It’s a New Day for the CFPB

What a difference a day — or a couple of months — makes! The Consumer Financial Protection Bureau issued its five-year strategic plan in February, and boy does it paint a picture of a kinder, gentler CFPB. Well, maybe neither kind nor gentle, but I’ll settle for an agency interested in all of its stakeholders. […]
  • Michael Benoit
  • March 22, 2018
  • 0

3 Possible Resolutions CFPB’s Mulvaney Has for 2018

As I was thinking about the things I want to accomplish personally in the new year, I pondered what the Consumer Financial Protection Bureau’s Acting Director Mick Mulvaney might be thinking about for the direction of bureau’s activities in 2018. As such, I am suggesting three resolutions Mulvaney might consider this year. I RESOLVE THAT […]
  • Michael Benoit
  • January 10, 2018
  • 0

Is an Effort Afoot to Improve Repo Communications?

In the September issue of the Consumer Financial Protection Bureau’s Supervisory Highlights — in which CFPB supervision staff reports on issues they are seeing in the context of examinations — the staff addresses one of the more axiomatic and frustrating realities facing creditors — trying to retract a repossession order. The difficulty stems from managing […]
  • Michael Benoit
  • October 25, 2017
  • 0

The Cynic’s View on the CFPB Arbitration Rule

On July 10, the Consumer Financial Protection Bureau issued the final version of its arbitration rule banning consumer financial services providers from enforcing federal or state court class-action waivers in pre-dispute arbitration agreements. The rule — which takes effect Sept. 19 and with which compliance will be required in March 2018 — does not prohibit […]
  • Michael Benoit
  • September 5, 2017
  • 0

How the Supreme Court Turned Debt Collection Into a Grammar Lesson

On June 12, the Supreme Court settled a question about the status of debt buyers under the Fair Debt Collection Practices Act (FDCPA) that has been the subject of uncertainty for years: “Is a person who purchases debt for his own account a debt collector if he tries to collect that debt?” Writing for a […]
  • Michael Benoit
  • July 10, 2017
  • 0

Choice … or No Choice?

How’s that Dodd-Frank reform — the Financial Choice Act — coming along? Unless you’ve been under a rock for the last month, you’ll have noticed that things are not going so well for the Trump administration, and by extension, Republicans in the House and Senate. Between the Russia investigation, the FBI director’s firing, and a healthcare bill […]
  • Michael Benoit
  • July 3, 2017
  • 0

The Plot Thickens: U.S. Court of Appeals to Hear CFPB Case

On Feb. 16, the U.S. Court of Appeals for the  D.C. Circuit agreed to rehear en banc PHH Corp. v. The Consumer Financial Protection Bureau. Oral argument is set for May 24. As you may recall, the Consumer Financial Protection Bureau alleged that PHH Corp. had accepted illegal kickbacks from captive mortgage reinsurance companies, thus […]
  • Michael Benoit
  • April 7, 2017
  • 0

Like a Dog with a Bone: Is it Time for the CFPB to Drop Disparate Impact?

On Jan. 18, the Republican staff of the House Committee on Financial Services issued Unsafe at Any Bureaucracy, Part III: The CFPB’s Vitiated Legal Case Against Auto-Lenders. This was the third in a series of reports addressing the Consumer Financial Protection Bureau’s attempts to hold auto finance companies responsible for racial and ethnic disparities in […]
  • Michael Benoit
  • February 16, 2017
  • 0

Compliance Insider: Time to Read the Tea Leaves Again

The looming reality of a Donald Trump administration surely has staffers at many agencies in a tizzy, fearing their work over the last eight years is about to be erased. That’s a bit extreme, but it’s human nature to think the worst is going to happen when politics takes an unexpected turn, so we should […]
  • Michael Benoit
  • January 26, 2017
  • 0
Page 1 of 212 »
X