The Consumer Financial Protection Bureau (CFPB) issued a Notice of Proposed Rulemaking (NPRM) on Thursday, which proposes a raise to the coverage thresholds for collecting and reporting data about closed-end mortgage loans and open-end lines of credit under the rules of the Home Mortgage Disclosure Act (HMDA). “The NPRM would provide relief to smaller lenders […]
The Consumer Financial Protection Bureau announced changes to its policies regarding Civil Investigative Demands (CIDs) on Tuesday in order to, “ensure they provide more information about the potentially wrongful conduct under investigation,” according to an announcement press release. A Civil Investigative Demand is a mechanism used by both state and federal investigators to collect information […]
At a time when the CFPB is getting accustomed to a new director, the CFPB has been found to have gone outside its examination authority, according to the Office of the Inspector General (OIG). According to a report released in March, OIG identified instances in which the Consumer Financial Protection Bureau (CFPB) examined financial service […]
The primary mission of the Consumer Financial Protection Bureau (CFPB) under its new director, Kathleen L. Kraninger, will be in focusing on preventing harm to consumers by empowering them, educating them, ensuring clear rules by which financial institutions should operate, and ensuring a culture of compliance through supervision. This was the vision laid out by […]
Elder financial exploitation (EFE) occurs due to a wide range of perpetrators, from close family members to offshore scammers. Only one in 44 EFE incidents are actually reported to authorities, and annual dollar losses range from $2.9 billion to $36 billion. However, less than one percent of reported EFE between 2013 and 2017 involved reverse […]
The Consumer Financial Protection Bureau (CFPB) announced Thursday that it will be “enhancing” its charters concerning advisory committees, which provide information to the bureau on a number of different business sectors that the agency oversees. “I’ve seen first-hand how the Bureau benefits from the valuable input provided by committee members. I have also seen how […]
New Consumer Financial Protection Bureau (CFPB) Director Kathleen L. Kraninger testified Thursday morning before the House Financial Services Committee, answering pointed questions from Democratic and Republican politicians concerning the oversight of the agency. In a hearing titled “Putting Consumers First? A Semi-Annual Review of the Consumer Financial Protection Bureau,” Democratic members of Congress led by […]
The Consumer Financial Protection Bureau (CFPB) is warning of reported widespread financial abuse of seniors ranging in sources from offshore scammers to immediate family members. The agency detailed its findings in a new blog at the agency’s website, and has released a dedicated report to inform the public about the rampancy of the issue. In […]
The Consumer Financial Protection Bureau (CFPB) announced a new “Start Small, Save Up” initiative this week, in order to try and better prepare Americans for the endurance of unexpected expenses via an emergency fund, as well as the necessity of saving money for the future. The initiative, “offers tips, tools and information to help consumers […]
The Consumer Financial Protection Bureau (CFPB) will halt efforts made by the agency’s previous director to change its name to match the original designation it was given in 2010’s Dodd–Frank Wall Street Reform and Consumer Protection Act. This is according to an email sent by new CFPB director Kathleen L. Kraninger to agency employees on […]
