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Morning Updates

BCFP Fines Auto Lender for GAP Marketing Practices

11/30/18—The BCFP alleged that a consumer financial services company engaged in deceptive practices related to the marketing of an add-on GAP product and a loan extension program for auto loan borrowers.

CFPB Chief Urges Changes to CFPB Structure

04/06/18—The CFPB, currently headed by Mick Mulvaney as Acting Director, released its Semi-Annual Report to Congress containing suggestions on ways to increase oversight over the CFPB.

NY Announces New Consumer Protections for Life Insurance Sales

02/16/18—The New York Department of Financial Services (NYDFS) has proposed a new consumer protection standard for the sale of life insurance and annuity products.

CFPB Acting Director Calls for Agency Review

01/19/18 - Acting Director Mick Mulvaney announced that the CFPB will undergo a review of the agency to identify “ways to improve outcomes for both consumers and covered entities.”

CFPB Director Richard Cordray Announces Resignation

11/16/17 - The Washington Post reported yesterday that Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), will step down as head of the CFPB by the end of this month.

President Trump Repeals CFPB Arbitration Rule

11/03/17 -The Hill reports that President Donald Trump signed a congressional resolution nullifying the Consumer Financial Protection Bureau’s (CFPB) rule on arbitration.

Dept. of Education Expands Enforcement, Limits CFPB Role

11/03/17 - The Department of Education (Ed. Department) has taken steps to increase its role in the oversight and enforcement of student aid programs and limit the role of the Consumer Financial Protection Bureau (CFPB).

Breaking: Senate Votes to Repeal CFPB Arbitration Rule

10/25/17 - The New York Times reports that the Senate has voted 50-50, with Vice President Mike Pence as the tie breaker, to reject the Consumer Financial Protection Bureau's Arbitration Rule that was issued last summer.

CFPB Amends ECOA Rules on the Collection of Consumer Data

10/24/17 - In September, the Consumer Financial Protection Bureau (CFPB) modified its regulations to the Equal Credit Opportunity Act (ECOA), which will provide mortgage lenders flexibility in the collection of consumer data.

CFPB Consumer Advisory Board Meets on November 2nd

10/24/17 - The CFPB's Consumer Advisory Board will meet on November 2, 2017, in Tampa, Florida to discuss, among other things, the Know Before You Owe requirements for reverse mortgages and the payday lending rule.

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