Topic: Consumer

CFPB Action Against Capital One Bank Sets Tone for Aggressive Enforcement

Earlier this month, the Consumer Financial Protection Bureau (CFPB) – the federal watchdog agency mandated by the Dodd-Frank Act to regulate consumer financial products and services – issued its first ever public enforcement action. Its target? Capital One Bank, which according to the CFPB engaged in deceptive marketing practices, pressuring consumers into purchasing credit card… Read more »

CFPB Targets Debt Collectors, Consumer Reporting Agencies, Mortgage Companies, Payday Lenders & Others

Earlier this year, the Consumer Financial Protection Bureau expanded its bank supervisory program to include nonbanks, companies “that offer or provide consumer financial products or services but [do] not have a bank, thrift, or credit union charter.” Since that time, the agency has begun to provide greater detail on the nonbanks it is monitoring and the fraudulent… Read more »

CFPB Launches Nonbank Supervisory Program

On January 5, 2012, just one day after President Obama appointed former Ohio Attorney General Richard Cordray to be its first Director, the Consumer Financial Protection Bureau announced that it was launching its Nonbank Supervisory Program. Mandated by provisions in the Dodd-Frank Act, the program is designed, according to the agency, to “help level the… Read more »