Secretary of the Treasury Elizabeth Warren and Assistant Director for Bank Supervision Steve Antonakes signed and sent introductory letters to the CEOs of over 170 financial institutions that are subject to […]

Published Category: At the CFPB

A Strong Foundation

One year ago, Congress passed and President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which created this new Consumer Financial Protection Bureau (the CFPB). This law establishes a single point of accountability to assure that markets for consumer financial products work for American consumers and for responsible providers of those products. […]

Published Category: At the CFPB

The CFPB and JAGs: partnering to protect servicemembers

The Consumer Financial Protection Bureau (CFPB) and the Judge Advocate Generals of the United States Army, Marine Corps, Navy, Air Force, and Coast Guard yesterday announced an agreement on a Joint Statement of Principles to provide stronger protections for servicemembers and their families in connection with consumer financial products and services. Partnership between the CFPB […]

Published Category: Policy & Compliance

Reaching out for Input: Help Us Define “Larger Participants.”

Today and tomorrow, we will be meeting with nearly 100 organizations from across the country to hear their views about an important building block for our nonbank supervision program. These groups represent a wide range of interests: consumers, nonbank financial services providers, depository institutions, and others. From the very start, we have made it a […]

CFPB and Military’s Top Uniformed Lawyers Release Joint Statement of Principles

The Judge Advocate Generals and the CFPB, among other things, will work together to identify potential violations of federal consumer financial laws and establish a single point of contact within the CFPB’s Enforcement Division that will allow members of the Judge Advocate Generals’ Corps to share information on consumer complaints from servicemembers and military families.