The Consumer Financial Protection Bureau (CFPB) has issued an update to a 2016 advisory to financial institutions, which included a series of best practices designed to assist those institutions in protecting seniors who hold certain accounts with them. In this update of the previous advisory, the CFPB encourages banks and credit unions to report to […]
The Consumer Financial Protection Bureau (CFPB) announced this week that it has released a new version of its consumer guide to reverse mortgages, translated for Spanish-speaking consumers. “The guide, also available in English, provides an overview of many key concepts of reverse mortgage loans,” said Cora Hume from the CFPB Office of Older Americans in […]
The Consumer Financial Protection Bureau (CFPB) announced the appointment of Brian Johnson as its deputy director, according to a press release circulated by the agency. Johnson first joined the agency in December 2017 as senior advisor to the director. He went on to be named principal policy director in April 2018, before being named acting […]
The United States House of Representatives is contemplating the passage of a bill designed to roll back limitations placed on the Consumer Financial Protection Bureau (CFPB) during the tenure of acting director Mick Mulvaney, according to a report in The Hill.Mulvaney, who was replaced upon the confirmation of the Bureau’s current director Kathleen L. Kraninger […]
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 […]
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