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CFPB eyes inconsistencies in consumer finance law with new ‘task force’

Kathy Kraninger, director of the Consumer Financial Protection Bureau, has set in motion plans to create a task force of non-bureau members to identify conflicts and inconsistencies within existing consumer financial laws.  The “Taskforce on Federal Consumer Financial Law” will consist of a chair and six members, according to the bureau’s website. The task force […]

CBA urges CFPB to exempt lenders from FDCPA

The Consumer Bankers Association has become the latest financial organization to submit formal comments to the Consumer Financial Protection Bureau regarding the Fair Debt Collection Practices Act. In the letter, the trade group urges the CFPB to add language that explicitly exempts creditors and first-party servicers from the bureau’s final ruling. “Although the [notice of […]

Abusive GAP sales on CFPB radar

The Consumer Financial Protection Bureau is likely to keep an eye on lenders’ sales of guaranteed asset protection (GAP) products after highlighting the issue as a key finding in its summer 2019 Supervisory Highlights report. The report underscored one or more instances of auto lenders selling GAP products to consumers who would not have benefited […]

CFPB innovation network success hinges on broader AG acceptance, lawyer says

The freshly launched financial innovation network designed to enhance coordination among federal and state regulators likely won’t “materially change anything”  until the sandbox-opposing state attorneys general sign on, said McGlinchey Stafford Attorney Robert Savoie. The Consumer Financial Protection Bureau (CFPB) announced Tuesday that it is working with seven state regulators to form the American Consumer Financial Innovation […]

Credit Acceptance discloses 3 new investigations

Credit Acceptance Corp. (CAC) is at the center of regulatory actions initiated over a two-week period by the Consumer Financial Protection Bureau (CFPB) and the attorneys general of Mississippi and New York, the company disclosed in a July 30 10-Q filed with the SEC. “We don't have any insight into when and why those things […]

Consumer groups seek extension of FDCPA comment period

Consumer advocacy groups have formally requested a two-month extension — to Oct. 21 — on the comment period for the Consumer Financial Protection Bureau‘s proposed debt collection rule. The comment period is currently set to expire Aug. 19. Seven advocacy groups signed the letter, citing the long and complicated nature of the proposal. “The proposal’s […]

CFPB, FTC fine Equifax $700M for data breach

Equifax has been ordered to shell out $700 million in fines and financial relief after 147 million consumer identities were compromised in a data breach nearly two years ago. A global settlement was announced today in a proposal filed by the Consumer Financial Protection Bureau, Federal Trade Commission, and 48 states, the District of Columbia […]
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