But Garrett also noted: “Congress should kill the CFPB, or at least de-fang it, but until it does, total compliance is necessary.” That’s more like it…

Effective immediately, any Ginnie Mae issuer that wants to bring servicing in-house from a subservicer must get the agency’s prior written approval...

The regulator determined that consumers were lured with deceptive promises of savings and misled about when their payments would be applied.

“The question was a surprise to many investors and resulted in clients questioning whether a CFPB crackdown in the timeshare market was ahead,” writes Compass Point analyst Isaac Boltansky…

Deputy Director Antonakes to Depart. CFPB Deputy Director Stephen Antonakes, the number two figure at the bureau, is leaving the agency at the end of July to spend more time with his family, according to an internal memo circulated within the CFPB, a copy of which was obtained by Inside the CFPB. “Steve has been an enormous asset to the bureau, and a great friend and colleague to me since our time together in [Supervision, Enforcement and Fair Lending] in the early days of the bureau,” said the memo, which was authored by Director Richard Cordray. “His contributions to this agency have been extensive in his dual roles as deputy director and supervision, enforcement, and fair lending associate director, and ...

A majority of Republican, Democratic and independent voters across the U.S. support the work and mission of the CFPB, according to a recent national poll sponsored by the Center for Responsible Lending and Americans for Financial Reform, both of which are strong supporters of the bureau. Support for the CFPB after voters hear a description of its purpose has held steady since last year at 75 percent, with 85 percent of Democrats, 74 percent of independents, and 66 percent of Republicans in favor. Voters’ support for the CFPB holds up after head-to-head arguments, with majority support for the pro-CFPB argument across party lines. Also, 72 percent support the CFPB’s enforcement actions against Bank of America and GE Capital, as opposed ...

The CFPB recently launched the first in a new series of monthly reports to highlight key trends from consumer complaints submitted to the bureau, including data on company performance, complaint volume, state and local information, and product trends. The first installment in the series focuses on debt-collection complaints and complaints from consumers in Milwaukee. The bureau said it expects companies to respond to complaints within 15 days and to describe the steps they have taken or plan to take to resolve the complaint. “The CFPB expects companies to close all but the most complicated complaints within 60 days,” it said. “Complaints inform the bureau’s work and help to identify issues in the market, which feed into the bureau’s supervision and ...

The complaints that consumers filed with the CFPB about various aspects of their mortgages generally rose in the second quarter, as the mortgage market churned out new originations at elevated levels, a new analysis by Inside the CFPB found. Total consumer gripes rose 7.5 percent from the first quarter of 2015 to the second, the latest data from the bureau’s consumer complaint database show. The increase was largely driven by a surge of criticisms about the mortgage loan application and origination process, which climbed 11.8 percent during the period. Grumbling about loan modifications also increased during the period ending June 30, up 5.7 percent, a much higher rate of increase than the recent upward tick seen in default rates. Grievances ...

Three industry trade groups told the CFPB that the bureau’s own study of mandatory pre-dispute arbitration agreements back in March shows that arbitration has “significant, demonstrable benefits over litigation in general and class action litigation in particular.” In a joint letter to the bureau, the American Bankers Association, the Consumer Bankers Association and The Financial Services Roundtable said arbitration “is faster, less expensive and more effective than class action litigation.” Customers who prevail in an individual arbitration recover monetary benefits that, on average, are approximately 166 times greater than the sums received by the average class member in a class action settlement, they went on to note. “Simply put, there are insufficient data in the [CFPB] study to support a ...

Selling Source, LLC, a lead-generation company in Las Vegas, and Tim Madsen, a company employee and recipient of a civil investigative demand from the CFPB, recently petitioned the bureau to modify or set aside entirely the CID. First, the company argues that the CID should be set aside since it is not a “covered person” under the bureau’s authority because it does not offer or provide a “financial product or service” as spelled out in the Dodd-Frank Act. In its petition to the bureau, the company notes that a “covered person” is defined by Dodd-Frank as “any person that engages in offering or providing a consumer financial product or service,” or acts as a “service provider” and is a corporate ...