The CFPB late last month finalized a rule implementing the automated teller machine placard legislation that was signed into law last December. The legislation protects banks from frivolous lawsuits by repealing what they see as the outdated, duplicative requirement that a placard must be attached to an ATM stating that a fee may be charged. The final rule, effective immediately, amends Regulation E (on electronic fund transfers), which implements the Electronic Fund Transfer Act, and the official interpretation to the regulation...

The CFPB spent $299.76 million “in obligations” in fiscal year 2012, according to the bureau’s third semi-annual report to Congress, submitted late last month. Approximately $134 million of that was spent on employee compensation and benefits for the 970 employees on board at the bureau as of Sept. 30, 2012. As of Dec. 31, 2012, the CFPB had requested transfers from the Federal Reserve totaling $136.2 million to fund CFPB operations and activities for the first quarter of FY2013. These funds are held in an account for the bureau at...

The CFPB’s contract solicitation and selection processes are generally in compliance with federal regulation, but the bureau could do more to shore up internal controls, according to the results of an evaluation by the Federal Reserve Board Office of Inspector General.“We found that the CFPB’s processes and practices were compliant with particular Federal Acquisition Regulation requirements, such as performing acquisition planning and market research, providing opportunities for companies to compete for CFPB contracts, and...

Two major auto dealer trade groups have some serious objections to the guidance the CFPB put out last month on auto lending, particularly taking issue with whether the CFPB’s position on dealer rate participation is going to make much difference in helping car buyers. The National Automobile Dealers Association and the National Association of Minority Automobile Dealers said the guidance issued by the bureau attempts to force auto finance sources into changing the way they compensate dealers without any indication that...

The CFPB is going to release its first substantive guides to the mortgage rulemakings it issued earlier this year, according to the text of an email that the bureau sent to industry groups last week but otherwise did not announced publicly. The National Association of Independent Housing Professionals is shopping around on Capitol Hill some new appraisal rules that would include the establishment of a hotline with the CFPB. The National Association of Federal Credit Unions made a fresh appeal to Senate leadership for relief from...

New Treasury Secretary Jack Lew chaired the regularly scheduled meeting of the Financial Stability Oversight Council, of which the CFPB is a member, in a closed session at Treasury last week. The CFPB, which is using the disparate-impact standard as the basis of its actions, is assigning a fair lending staffer to every supervision exam; conducting fair lending investigations; and striking alliances with the Department of Justice, as well as the Department of Housing and Urban Development and other regulators, we’ve been told...

Fannie Mae and Freddie Mac securitization volume reached its highest level in nearly four years during the first three months of 2013, according to a new Inside Mortgage Finance market analysis and lender ranking.

The Consumer Financial Protection Bureau announced enforcement actions on Wednesday against four private mortgage insurers left standing after the financial market collapse, putting the squeeze on the industry’s use of captive reinsurance arrangements, which ceased when the financial markets collapsed, and fining the four companies relatively small, token amounts.

The independent foreclosure review process established by federal regulators for 14 servicers was “deeply flawed,” Rep. Maxine Waters, D-CA, said on Thursday in response to a report on the reviews by the Government Accountability Office. Waters said she will introduce legislation next week to address problems relating to use of outside contractors for enforcement actions.

The creation of a “sustainable housing finance policy” and an end to the “too big to fail” oversight approach with large banks top April’s to-do list for the House Financial Services Committee when Congress returns from its two-week spring recess next week.