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Policies and procedure documents for business

CFPB Issues Compliance Bulletin on FCRA

Last week the Consumer Financial Protection Bureau (CFPB) issued its latest Compliance Bulletin, called “The FCRA’s Requirement that Furnishers Establish and Implement Reasonable Written Policies and Procedures Regarding the Accuracy and Integrity of Information Furnished to all Consumer Reporting Agencies.”  A copy of the Bulletin can be found here. The Bulletin was released in conjunction […]


CFPB, DOJ Announce $21.9M Settlement with Toyota Motor Credit Corp.

Yesterday, the Consumer Financial Protection Agency and the Department of Justice announced a $21.9 million dollar settlement with the Toyota Motor Credit Corporation. The settlement – and the consent order that comes along with it – may seem of peripheral interest to the ARM industry, but the action offers sharp lessons for the ARM industry on how regulators are using data to track UDAAP violations and how regulators expect financial services agencies to balance employee discretion with agency-wide non-discrimination policies.


Empirical Evidence Suggests Dodd-Frank Has Led to 14.5 Percent Drop in Consumer Credit

Many industry groups have sounded the cry that increased financial services regulation would have the unintended consequence of shrinking the credit available to the same consumers it was intended to protect. But most of these cries have been mere hypothesis. According to new research from the American Action Forum (AAF), Dodd-Frank financial reform has led to a 14.5 percent […]

speaker, opinion, voice

CFPB Accepting Applications For Advisory Board Seats

Late last week the Consumer Financial Protection Bureau announced they are accepting applications for membership on all of their advisory groups. Here’s what they’re looking for: Experts in consumer protection, community development, consumer finance, fair lending, and civil rights Experts in consumer financial products or services Representatives of banks that primarily serve underserved communities Representatives […]

Opinion on Red Keyboard Button.

CFPB Settles Enforcement Action with Georgia Law Firm: Continued Oversight over the Practice of Law Expected

The two year legal battle between the Consumer Financial Protection Bureau (“CFPB”) and the Law Firm of Frederick J. Hanna (“Hanna”) came to a possible resolution when both sides filed a joint motion for a Stipulated Judgment and Order (“Order”). The case was before the United States District Court in the Northern District of Georgia. The […]


The Winding Road of Litigation Against Frederick J. Hanna Nears End With CFPB Filing Proposed Consent Order Today; Hanna and NARCA Respond

Today the CFPB filed a proposed consent order in federal court that would end its lawsuit that began in July 2014 against Frederick J. Hanna & Associates. Both the Hanna firm and NARCA have issued statements. This is an incredibly significant case for the ARM industry, as it has the potential to be the only CFPB direction on the subject unless and until formal rulemaking begins.


FTC and CFPB File Amicus Brief in Carmen Franklin v. Parking Revenue Recovery Services, Inc.

Earlier this month, the Federal Trade Commission, together with the Consumer Financial Protection Bureau (CFPB) filed an Amicus Brief with the U.S. Court of Appeals for the Seventh Circuit in the case of Carmen Franklin and Jenifer Chism, Plaintiffs, v. Parking Revenue Recovery Services, Inc. and Bryon Bellerud II, PC. The purpose of the Brief […]