In a recent wide-ranging memo to the staff of the Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney clarified the status of the agency. “When I arrived at CFPB, I told folks that despite what they might have heard, I had no intention of shutting down the Bureau. Indeed, the law doesn’t allow that, and as members of the Executive Branch we are charged with faithfully executing the laws. So let’s be clear: the […]
Tag: Consumer Financial Protection Bureau
CFPB DELAYS PREPAID ACCOUNTS RULE
On January 25, 2018 the Consumer Financial Protection Bureau (CFPB) announced final updates to its 2016 prepaid rule. The changes extend the effective date of the rule by one year to April 2019. The changes to Regulations E and Z: Adjust error resolution requirements; and Provide more flexibility concerning credit cards linked to digital wallets. Read more: https://mycomplianceresource.com/prepaid-rule-lives-to-fight-another-day/ https://mycomplianceresource.com/effective-date-of-prepaid-account-rule-delayed/ https://mycomplianceresource.com/prepaid-rule-takes-a-much-needed-pause/ https://mycomplianceresource.com/prepaid-accounts-just-got-kicked-up-to-the-consumer-protection-suite/ A copy of the 325 page final rule is available at: https://files.consumerfinance.gov/f/documents/cfpb_prepaid_final-rule_2018-amendments.pdf
CFPB CIVIL PENALTY INFLATION ADJUSTMENTS
On January 12, 2018 the Consumer Financial Protection Bureau (CFPB) published a final rule that sets the annual adjustments to the maximum amount of each civil penalty within the CFPB’s jurisdiction. The adjustments, required by the Federal Civil Penalties Inflation Adjustment Act of 1990, serve to maintain the deterrent effect of civil penalties and to promote compliance with the law. The CFPB Civil Monetary Penalty Amount Table is available at: https://mycomplianceresource.com/cfpb-civil-monetary-penalty-amounts/ A copy of the […]
CFPB STATEMENT ON PAYDAY RULE
On January 16, 2018 the Consumer Financial Protection Bureau (CFPB) issued the following statement on the Payday Rule: “January 16, 2018 is the effective date of the Bureau of Consumer Financial Protection’s final rule entitled “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (“Payday Rule”). The Bureau intends to engage in a rulemaking process so that the Bureau may reconsider the Payday Rule. Although most provisions of the Payday Rule do not require compliance until August […]
CFPB – MOTION FOR PRELIMINARY INJUNCTION DENIED
The case of Leandra English v. Donald J. Trump concerns whether the President is authorized to name an acting Director of the Consumer Financial Protection Bureau (“CFPB”) or whether a CFPB employee appointed by the outgoing Director in the hours before he resigned is in charge. The CFPB was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB’s previous Director, Richard Cordray, resigned effective at midnight on Friday, November 24, 2017. […]