CFPB

A debt collection company’s petitioned to have a civil investigative demand (CID) set aside or modified was denied in part and granted in part by the Consumer Financial Protection Bureau (CFPB), which granted its request to keep certain CID records confidential although the company failed to show good cause on its own. 

The bureau cited errors in the company’s arguments that indicated incorrect interpretations of the CID process and the statutory provisions that govern it. The perceived need for increased clarity was among the points stressed by commenters in response to the bureau’s Request for Information about the process in January.

Learn what missteps the company made in its reasoning that led the bureau to reject most of its arguments.

Certain financial institutions will be exempt from having to send customers annual privacy notices as a result of the Consumer Financial Protection Bureau’s (CFPB) recently finalized rule amending Regulation P per updates to the Gramm-Leach-Bliley Act approved in December 2015. 

To be exempt, an institution must meet two conditions regarding the types of entities with which it shares customer information and whether it has changed its disclosure policies.

Find out more about what institutions qualify for the exemption.  

Asserting that the Dodd-Frank Act does not expressly authorize the agency to examine financial companies for Military Lending Act (MLA) violations, Consumer Financial Protection Bureau (CFPB) acting director Mick Mulvaney recently decided to suspend supervisory activities related to the law.

Bureau spokesman John Czwartacki said Mulvaney reached his decision after a thorough review of the agency’s procedures intended to curb what the Trump administration and many financial industry professionals considered overly aggressive enforcement activities.

Find out more about what the decision means for the future of the law’s enforcement.

A new task force initiated by an executive order from President Donald Trump is intended to fight fraud through the combined efforts of the Consumer Financial Protection Bureau, Federal Trade Commission, Securities and Exchange Commission and the Commodities Futures and Trading Commission, as well as other government agencies and officials.

The task force is the latest in a series of similar coalitions created by previous administrations.

Find out more about the functions and leadership structure of the new cooperative entity.

The Senate Banking Committee recently announced that it would postpone its vote whether to advance President Donald Trump’s nominee to become the next director of the Consumer Financial Protection Bureau (CFPB) to the full Senate for consideration.

The committee’s decision came the same day that Sen. Elizabeth Warren (D-Mass.) and other Democratic committee members sent a letter to Committee Chairman Mike Crapo (R-Idaho) urging him to delay the vote “until the committee receives all responsive and non-privileged information and documents that committee members have requested.”

Find out more about Warren’s letter and Kraninger’s responses.  

During the 2018 National Settlement Services Summit (NS3) in Detroit, Meridian Title CEO Mark Myers discussed the company’s response from the time it officially received an investigative notice from the Consumer Financial Protection Bureau (CFPB).

What documents did the CFPB require and how much time and effort was needed to respond?  

Read on to learn more about Meridian’s response to the CFPB’s investigation and subsequent consent order.

Marx Sterbcow, managing attorney at Sterbcow Law Group, and Justin Wiseman, associate vice president of the Mortgage Bankers Association (MBA) took part in a regulatory panel June 6 at the National Settlement Services Summit (NS3).

The session was moderated by Chuck Cain, EVP Agency of WFG National Title Insurance Co., who asked the panelists what the future held in store for the Consumer Financial Protection Bureau (CFPB).

Read on to learn what the panelists had to say about enforcement trends and other topics.

The slew of criticism directed at President Donald Trump’s nominee to become the next permanent director of the Consumer Financial Protection Bureau (CFPB) and the federal agency where she works at alongside the bureau’s current acting director recently came to a head with a lawsuit filed by the consumer advocacy group Allied Progress.

The group is suing the bureau and Office of Management and Budget (OMB) over unanswered requests for information about Kathy Kraninger’s experience relevant to the role of CFPB director and her involvement in developing and implementing Trump administration policies on immigration and disaster relief. 

Find out more information about the matter.

A company charged with improper practices related to its marketing and sale of overdraft services recently agreed to pay $30 million in consumer redress and penalties to settle lawsuits filed by the Consumer Financial Protection Bureau (CFPB) and the Office of the Currency of the Currency (OCC).

In a 2017 lawsuit, the bureau asserted that the bank purposely constructed a deceptive overdraft opt-in policy to avoid losing an estimated $182 million each year because new overdraft opt-in requirements under the Dodd-Frank Act. The company disputed the claim.

Find out more about the settlement and the proceedings leading up to it.

The spotlight on state regulators is brighter than in the past with the Consumer Financial Protection Bureau (CFPB) electing to focus more energy on functions other than enforcement under Mick Mulvaney’s leadership.

Richard Horn, principal attorney at Garris Horn PLLC and former senior attorney at the CFPB and the Federal Deposit Insurance Corp., shared the spotlight at the 2018 National Settlement Services Summit with two state regulators – John Lartz from Illinois and Chuck Myers from Virginia – as well as Michelle Korsmo, CEO of the American Land Title Association, to examine their approaches to the new regulatory environment, and taking an active role in shaping it.

Find out what matters the speakers explored in-depth during the session.