CFPB fines four California credit repair companies for misleading consumers

Today, the CFPB issued a press release announcing that it filed two complaints and a proposed final judgment in federal court against Prime Credit, LLC, IMC Capital, LLC, Commercial Credit Consultants, and Park View Law. According to the Bureau, the four California-based credit-repair companies misled consumers and charged illegal upfront fees for so-called credit [...]

By | 2017-06-27T21:54:41+00:00 June 27th, 2017|CFPB Enforcement, Debt Relief, Enforcement Action|0 Comments

Trade associations want bipartisan commission to run CFPB

On June 22, 2017, over 20 trade associations signed a joint letter to the Chairmen and Ranking members of the Senate and House Appropriations Committees urging Congress to pursue legislation that would allow a bipartisan commission to lead the CFPB. In their letter, the associations write that “a Senate confirmed, bipartisan commission leading the [...]

By | 2017-06-27T00:08:34+00:00 June 26th, 2017|Politics|0 Comments

The case for overhauling the CFPB

Earlier this month, the Treasury Department issued a report with recommendations designed to ease regulations imposed on the financial services industry by restructuring major provisions of the Dodd-Frank Act, which was passed in 2010 in response to the financial crisis. The report came less than a week after the House passed the Financial CHOICE [...]

By | 2017-06-26T23:18:42+00:00 June 26th, 2017|CFPB Enforcement, CFPB Rulemaking, Politics|0 Comments

Rumor: Arbitration rule coming in July, Cordray to leave CFPB

Last December, the CFPB released it Fall Unified Regulatory Agenda which outlined the Bureau’s regulatory priorities for the subsequent six months. In their semi-annual regulatory agenda, the CFPB set a February 2017 target to issue its final arbitration rule. It is nearly July and the CFPB still has not issued the rule. Most observers [...]

By | 2017-06-24T15:36:57+00:00 June 24th, 2017|Arbitration, Politics|0 Comments

Cordray responds to accusations that CFPB botched Wells Fargo investigation

On June 6, 2017, the House Financial Services Committee issued a report criticizing CFPB Director Richard Cordray for the Bureau’s handling of the Wells Fargo fake account scandal. Republican Committee members allege in the report that Cordray lied about the Bureau’s involvement in the investigation during April testimony before Congress and that the CFPB [...]

By | 2017-06-16T20:03:29+00:00 June 16th, 2017|CFPB Enforcement, Politics|0 Comments

Treasury Department report recommends CFPB overhaul

The Treasury Department released its report on reforming financial regulations on Monday evening. The report, entitled “A Financial System that Creates Economic Opportunities” recommends limits on the CFPB and a reassessment of various banking rules. The Treasury Department prepared the highly-anticipated report after President Trump issued an executive order in February mandating that the [...]

By | 2017-06-13T22:26:43+00:00 June 13th, 2017|CFPB Rulemaking, Politics|0 Comments

House approves bill to overhaul Dodd-Frank

On June 9, the House of Representatives pass the Financial CHOICE Act in a party-line vote of 233-186. The bill would repeal and replace many of the financial regulations put in place by the Dodd-Frank Act and includes an overhaul of the CFPB’s structure and power while proposing significant changes to the Bureau’s rulemaking [...]

By | 2017-06-13T23:54:44+00:00 June 12th, 2017|CFPB Rulemaking, Politics|0 Comments

Why the CFPB wants to separate debt collection regulation into two rules

Last Thursday, CFPB Director Richard Cordray announced that the Bureau intends to separate debt collection rulemaking into two rules. Cordray explained that during the Bureau’s research and industry outreach it became apparent that “writing rules to make sure debt collectors have the right information about their debts is best handled by considering solutions from [...]

By | 2017-06-14T00:29:30+00:00 June 10th, 2017|CFPB Rulemaking, Debt Collection|0 Comments

Cordray: First-party creditors responsible for providing accurate consumer debt information

On Thursday, CFPB Director Richard Cordray announced during a Consumer Advisory Board Meeting that banks and other first-party creditors are responsible for the accuracy of information that they provide to third-party debt collectors. Cordray explained that the CFPB will “consolidate all the issues of 'right consumer, right amount' into the separate rule we will [...]

By | 2017-06-09T20:23:13+00:00 June 9th, 2017|CFPB Rulemaking, Debt Collection|0 Comments
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