Bank Law Monitor

Bank Law Monitor

A Legal Blog for the Financial Services Industry

Category Archives: CFPB

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CFPB Jurisdiction: Continued Expansion via Its Consumer Protection Mandate

Posted in Auto Finance, CFPB, Credit Cards, Debt Collection, Mortgage Servicing
The CFPB has exclusive supervisory authority over depository institutions that have assets totaling more than $10 billion dollars. For these depository institutions, the CFPB is the primary rule maker and enforcer of consumer protection laws applicable to these institutions. For depository institutions that have $10 billion or less in total assets, the Federal Reserve Board… Continue Reading

FTC Shares Concerns about Fraudulent or Unfair Practices Related to Mobile Banking with CFPB

Posted in CFPB, Trending News
The CFPB announced in June 2014 that it is studying how mobile technologies affect under-served consumers who have little access to traditional banking systems. The Federal Trade Commission (FTC) provided comments to the CFPB, detailing concerns that mobile banking is ripe for fraudulent transactions. In particular, consumers could be potentially liable for unauthorized charges using… Continue Reading

Department of Defense Coordinates with CFPB to Expand Military Lending Act Protections

Posted in CFPB, Regulatory Developments
On September 29, 2014, the Department of Defense (DOD) published a proposed rule amending the Military Lending Act, which expands the scope of the Military Lending Act Protections. The CFPB appeared to be taking a strong role in developing the DOD’s proposal by issuing a press release of its own supporting the DOD’s actions. The proposal would… Continue Reading

CFPB Found Unfair and Deceptive Practices Related to Add-On Identity Theft Protection Products

Posted in CFPB, Trending News
On September 24, 2014, the CFPB announced a consent order with a large bank relating to allegations that customers were unfairly billed by a third-party service provider to the bank’s customers for identity theft protection products. According to the CFPB, the third party service provider either never obtained customer authorization or allowed significant time to… Continue Reading