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Posts about the Consumer Financial Protection Bureau.


Wells Fargo Reaches Settlement with CFPB Over Alleged Illegal Student Loan Servicing Practices

Yesterday, the Consumer Financial Protection Bureau (CFPB) announced that it had agreed to a Consent Order with Wells Fargo Bank, N.A. (Wells Fargo) relating to Student Loan Servicing Practices.  The Consent Order was reached after the CPFB had brought an action against Wells for illegal private student loan servicing practices that increased costs and unfairly […]


CFPB Announces New Appointments to Consumer Advisory Board; No ARM Industry Representation

Last Friday the Consumer Financial Protection Bureau (CFPB) announced new appointments to its Consumer Advisory Board (CAB), as well as its other advisory Councils. The Dodd-Frank Wall Street Reform and Consumer Protection Act charges the CFPB with establishing a Consumer Advisory Board to advise and consult with the Bureau’s Director on a variety of consumer […]


District Court Rules in Favor of Bank in Mandatory Arbitration Case

Mandatory arbitration provisions have been a hot topic for Consumer Financial Protection Bureau (CFPB) regulators, with the Bureau publishing proposed rules that would prohibit mandatory arbitration clauses. The topic has come up again in Beattie v. Credit One Bank, a new case from the U.S. District Court for the Northern District of New York (Case No. 5:15-cv-1315 (LEK/TWD).


GAO Report Says CFPB Small Business Panels Could Be More Effective

The United States Government Accountability Office (GAO) released a report last week that found that small business representatives (SERs) participating in the Consumer Financial Protection Bureau’s (CFPB) recent SBREFA processes thought they were too rushed. According to the report, the Regulatory Flexibility Act requires CFPB to convene Small Business Review Panels (also known as SBREFA panels) for rulemaking efforts […]


FDCPA Safe Harbor Buried within CFPB Mortgage Rules

On August 4, 2016 the CFPB released a rule providing safe harbors from liability under the FDCPA for certain actions taken in compliance with mortgage servicing rules, but after the consumer has made a cease communication request. This will interest the ARM industry more broadly as it may signal a willingness to provide safe harbor where notification requirements are in conflict with the consumer’s interests.


insideARM Perspective on CFPB Outline of Proposed Rules – Litigation and Time-Barred Disclosures

This is the fourth in our series of “perspective” articles about the CFPB’s Outline of Proposed Debt Collection Rules, released last week. This post covers the subjects of litigation disclosure and time-barred and obsolete debt, which includes some of the most problematic proposals in the CFPB’s Outline for those who engage in litigation and/or collect late-stage or out-of-statute debt.


insideARM Perspective On CFPB Outline of Proposed Debt Collection Rules – Information Integrity

This is the third in our series of “perspective” articles about the CFPB’s Outline of Proposed Debt Collection Rules, released last week in advance of the next step in the rulemaking process, the SBREFA hearing. Section III of the Outline is devoted to the subject of data integrity, data transfer, and substantiation of a debt. […]