Search Results for: CFPB

CFPB Changes Senior Leadership But Director Cordray Stays Put

The Consumer Financial Protection Bureau (CFPB) has announced several high level leadership changes within the Bureau. The positions announced today are: the Chief of Staff; the Chief Information Officer; the Chief Financial Officer; the Assistant Director of Consumer Lending, Reporting, and Collections Markets; and the… Read More

CFPB Publishes Report Entitled “Project Catalyst” on Financial Innovation

The Consumer Financial Protection Bureau (CFPB) has published a report on financial innovation. Entitled “Project Catalyst Report: Promoting Consumer Friendly Innovation”, the document is an effort to position the young regulatory agency as embracing changes in the financial industry that are deemed beneficial. The CFPB… Read More

Federal Court Calls CFPB Structure Unconstitutional

The Consumer and Financial Protection Bureau (CFPB) has been labeled “unconstitutional” by a federal appeals court.  The ruling addressed specifically the agency’s structure and the amount of control exercised by its director – currently Richard Cordray.  The ruling allows for the CFPB to continue to… Read More

Brian Korn Says CFPB on the Offensive with CashCall Action & More

Brian Korn, a prominent attorney in the alternative finance sector, says the Consumer Financial Protection Bureau (CFPB) is on the offensive. Korn pointed to recent settlements with LendUp and CashCall as indicative of its aggressive approach towards financial service enforcement. At the end of 2013,… Read More

CFPB Orders LendUp to Pay-up $3.63 Million in Refunds & Penalties

The Consumer Financial Protection Bureau (CFPB) has ordered LendUp to pay approximately $1.83 million in refunds and pay a civil penalty of $1.8 million. The enforcement action was taken as the “online lender did not help consumers build credit or access cheaper loans” as the… Read More

Brief: CFPB Quashes So-Called Tribal Lender Western Sky, US District Court Calls CashCall “True Lender”

In a decision filed in the U.S. District Court for the Central District of California, U.S. District Judge John Walter ruled in favor of the Consumer Financial Protection Bureau when he determined that the Californian online loan platform CashCall Inc. was the “true lender” behind the transactions… Read More

CFPB Publishes Complaint Report for Banks/Financial Services

The US Consumer Financial Protection Bureau (CFPB) has filed a monthly complaint report for banks and other financial services. The monthly report uses a three-month rolling average, comparing the current average to the same period in the prior year. CFPB Director Richard Cordray commented on… Read More

Will CFPB Move to Limit Arbitration Undermine Alternative Finance?

The Consumer Financial Protection Bureau (CFPB)recently proposed banning arbitration regarding certain  consumer financial agreements and to allow the legal process to take hold in the case of a dispute. The CFPB posted the proposal this past May, outlined as follows: First, the proposed rule would… Read More

CFPB Announces Advisory Board/Council Members. Heavy on Banks. Light on Alternative Finance

The youngest financial regulatory agency of them all, the Consumer and Financial Protection Bureau (CFPB), has announced its new Advisory Board and Council Members. The CFPB, established under Dodd-Frank, was mandated to create these advisory boards and councils. While the various groups were represented by many… Read More

CFPB Rallies Support for Proposed Payday Rules as Congressman Hensarling Questions Limiting Access to Credit

The Consumer Financial Protection Bureau announced a proposed set of rules today designed to curtail abuses within the Payday lending industry. CFPB Director Richard Cordray released a prepared statement on the proposal explaining; “..our research has shown that too many of these loans trap borrowers… Read More

CFPB Targets “Payday Debt Traps” in New Rules for Payday Lenders

The Consumer Financial Protection Bureau (CFPB) has proposed rules targeting the Payday lending industry requiring lenders to assure consumers have the ability to repay the loans.  The CFPB described the proposal as “ending payday debt traps.”  The rules would impact not just Payday lenders but… Read More

CFPB Takes Action Against Online Lead Aggregator for Loans

The Consumer Financial Protection Bureau (CFPB) filed suit in federal court against co-founders who allegedly sold consumer loan applications without appropriate safeguards.  The loans were said to be sold containing sensitive personal data without assessing the sources of the leads nor the purchasers they sold… Read More

CFPB Publishes Report Critical of Payday Loan Sites

The Consumer Financial Protection Bureau (CFPB) has published a report on the online payday loan industry. The document, embedded below, analyzes ACH payment requests by a number of online lenders that make (or made) online payday or other high-cost online loans with payments scheduled on… Read More

House Financial Services Committee Approves Bill to Place the CFPB on a Budget

The House Financial Services Committee approved a bill that would require the Consumer Financial Protection Bureau (CFPB) on a budget. A relatively new federal agency, the CFPB was created under the Dodd-Frank Act – legislation that was crafted in response to the financial crisis. Committee… Read More

CFPB Director Richard Cordray to Testify Before House Financial Services Committee

Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), will be visiting the House Financial Services Committee next week to testify before Chairman Jeb Hensarling and the rest of the group. The CFPB is a relatively new agency, crafted out of the ashes of… Read More

Penalty: Dwolla Fined $100K by CFPB

Money Benjamin Dollars 100

The Consumer Financial Protection Bureau took action against online payment platform Dwolla for deceiving consumers about its data security practices and the safety of its online payment system, according to a release. The CFPB ordered Dwolla to pay a $100,000 penalty and fix its security… Read More

FCA Competition Director Christopher Woolard Testifies before House Committee Fintech Task Force

Financial Conduct Authority (FCA) Director of Competition Christopher Woolard testified before the House Financial Services Committee Fintech Task Force today. The other witnesses participating in the hearing included: Paul Watkins, Assistant Director, Office of Innovation, Consumer Financial Protection Bureau (CFPB) Beth Knickerbocker, Chief Innovation Officer,… Read More

First State Fintech Lab Announces Advisory Board & First Cohort of Innovation Fellows

Fintech

First State Fintech Lab (FSFL), a Delaware-based fintech organization, announced on Monday the appointment of its Advisory Board, which reportedly consists of state and national “leaders” to further support Delaware as a national and global fintech leader. The FSFL reported that that Advisory Board plays a key role in directing and informing… Read More

The Global Financial Innovation Network Now Open for Applications

The Global Financial Innovation Network (GFIN) is now open for applications. GFIN is a group of 29 international organisations including the Financial Conduct Authority (FCA) as well as the US Consumer Financial Protection Bureau (CFPB), Monetary Authority of Singapore (MAS), Hong Kong Monetary Authority (HKMA) and… Read More

Kathleen Kraninger Confirmed as Director of the Bureau of Consumer Financial Protection

The Bureau of Consumer Financial Protection (BCFP – formerly known as the CFPB) has a new full-time director. Today, Kathleen Kraninger, a long time congressional staffer and DC veteran, was approved by the Senate. Kraninger will take over from interim director Mick Mulvaney who was also… Read More

Send this to a friend