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Morning Updates

NY Announces New Consumer Protections for Life Insurance Sales

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.

CFPB Fines Online Lead Aggregator for Facilitating Illegal Loans

10/20/17 - Last month, the CFPB took action against an online lead aggregator for allegedly steering consumers toward lenders who offered illegal or unlicensed loans that were void in the consumer’s state.

CFPB Sues Debt-Relief Companies Posing as Federal Government

10/18/17 - The Consumer Financial Protection Bureau (CFPB) sued two affiliated companies and a service provider providing debt relief services for falsely presenting the companies as being affiliated with the federal government.

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