Today the Consumer Financial Protection Bureau (CFPB) has established its Office of Minority and Women Inclusion (OMWI), under the guidance of the CFPB’s OMWI working group. An overarching goal for this working group is to ensure the integration of the OMWI mission throughout the Bureau. Among other requirements, OMWI is charged, by statute, with developing standards for: Equal employment opportunity, workforce diversity, and inclusion at all levels of the agency; Increased participation of minority-owned and […]
Category: CFPB
THE CFPB INHERITS REGULATION X
Congress enacted the Real Estate Settlement Procedures Act of 1974 (RESPA) based on findings that significant reforms in the real estate settlement process were needed to ensure that consumers are provided with greater and more timely information on the nature and costs of the residential real estate settlement process and are protected from unnecessarily high settlement charges caused by certain abusive practices that Congress found to have developed. In 1990, Congress amended RESPA by adding […]
THE CFPB INHERITS REGULATION V
The Fair Credit Reporting Act (FCRA), enacted in 1970, sets standards for the collection, communication, and use of information bearing on a consumer’s creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living. Historically, rulemaking authority for the FCRA has been divided among the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), the Federal Trade Commission (FTC), the National Credit Union Administration (NCUA), the Office of the Comptroller […]
THE CFPB INHERITS REGULATION P
Subtitle A of Title V of the Gramm-Leach-Bliley Act (GLB Act), captioned “Disclosure of Nonpublic Personal Information,” limits the instances in which a financial institution may disclose nonpublic personal information about a consumer to nonaffiliated third parties and requires financial institutions to provide certain privacy notices to their consumers and customers. Prior to July 21, 2011, rulemaking authority for the privacy provisions of the GLB Act was shared by eight Federal agencies: the Board of Governors […]
THE CFPB INHERITS REGULATIONS N and O
Congress enacted section 626 of the Omnibus Appropriations Act (Omnibus Appropriations Act) on March 11, 2009 and directed the Federal Trade Commission (FTC) to commence a rulemaking proceeding within 90 days of enactment with respect to mortgage loans. On May 22, 2009, the enactment of the Credit Card Accountability Responsibility and Disclosure Act clarified the FTC’s rulemaking authority under the Omnibus Appropriations Act to specify that the FTC’s rulemaking based on its authority pursuant to the Omnibus […]