Header graphic for print
Financial Services Litigation Monitor Financial services litigation & investigations updates and insights

Tag Archives: CFPB

CFPB ISSUES SPRING 2014 SUPERVISORY HIGHTLIGHTS REPORT – FOCUS ON FAIR LENDING AND COMPLIANCE SYSTEMS

Posted in Consumer Protection Litigation, Federal Agencies, Financial Services Litigation, Uncategorized

On May 22, 2014, the Consumer Financial Protection Bureau (CFPB) issued its Spring 2014 Supervisory Highlights Report – its fourth such report since the agency’s founding.  The report includes a review of recent rulemaking, guidance, and enforcement activity.  The CFPB used its fourth report to focus on the importance of compliance management systems.  “In this… Continue Reading

CFPB to pay its employees affected by performance rating disparities

Posted in Federal Agencies

Following an internal review that found it consistently gave higher performance ratings to whites, younger employees and higher-paid workers, the Consumer Financial Protection Bureau (CFPB) said that it will distribute additional pay to the negatively affected employees, according to a Wall Street Journal report.   The CFPB plans to distribute up to $5.5 million in additional pay to… Continue Reading

U.S. Chamber asks CFPB to clarify auto-lending rules

Posted in Federal Agencies

A February 12, 2014 letter from the U.S. Chamber of Commerce to the Consumer Financial Protection Bureau (CFPB) asks the agency to write new rules governing the auto-lending industry to eliminate ambiguity regarding fair lending and abusive practices standards.  The Chamber identified three areas of particular concern:  the test for disparate impact in indirect auto lending; the definition of abusive… Continue Reading

CFPB and DOJ file first joint-agency fair lending case against indirect auto finance company

Posted in Lending Discrimination

December 21, 2013 -  The United States Department of Justice and Consumer Financial Protection Bureau announced the filing of their first joint fair lending enforcement action and settlement regarding allegations that an auto finance company’s dealer compensation policy resulted in a disparate impact for certain minority borrowers.  The $98 million settlement announced by the agencies… Continue Reading

DOJ and CFPB reach $35 million settlement in lending discrimination case

Posted in Lending Discrimination

December 23, 2013 -  The United States Department of Justice and the Consumer Financial Protection Bureau announced that they have settled allegations that National City Bank engaged in discriminatory lending practices by charging African American and Latino home loan borrowers higher interest rates between 2002 and 2008.  The settlement was filed in the U.S. District Court… Continue Reading

CFPB to Expand Debt Collection Rules

Posted in Federal Agencies

On November 6, 2013, the Consumer Financial Protection Bureau (CFPB) published an advanced notice of proposed rulemaking announcing its intent to issue debt collection regulations that restrict how companies may contact consumers using mobile phones and other modern technologies.  The CFPB also announced that it intends to expand the types of firms that will be governed by… Continue Reading

CFPB Referral Results in DOJ Criminal Action

Posted in Federal Agencies

On May 7, the U.S. Attorney for the Southern District of New York  announced the filing of criminal mail and wire fraud charges against a debt settlement firm (Mission Settlement Agency), along with the firm’s owner and three  employees. The government alleges that the defendants engaged in a multi-million dollar scheme involving more than 1,200 customers who… Continue Reading

CFPB Releases Unverified Consumer Complaint Database

Posted in Federal Agencies

On March 28, 2013, the Consumer Financial Protection Bureau (CFPB) published a database containing over 90,000 consumer complaints lodged with the agency.  According to the CFPB press release announcing the publication, the public may search the complaints through the CFPB’s website database portal.  The database includes more than 1 million data points covering 450 companies. The information… Continue Reading

Consumer Financial Protection Bureau Plans to Increases Student Lending Oversight

Posted in Federal Agencies

On March 14, 2013, the Consumer Financial Protection Bureau (CFPB) announced that it had proposed a new regulation that, if it becomes final, will give the CFPB authority to directly supervise non-bank entities that service over one million student loans.  According to a legaltimes.com article, the new rule would cover seven companies that combined service 70% of the… Continue Reading

CFPB Issues Reg Z Ability-to-Repay. Qualified Mortgage Rules

Posted in Federal Agencies

On January 10, 2013, the Consumer Financial Protection Bureau  (CFPB) issued a final "Ability-to-Repay" rule amending Regulation Z, which implements the Truth in Lending Act.  The new rule implements Sections 1411 and 1412 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which generally require creditors to make reasonable, good faith efforts to determine a consumer’s… Continue Reading