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CFPB Extends Time For Comments on Overdraft Programs
The CFPB has extended the amount of time for comments on overdraft programs from the end of April to June 29, 2012. The original Notice and Request for Information, published on February 22, 2012, asked for…
CFPB Takes First Step in Arbitration Clause Study
The CFPB announced on April 24th that it is taking the first step in conducting a study into the impact of arbitration and arbitration clauses on consumers as used by consumer financial services companies. The study…
CFPB Warns that Banks and Nonbanks Could Be on the Hook for Vendor's Misconduct
On Friday, the Consumer Financial Protection Bureau ("CFPB") issued a bulletin warning that it will seek to hold supervised banks and nonbanks liable for their vendors' misconduct. Banks and nonbanks often hire service…
CFPB's Proposal for Truth in Lending (Regulation Z) Rule Garners Attention in New York Times Article
A New York Times article on Friday questioned the CFPB's approach to credit card fees, stating that "[i]n one of the first tests of its willingness to show its muscle, [the CFPB] declined on Thursday to put up a…
CFPB Releases Annual Report on Consumer Complaints
The Consumer Financial Protection Bureau (CFPB) released its Consumer Response Annual Report on April 6th, outlining its efforts from July 21 to December 31, 2011 in handling consumer complaints. As the report…