Compliance

​CFPB Issues Guidance on Housing Counseling Disclosure

The Consumer Financial Protection Bureau today issued an interpretive rule intended to help lenders comply with the requirement in its mortgage servicing and high-cost mortgage rules to provide a list -- shortly after a borrower applies for a mortgage -- of Department of Housing and Urban Development-approved housing counselors nearby.

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CFPB Lawsuit Targets Payment Processors

The Consumer Financial Protection Bureau yesterday announced it had filed a lawsuit against several individuals and companies involved in what it said was a robo-calling phantom debt collection operation.

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ABA Urges Changes to CFPB Complaint Narrative Database

ABA President and CEO Frank Keating in a letter yesterday shared members’ concerns about the Consumer Financial Protection Bureau’s recent decision to publish consumer complaint narratives, and he urged the bureau to improve its portal and database to help “mitigate unfair and inaccurate reputational damage to the banking industry.”

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Keating Shares Banking Perspective in NYC Interviews

ABA President and CEO Frank Keating offered perspective on a wide range of issues -- from banking regulation, interest rate increases and the low labor force participation rate to the Meerkat app and presidential politics -- in interviews with New York City media outlets yesterday.

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​CFPB Reviews Consumer Complaint Trends

The Consumer Financial Protection Bureau released a report on Monday on consumer complaint trends in 2014. While complaint volume rose 53 percent from 2013 to 2014, the steady monthly increase in 2013 tapered off in 2014, averaging about 20,000 per month.

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