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The Consumer Financial Protection Bureau (Bureau) today issued a Request for Information (RFI) about the Bureau’s supervision processes.

The Consumer Financial Protection Bureau (CFPB) today issued a Request for Information (RFI) about the Bureau’s enforcement processes. 

The Consumer Financial Protection Bureau (CFPB) today issued a Request for Information (RFI) about administrative adjudications. The Bureau is seeking to better understand the benefits and impacts of its use of administrative adjudications, and how its existing process may be improved. 

Lenders Must Determine If Consumers Have the Ability to Repay Loans That Require All or Most of the Debt to be Paid Back at Once

Thank you for joining us. After a long process of research, outreach, and review of over one million public comments, the Consumer Bureau today has issued a rule aimed at stopping debt traps on payday and auto title loans. The rule is guided by the basic principle of requiring lenders to determine upfront whether people can afford to repay their loans. 

Bureau Concerned About Companies Misleading Consumers About Pay-By-Phone Fees, Keeping Them in the Dark About Much Cheaper Options

Unchecked Incentives Can Produce Unauthorized Account Openings, Deceptive Sales Tactics, and Other Illegal Practices

Bulletin Reminds Companies of Existing Legal Responsibilities Regarding Treatment of Confidential Supervisory Information WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a bulletin today to remind supervised financial institutions, including nonbank companies that may be unfamiliar with federal supervision, of existing regulatory requirements regarding confidential supervisory information. The CFPB supervises companies to determine […]

Thank you for the opportunity to speak with you today. I know that both those of us at the Bureau and those of you here today share common goals: a strong and vibrant financial sector, as well as a highly competitive economy that works for Americans in both the short run and the long run.

Testimony of Meredith Fuchs General Counsel, Consumer Financial Protection Bureau Chairman Hensarling, Ranking Member Waters, and Members of the Committee, thank you for the invitation to appear today on the impact of regulation on financial markets and institutions. My name is Meredith Fuchs and it is my privilege to serve as General Counsel at the […]

The CFPB alleges that the company violated the rule with its quarterly bonus program, which paid more than 150 Castle & Cooke loan officers greater bonus compensation when they persuaded consumers to take on more expensive loans.

The exam procedures offer financial institutions and mortgage companies valuable guidance on what the CFPB will be looking for as the rules become effective. The new regulations include those on appraisals, escrow accounts, and compensation and qualifications for loan originators.

Potentially discriminatory markups in auto lending may result in tens of millions of dollars in consumer harm each year, and the bulletin provides guidance to indirect auto lenders within the CFPB’s jurisdiction on how to address fair lending risk.

When handing over the processing of loans, mortgage servicers should not lose paperwork, lose track of a homeowner’s loss mitigation plans, or hinder a consumer’s chances of saving their home from unnecessary foreclosure.

The Student Lending Examination Procedures are an extension of the CFPB’s General Supervision and Examination Manual and will be used as a field guide by CFPB examiners to ensure that private student lenders comply with federal consumer financial laws.

The Dodd-Frank Act required that the CFPB integrate certain disclosures from the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA).

“This report underscores our work to address practices that are risky to consumers, as well as our continued commitment to making sure that institutions are following the law.”

The examination process will be an ongoing process of pre-examination scoping and review of information, data analysis, onsite examinations, and regular communication with supervised entities, as well as follow-up monitoring.

The rule implements new protections under the Dodd-Frank Wall Street Reform and Consumer Protection Act that require remittance transfer providers to disclose fees upfront, as well as the exchange rate and the amount to be received by the recipient.

Such coordination includes scheduling examinations, conducting simultaneous examinations of covered depository institutions unless an institution requests separate examinations, and sharing draft reports of examination for comment.

The IT Handbook consists of 11 booklets covering a variety of technology and technology-related risk management guidance for financial institutions and examiners.

The Bureau will take a close look at service providers’ interactions with consumers. It will hold all appropriate companies accountable when legal violations occur.

The proposed rule is intended to provide supervised entities further assurances that providing privileged information to the Bureau will not adversely affect the confidentiality of such information.

The Notice and Request for Information issued by the CFPB asks the public to identify provisions of the inherited regulations that the agency should make the highest priority for updating, modifying, or eliminating because they are outdated, unduly burdensome, or unnecessary.

Under section 1025 of Dodd-Frank, the Consumer Financial Protection Bureau has exclusive authority to examine for compliance with federal consumer financial laws and primary authority to enforce those laws for institutions with total assets of more than $10 billion, and their affiliates.