Consumer Financial Protection Bureau (CFPB)

CFPB Bypasses Act of Congress and Renders FCRA Essentially Impotent – Two Likely Results: A Rise of Risky Lending or Difficulties in Obtaining Loans

INTRODUCTION             Recently, the Consumer Financial Protection Bureau (“CFPB”) issued an interpretive rule that came as a blow to the entire lending community. The interpretive rule effectively made a large portion of the Fair Credit Reporting Act (“FCRA”) useless, as it significantly narrowed the scope of the federal law and […]

Trump’s Financial Regulations Executive Order and the Future of the CFPB

On February 3rd, President Trump signed an executive order, marking the President’s first official step towards his plan to scale back on financial regulations.  Presidential Executive Order on Core Principles for Regulating the United States Financial System, signed 3 Feb 2017.  The order directs the Secretary of the Treasury and […]

CFBP Issues “Snapshot” of Consumer Complaints Recieved

The CFPB issued a “snapshot” of the consumer complaints that it has received from July 2011 to September 2012.  The snapshot includes complaints received regarding credit cards, mortgages, bank accounts, and private student loans.  Of the almost 20,000 credit card complaints received, the median relief given to the consumer to […]