As the CFPB completes its first year of operation, much can be learned from its investigation and enforcement activity thus far.The Consumer Financial Protection Bureau (CFPB or the Bureau) recently completed its first year of operation as the new “cop on the beat” for consumer financial matters. The CFPB is the newest federal agency authorized to supervise banks, but its authority extends further to larger non-bank participants—companies that provide broadly defined consumer financial products or services but that do not have a bank, thrift, or credit union charter. The CFPB has already begun to enforce its authority, investigating claims of mortgage insurance kickbacks, student loan originations, advertising and marketing by student lenders, and possible discriminatory practices of the dealer-originated car loan industry and challenging the marketing of fee-based products by a large national bank. The Bureau has also proposed new rules for once lightly regulated industries. For example, it recently issued a set of rules designed to improve mortgage servicer transparency. And in July, the CFPB flexed its enforcement muscle for the first time, fining a bank a substantial amount for alleged deceptive marketing by its third-party service provider of add-on credit card services, such as credit-monitoring and payment-protection plans.Below… Read full this story
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