A PYMNTS Company

Consumer Financial Protection Bureau: A year in review

By  |  July 23, 2012

July 21 marked the Consumer Financial Protection Bureau’s first year as an independent agency. Headed by Richard Cordray, the CFPB has been a major presence in the financial industry, most recently in the deceptive marketing case against Capital One Bank resulting in a 210 million dollar settlement. And according to Kaplinsky of Ballard Spahr that case is “just the tip of the iceberg….There are dozens of ongoing investigations.” The agency has also issued rules for supervising credit reporting agencies, and proposed a standard “penalty fee box” to clarify checking account overdraft fees to consumers, and made steps to help modify loans and provide foreclosure relief to military members. Mandatory arbitration clauses and student loans are also under scrutiny.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The CFPB will hone in on the mortgage market in the coming year, with a goal to restore “transparency, fairness, and incentives for responsible behavior” in the sector, as in others.

    Full content: Legal Times

     

    Related content: U.S. and EU Antitrust Enforcement: What Role in a More Heavily Regulated Financial Sector?

     

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.