The Consumer Financial Protection Bureau (CFPB) finalized a rule amending its Disclosure of Records and Information Regulation. In the rulemaking, the CFPB addresses the confidential treatment of information the agency obtains while exercising its statutory authority to enforce federal consumer financial laws.
Specifically, the final rule revises the agency’s information practices, enhances collaboration efforts with agency partners, improves its ability to secure confidential information, and provides guidance to industry stakeholders on how the agency interprets its own rulemaking.
In its final rulemaking, the CFPB adopted the American Financial Services Association’s (AFSA) suggestion to remove language that would have allowed the CFPB to disclose confidential information supervisory information to any agency, including foreign agencies.
In the comment letter to the CFPB, AFSA addressed the disclosure of confidential information by requesting the agency implement specific safeguards as to the identity and type of agencies in which confidential information is shared. Additionally, AFSA requested the agency provide transparency when responding to Freedom of Information (FOIA) requests.
The Consumer Financial Protection Bureau (CFPB) finalized a rule amending its Disclosure of Records and Information Regulation. In the rulemaking, the CFPB addresses the confidential treatment of information the agency obtains while… Read the rest
This week, the Office of the Comptroller of the Currency (OCC) finalized the “true lender” rule. At issue is partnerships between third-party nonbanks and federal savings associations or national banks which have led to loans being underwritten… Read the rest
The featured Business Partner for November is GOLDPoint Systems, which offers one of the most complete Loan Management Software Systems in the Direct and Indirect market, covering the complete loan life cycle. We asked them a few questions… Read the rest
For the first time in the Fair Debt Collection Practices Act’s (FDCPA) 40-plus-year history, a regulatory agency has issued rules under the statute.
The new rulemaking, issued by the Consumer Financial Protection Bureau (CFPB), … Read the rest
AFSA’s State Government Affairs (SGA) team recently sent a letter to the California Department of Business Oversight (DBO)—now renamed the Department of Financial Protection and Innovation—to provide comments on the department’s recently… Read the rest
AFSA’s State Government Affairs (SGA) team recently published model legislation that would permanently authorize employees of licensed entities to work from home without the need of a branch license. Since the start of the COVID-19 pandemic,… Read the rest
Join us on TODAY at 2:00 p.m. ET for Navigating the Road to Recovery: Proven Delinquency Risk Management Tools, presented by SWBC.
For auto finance companies, delinquency is a common challenge. Experts anticipate delinquency levels could… Read the rest
This week, the American Financial Services Association (AFSA) commented on the Consumer Financial Protection Bureau’s (CFPB) request for information (RFI) on the economic impact of the Credit Card Accountability and Disclosure (CARD)… Read the rest
The 2020 AFSA Annual Meeting & Independents Conference & Expo was packed with information and informative sessions. Did your kid run in during Cal Ripken’s session? Maybe the delivery guy showed up. Or maybe you just got sidetracked… Read the rest
The American Financial Services Association’s Women’s Leadership Council (WLC) kicked off its Fall meeting with Rochelle McClanahan, Chair, and Chief Financial Officer & Compliance Officer of Brundage Management / Sun Loan. Rochelle… Read the rest
