Post Tagged with: "Hudson Cook"

© Can Stock Photo / PetarPaunchev

It’s a New Day for the CFPB

Best Practices, Compliance, Opinion March 22, 2018 at 10:00 am

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 interestedRead More

Can Stock Photo / ruskpp

Examining the Defense Department’s Revised Military Lending Act

Compliance, Opinion February 19, 2018 at 10:30 am

If you are in the auto finance business, you cannot possibly have missed the drama percolating around the Department of Defense’s (DoD’s) new interpretation of its own regulation’s purchase-money vehicle finance exclusion, which says transactions with GAP, credit insurance, or other credit-related ancillary products are not within said exclusion. Rather,Read More

Richard Cordray’s Legacy and the Future of the CFPB

Richard Cordray’s Legacy and the Future of the CFPB

Best Practices, Compliance, Opinion January 2, 2018 at 9:30 am

Richard Cordray stepped down as head of the Consumer Financial Protection Bureau at the end of November, leaving behind a legacy of enforcement. I worked with Rich to establish the bureau, serving as a deputy enforcement director. In the summer of 2014, after four years at the bureau, I decidedRead More

CFPB Actions Expected to Slow Amid Leadership Change [PODCAST]

CFPB Actions Expected to Slow Amid Leadership Change [PODCAST]

Best Practices, Compliance, Podcast November 29, 2017 at 11:45 am

The Consumer Financial Protection Bureau is not expected to be in a “holding pattern” in the long term, following the acting director leadership showdown, said Lucy Morris, partner in the Washington, D.C., office of Hudson Cook LLC. “I don’t think things will stop, but I do think there will beRead More

Is an Effort Afoot to Improve Repo Communications?

Is an Effort Afoot to Improve Repo Communications?

Compliance, Opinion October 25, 2017 at 8:45 am

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.Read More

Compliance Insider: The Cynic Returns

Compliance Insider: The Cynic Returns

Compliance, Opinion September 15, 2017 at 10:30 am

You may recall that last month I wrote about how a cynic might view the Consumer Financial Protection Bureau’s arbitration rule and its corresponding ban on class-action waivers in predispute arbitration agreements. My cynic held the view that the rule, while purporting to be only a ban on waivers, wasRead More

Compliance Insider: Write a Rule

Compliance Insider: Write a Rule

Opinion June 24, 2016 at 12:28 pm

On March 9, Consumer Financial Protection Bureau Director Richard Cordray addressed the CBA Live conference in Phoenix. He focused on the successes he perceives in the agency, i.e., improved supervision processes, the consumer complaint portal, and increased transparency through vehicles such as its periodic Supervisory Highlights. He also defended theRead More

Compliance Insider: Nobody Likes a Bully

Compliance Insider: Nobody Likes a Bully

Opinion June 24, 2016 at 12:27 pm

The Consumer Financial Protection Bureau is under increasing fire for its questionable fair lending enforcement activities, both in the media, and in the U.S. Congress. It’s about time that both groups started asking questions, and it’s time the American public started weighing in as well. There is much good theRead More

Keep an Eye on CFPB Examiners — Literally

Keep an Eye on CFPB Examiners — Literally

Compliance, Management, Operations, Risk, Uncategorized August 12, 2015 at 4:27 pm

Keeping an eye on examiners from the Consumer Financial Protection Bureau – literally, keeping an eye on them —  could be a new experience for non-bank auto lenders, which become subject to CFPB examination effective Aug. 31. A trio of experts in a recent webinar hosted by the Center forRead More