CFPB

The Consumer Financial Protection Bureau (CFPB) has issued its annual report on the bureau’s fair lending activities for 2021. The report highlights enforcement actions, amicus briefs, rulemaking procedures, and outreach and engagement activities.

The CFPB has also issued an advisory opinion on the scope and timeframe in which fair lending laws apply.

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The Fifth Circuit heard appeals from the trade groups challenging a 2017 CFPB rule on payday and high-rate installment loans. The trade groups are arguing the CFPB did not have the authority to enact the rule.

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In its quarterly filings with the Securities and Exchange Commission, U.S. Bancorp acknowledged that it was in continued conversations with the Consumer Financial Protection Bureau regarding potential enforcement action against the bank.

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The Consumer Financial Protection Bureau (CFPB) has joined the New York Attorney General’s Office in suing MoneyGram for alleged repeated violations of federal law.

CFPB Director Rohit Chopra had previously announced plans to apply stricter focus and scrutiny to perceived “repeat offenders,” of which he classifies MoneyGram.

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Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra testified before the Senate Committee on Banking, Housing, and Urban Affairs, and the House Financial Services Committee during the CFPB’s semi-annual update report to Congress.

Chopra highlighted many of the actions the CFPB has taken over the last six months and provided plans for the bureau going forward.

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The Consumer Financial Protection Bureau (CFPB) has announced its intention to utilize a thus far little used provision of the Dodd-Frank Act which allows for the “supervisory examination” of nonbank financial companies which may pose risks to consumers. The CFPB said it intends to use this authority to apply greater supervision to fintechs.

The CFPB also has issued new procedural rules to make these examinations more transparent.

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The Consumer Financial Protection Bureau (CFPB) recently issued a report on “banking deserts” in rural areas. The purpose of the report is to address the challenges faced by Americans in rural communities that often lack access to online banking and are more reliant on physical bank branches.

The report also highlighted the issues surrounding debt and obtaining credit for members of rural communities.

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The Consumer Financial Protection Bureau (CFPB) submitted its annual Fair Debt Collection Practices Act report for 2021 to Congress. The report highlighted CFPB actions in 2021 to address consumer complaints and debt collection practices affecting small businesses.

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In 2013, the Consumer Financial Protection Bureau (CFPB) brought enforcement action against Ocwen Financial Corp. The enforcement action led to a settlement agreement between Ocwen and the CFPB during which time Ocwen mortgage’s practices were subjected to greater oversight and scrutiny.

Now the question before the court is whether the CFPB is precluded from bringing action against Ocwen for things done during, and prior to, the settlement agreement period.

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In a recent statement from the Consumer Financial Protection Bureau (CFPB), the agency has continued its ongoing criticism of the practice of charging overdraft and nonsufficient fund (NSF) fees.

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