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Dec 13, 2011
Categories: Consumer Lending Operations

A Few CFPB Items

Written by Steve Van Beek

Below are a couple of CFPB-related items for your Tuesday morning:

  • Last Thursday, the Senate failed to confirm Richard Cordray as Director of the CFPB.  It is starting to look more and more like the CFPB will be without a Director until after the 2012 Elections.
  • The CFPB recently announced its Ombudsman's Office.  From the CFPB's blog:

"At the CFPB, the Ombudsman’s Office will assist in the resolution of individual and systemic issues that a depository entity, non-depository entity, or consumer has with the CFPB. People may use the Ombudsman’s Office when they have not had success with the existing CFPB processes, or to achieve an informal resolution. Others may contact the Ombudsman to keep their concerns confidential.

Starting today, the CFPB is officially opening the doors of the Ombudsman’s Office under the direction of our Acting Ombudsman, Wendy Kamenshine. Wendy now is ready to hear from the depository and non-depository entities we regulate on issues concerning our supervisory and enforcement processes. She looks forward to hearing from consumers beginning in the spring."

In addition to the report on credit card complaints, the CFPB proposed a policy statement related to disclosure of credit card complaint data.  Part of the disclosure would include a publicly available database including information on complaints to card issuers with over $10 billion in assets.  

NAFCU has issued a Regulatory Alert on this policy statement (11-EA-33).  

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