News Topic: CFPB

The Office of the Comptroller of the Currency used "flawed statistics" and misstated the effects of the Consumer Financial Protection Bureau's arbitration rule on community banks, Director Richard Cordray said Friday. ... Read full article

The Consumer Financial Protection Bureau said Friday that Anthony Alexis, the agency's enforcement chief, plans to leave the agency after more than five and a half years. ... Read full article

In an op-ed, acting Comptroller of the Currency Keith Noreika argued that allowing consumers to sue financial institutions in class actions would raise credit costs and harm small banks. ... Read full article

The payday lending industry is planning to use the same playbook employed by the financial services industry in its fight against the CFPB's arbitration rule. ... Read full article

The Consumer Financial Protection Bureau was created in part to ensure that nonbanks are subject to federal oversight, but the fact is that 99% of banks are exempt from CFPB supervision. ... Read full article

CFPB Director Richard Cordray is using the Equifax breach to suggest the CFPB be given power to examine credit reporting agencies for potential cybersecurity lapses. ... Read full article

For all the anticipation that preceded the Consumer Financial Protection Bureau's final small-dollar lending rule, a picture of how the rule will affect banks and credit unions is still quite hazy. ... Read full article

The world of short-term lending was shaken up Thursday as one regulator issued a rule cracking down on payday loans while another made it easier for banks to offer an alternative product. ... Read full article

While disappointed with the CFPB's actions in recent years, bankers said they want to see a campaign platform before making a decision on the agency's director. ... Read full article

The Consumer Financial Protection Bureau said Wednesday that it would give mortgage servicers more time to notify distressed borrowers who have asked not to be contacted about the collection of their debts. ... Read full article

In a recent letter, two trade groups representing that industry lobbied Treasury Secretary Steven Mnuchin to support a bill that would give oversight of nonbank mortgage lenders exclusively to state regulators. ... Read full article

Readers comment on the ripple effects of the Equifax breach, who benefits from the CFPB's final arbitration rule, gender-related issues in financial services, and more. ... Read full article

A number of banks and business groups sue to block prohibition on mandatory arbitration; credit bureau weighs how far back to look in denying compensation. ... Read full article

The groups argue that the CFPB did not properly conduct a cost-benefit analysis of the rule banning mandatory arbitration agreements and that the final product will harm, not help, consumers. ... Read full article

Ocwen Financial reached a settlement with 10 states where it can't acquire servicing rights for eight months but it will not face any financial penalties. ... Read full article

Acting Comptroller of the Currency Keith Noreika affirmed Thursday that the agency’s fintech charter, if implemented, could be granted to commercial firms like Walmart or Google. ... Read full article

The GOP inquiry appears aimed at providing more ammunition for potentially ousting Director Richard Cordray, but the report's impact may be limited. ... Read full article

House Democrats are lobbying for a bill to reform the way banks charge overdraft fees, but recognizing that Republicans are unlikely to take up the legislation, they are hoping the CFPB can act on its own. ... Read full article