CFPB

The Consumer Financial Protection Bureau announced consent orders with a pair of mortgage companies after finding they violated the Mortgage Acts and Practices – Advertising Rule (MAP Rule) in advertising loans guaranteed by the Department of Veterans Affairs.

The companies combined will play more than $1.1 million in civil-money penalties, according to the orders.

Read on for details of the companies and the violations alleged by the bureau.

A new report found that the Consumer Financial Protection Bureau stopped reporting to congressional appropriations committees under the direction of then-acting director Mick Mulvaney – in violation of the Dodd-Frank Act.

Section 1017(e)(4) of the act requires annual reporting to the committees, which was suspended beginning with Mulvaney’s tenure in 2017.

Read on for more details.

The Consumer Financial Protection Bureau announced it reached a stipulated final judgment with the last two defendants of a case it filed in September.

The case involved allegations against a foreclosure relief services company based in Texas and the company’s president and CEO.

Read on for more details.

As the 10th anniversary of the signing of the Dodd-Frank Act approached, the Americans for Financial Reform consumer group brought together two of the creators of the Consumer Financial Protection Bureau (CFPB) to talk about its growth in the past decade.

The event, Sen. Elizabeth Warren and former CFPB Director Richard Cordray in Conversation, was the first in a webinar series offered by the group titled “A Decade after Dodd-Frank: What Next? Building a Just Financial System.”

Read on for details from their conversation.

The Consumer Financial Protection Bureau ticked off the last to-do item on its mandatory rulemaking from the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), issuing a notice of proposed rulemaking on escrow rules around higher-priced mortgage loans.

The bureau said the proposed amendment would further the goals EGRRCPA by reducing costs associated with escrow requirements.

Read on for more details, including the bureau’s decision to ratify all its regulatory actions.

As chairmen of the financial committees in Congress in 2010, Christopher Dodd and Barney Frank had their names go down in history when the financial reform package they authored was signed into law as the Dodd-Frank Wall Street Reform and Consumer Protection Act.

A decade later, the two men sat down for a conversation about the impact of their work, how financial reform has been implemented and what remains to be done.

Read on for details from their assessments.

Former Consumer Financial Protection Bureau Director Richard Cordray participated in a panel discussion at the Brookings Institute event titled, “A decade of Dodd-Frank” one day after the Supreme Court ruled that the agency was unconstitutional.

The hour-long discussion, which included former Independent Community Bankers Association President and CEO Cam Fine, discussed the growth of the bureau over its first 10 years, and what the agency’s future looked like in the wake of the court ruling.

Read on for details from the discussion.

A decade and 2,300 pages later, the Dodd-Frank Act has fundamentally changed the financial services industry – in ways which are both good and bad.

The bill was designed, a Dodd Frank Update story from July 2010 noted, to create a sound economic foundation to grow jobs, protect consumers, reign in Wall Street, end “too-big-to-fail” institutions and prevent another financial crisis.

Experts from CBA, ICBA and NAFCU looked back on the good and the bad about the impact of the Dodd-Frank Act. Read on for their thoughts.

As the Dodd-Frank Act marks its 10th anniversary, the Consumer Financial Protection Bureau looks ahead to celebrating a decade of existence in 2021.

The settling of the agency’s constitutionality and existence might provide some certainty, but with the country dealing with the effects of the pandemic on jobs and housing, two experts talked with Dodd Frank Update about what might lie ahead for the bureau.

Read on for more details.

In the past two-and-a-half years, the Consumer Financial Protection Bureau has identified more than $41.2 million in redress to harmed consumers which companies and individuals could not return.

In July the bureau handed down two actions in which less than 1 percent of consumer redress was paid by companies or individuals charged with violations.

The bureau has said it will use its Civil Penalty Fund to provide redress which is identified but not paid in orders, but does it have the means to do so?