Tagged: consumer financial protection bureau

Trump-Appointed Consumer Protection Chief Recommends Crypto-Regulatory ‘Sweet Spot’

Consumer Financial Protection Bureau (CFPB) Chief, Mick Mulvaney, called for balanced regulation of ‘financial technology’ markets Wednesday at the Future of Fintech conference in New York, Coindesk reports: “We knew at an early point in Bitcoin that as with any developing financial technology we needed… Read More

Changes at the Consumer Financial Protection Bureau: Acting Director Mulvaney Calls for Review

The passing of the baton from former Consumer Financial Protection Bureau (CFPB) Director Richard Cordray to acting Director Mick Mulvaney was rife with confusion and questions all driven by parochial politics. In a snub to the President’s prerogative of appointing a new Director, Cordray decided to… Read More

Beyond the CFPB Principles: What’s to Come in Consumer Data Sharing

  On October 18, the Consumer Financial Protection Bureau (CFPB) issued a set of principles on consumer-authorized data sharing and aggregation intended to safeguard consumer interest as the data sharing market continues to develop in the US. As a financial data company providing account aggregation,… Read More

Richard Cordray to Step Down as CFPB Director By the End of November

Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), announced he would be stepping down from his position by the end of November. Prior to joining the Bureau, Cordray served as Ohio’s Attorney General and is notably the first director of the CFPB.  Cordray… Read More

CFPB Issues Principles for Financial Data Sharing in a Data Driven World

The Consumer Financial Protection Bureau (CFPB) has published principles for data sharing and aggregation regarding individual consumers. As data become ubiquitous there is a looming concern about who owns or controls personal information. In an age of rampant cybersecurity issues, setting guidelines for what banks… Read More

Acting Comptroller of the Currency Keith Noreika Hammers CFPB Arbitration Rule

Keith Noreika, acting Comptroller of the Currency, published an Op-Ed in the Hill on Friday that hammered the Consumer Financial Protection Bureau’s (CFPB) decision to push forward an updated rule on arbitration clauses for financial service firms. At the time the ruling was announced, CFPB… Read More

Did Lending Just Change for Good?

Bank lending regulations have rarely been thought of as dynamic or exciting but last night’s ruling by the Consumer Financial Protection Bureau (CFPB) to allow a lender to begin using alternative data in their underwriting could herald the beginning of a new era in lending… Read More

CFPB Investigates Availability of Loans for Small Business in RFI

The Consumer Financial Protection Bureau (CFPB) has initiated an inquiry into to best identify the financing needs of small businesses, especially those owned by women and minorities. The agency says that public information on this lending market is inconsistent and incomplete. The Request for Information… Read More

New Consumer Financial Data Rights Group Submits Comments to CFPB: Advocates for Consumer’s Rights to Financial Data

Consumer Financial Data Rights Group (CFDR), a new organization that was created to defend consumers’ access to their data and fuels innovation in the fintech industry, announced on Tuesday it has submitted a response to the Consumer Financial Protection Bureau’s (CFPB) request for information (RFI) in regards… 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

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

California Dept of Business Oversight Posts Marketplace Lending Data Covering 2010-2015

The California Department of Business Oversight (DBO) has issued a summary report of aggregate data provided by the companies that responded to the DBO’s online survey sent to 14 marketplace lenders engaged in online consumer and/or small business lending (or other types of financing such as merchant cash advances)…. 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

Problem? Consumer Financial Protection Bureau Now Accepting Complaints

The Consumer Financial Protection Bureau (CFPB) announced that it is accepting complaints from consumers encountering problems with loans from online marketplace lenders. The Bureau is also releasing a consumer bulletin that provides an overview of marketplace lending and outlines tips for consumers who are considering taking… Read More

Penalty: Dwolla Fined $100K by CFPB

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

The Regulatory Risk for Marketplace Lending is Rising

  As marketplace lending grows and matures it is natural, even expected, for policy makers and regulators to stand up and take notice. While in the overall world of finance direct online lenders are still relatively small, more and more frequently amounts are measured in… Read More

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