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CFPB Warns that Banks and Nonbanks Could Be on the Hook for Vendor's Misconduct
On Friday, the Consumer Financial Protection Bureau ("CFPB") issued a bulletin warning that it will seek to hold supervised banks and nonbanks liable for their vendors' misconduct. Banks and nonbanks often hire service…
CFPB's Proposal for Truth in Lending (Regulation Z) Rule Garners Attention in New York Times Article
A New York Times article on Friday questioned the CFPB's approach to credit card fees, stating that "[i]n one of the first tests of its willingness to show its muscle, [the CFPB] declined on Thursday to put up a…
CFPB Releases Annual Report on Consumer Complaints
The Consumer Financial Protection Bureau (CFPB) released its Consumer Response Annual Report on April 6th, outlining its efforts from July 21 to December 31, 2011 in handling consumer complaints. As the report…
Congress Has More Questions for Cordray
Following his testimony on March 29 before the Financial Services Committee of the U.S. House of Representatives, the chairs of two of the Committee's Subcommittees have requested additional information from Richard…
CFPB and FTC Issue Annual Reports on the Fair Debt Collection Practices Act
The FTC and CFPB have issued reports on their FDCPA enforcement actions and other FDCPA related activities in 2011. The FTC previously had responsibility for issuing annual reports on FDCPA enforcement but the…