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The Filing Cabinet

"The Filing Cabinet," which covers compliance with the Dodd-Frank Act and the Sarbanes-Oxley Act, as well as other regulatory action from the Securities and Exchange Commission, executive compensation, and shareholder activism, is written by CW staff writer Joe Mont. Mont welcomes questions, comments, and statements from readers on SEC filing matters and will address them here when appropriate. Readers can contact him at joe.mont@complianceweek.com.
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The Filing Cabinet Blog
State agencies may be final frontier for consumer advocates
Joe Mont | September 17, 2018
As the Consumer Financial Protection Bureau weakens, state agencies—mini-CFPBs if you will—may step up to fill the void.
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Coffin on Compliance Blog
Court sides with Trump over who runs the CFPB
Bill Coffin | November 29, 2017
The battle for who is the rightful head of the Consumer Financial Protection Bureau has been settled—for the moment—by Judge Timothy Kelly.
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The Filing Cabinet Blog
Federal Regulators Probing Subprime Auto Loans
Jaclyn Jaeger | November 6, 2014
Ally Financial recently became the latest auto-lending company to face a government investigation into its subprime auto lending practices. In the last few months, GM Financial and Santander Consumer USA Holdings have received subpoenas from the Department of Justice for similar practices, raising questions among some as to whether the next subprime crisis will come in the form of auto loans. Details inside.
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The Filing Cabinet Blog
CFPB Gives Banks Extra Time to Comply With Money Transfer Rules
Joe Mont | August 25, 2014
The Consumer Financial Protection Bureau will give banks and credit unions five additional years to comply with new disclosure requirements affecting international money transfers. An existing rule requires remittance transfer providers to disclose third-party fees, as well as any exchange rate that will apply to the transfer, data that federally insured financial institutions have struggled with. The extension allows time to develop “reasonable ways to provide account holders with exact fees and exchange rates for all remittance disclosures,” the CFPB says. More inside.
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The Filing Cabinet Blog
CFPB Proposes Oversight of Nonbank Auto Finance
Joe Mont | September 18, 2014
The Consumer Financial Protection Bureau is proposing to oversee large, nonbank auto finance companies for the first time at the federal level. The proposed rule would allow the Bureau to supervise nonbank auto finance companies that make, acquire, or refinance 10,000 or more loans or leases in a year, ensuring they are complying with federal consumer financial law. The CFPB estimates that about 38 auto finance companies would be subject to this new oversight.
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The Filing Cabinet Blog
CFPB Data Collection Practices Get Mixed Review From GAO
Joe Mont | September 23, 2014
Does the Consumer Financial Protection Bureau overstep its bounds collecting information for its public complaint database? A newly released study by the Government Accountability Office says that its data collection policies have plenty of room for improvement. Suggestions include enhancing written procedures for data intake, anonymizing data, and managing privacy risks. More details inside.
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The Filing Cabinet Blog
CFPB May Target Banks' Checking Account Policies
Joe Mont | October 9, 2014
Oct. 9—Next up on the Consumer Financial Protection Bureau’s agenda: how banks screen customers when they open checking accounts. At a forum in Washington D.C. this week, CFPB Director Richard Cordray raised the issue of whether financial institutions unfairly block some consumers from opening checking accounts, while exposing others to inappropriate risk. “When consumers discover inaccuracies, it is important that they have an effective avenue of appeal available for them to challenge those inaccuracies,” Cordray said. He advocates a screening process that is “safe for consumers.” Details inside.
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The Filing Cabinet Blog
Risk Retention Rule Finalized for Asset-Backed Securities
Joe Mont | January 30, 2015
Bank regulators, along with the Securities and Exchange Commission, Federal Housing Finance Agency, and U.S. Department of Housing and Urban Development have jointly issued a final rule that imposes credit risk retention requirements on sponsors of asset-backed securities. The rule requires sponsors to hold at least 5 percent of the credit risk of the assets underlying the securities. The rule includes exemptions for mortgage-backed securities collateralized by residential mortgages that meet "qualified mortgage" criteria established by the Consumer Financial Protection Bureau.
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The Filing Cabinet Blog
CFPB Goes Public With Complaint Database Narratives
Joe Mont | March 20, 2015
If you were already alarmed by the reputational headaches and compliance challenges inherent in the Consumer Financial Protection Bureau’s complaint database, there is now even more to worry about. The Bureau is making the narratives behind those complaints public.
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The Filing Cabinet Blog
House Vote Demands More Transparency from CFPB
Joe Mont | April 16, 2015
The House of Representatives, with a 401-2 vote, has approved legislation that requires the Consumer Financial Protection Bureau to comply with Federal Advisory Committee Act transparency requirements. The Federal Reserve, CIA, and CFPB are among the agencies not covered by the law. More inside.
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The Filing Cabinet Blog
CFPB Makes Narratives in Complaint Database Public
Joe Mont | June 26, 2015
The Consumer Financial Protection Bureau has made the consumer narratives collected by its controversial complaint database publicly available. In March, the CFPB formalized its policy for accepting and disclosing the complaint narratives. Last week, more than 7,700 of those complaints—lodged against banks, credit card companies, and other consumer-dealing financial firms—were made public for the first time. Details inside.
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The Filing Cabinet Blog
Appellate Court Allows Constitutional Challenge to CFPB
Joe Mont | July 24, 2015
A small Texas bank scored a potentially big victory last week when a federal appeals court ruled that it has standing to challenge the constitutionality of the Consumer Financial Protection Bureau. The decision, overturning a 2013 district court ruling, rejected a similar challenge to the Financial Stability Oversight Council and its process for determining systemically important financial institutions. More inside.
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The Filing Cabinet Blog
Legislation Could Limit CFPB's Purview of Auto Lending
Joe Mont | July 31, 2015
Before breaking for August recess, the House Financial Services Committee delivered a potential blow to the Consumer Financial Protection Bureau’s oversight of non-bank lenders. The bill, "Reforming CFPB Indirect Auto Financing Guidance Act of 2015," advanced with a bipartisan vote of 47-10, would repeal a CFPB bulletin from 2013 that targeted discriminatory auto loan lending practices.
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The Filing Cabinet Blog
CFPB Considers Ban on Mandatory Arbitration Clauses
Joe Mont | October 7, 2015
The Consumer Financial Protection Bureau is moving forward with new rules that would prohibit the mandatory arbitration clauses in contracts that banks, credit card companies, and others rely upon to prevent consumers from pursuing lawsuits. A variety of recommendations, published this week for public comment, are the results of a study that was required by the Dodd-Frank Act and released in March.
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The Filing Cabinet Blog
CFPB Releases Latest Data From Complaint Database
Joe Mont | December 31, 2015
The Consumer Financial Protection Bureau has concluded its most recent review of complaints filed with the agency. As of Dec. 1, 2015, the CFPB handled 770,100 complaints nationally and the report notes that, in a year-to-year comparison of data from September to November, complaints about prepaid products rose 215 percent. The report also focuses on money transfer businesses.
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The Filing Cabinet Blog
CFPB Tries to Assuage Fears Over New Mortgage Disclosures
Joe Mont | January 4, 2016
Mortgage servicers, lenders, and aggregators received welcomed news from CFPB Director Richard Cordray, who wrote in a letter to the Mortgage Bankers Association that technical errors will mean non-compliance with new "Know Before You Owe" mortgage disclosure rules. Because “there inevitably will be inadvertent errors in the early days,” the CFPB’s initial examinations for compliance with the new rules “will be sensitive to the progress industry has made,” he wrote.
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The Filing Cabinet Blog
CFPB updates exam procedures for Military Lending Act
Joe Mont | October 4, 2016
The Consumer Financial Protection Bureau has announced the procedures its examiners will use when identifying consumer harm and risks related to the Military Lending Act. Joe Mont has more.
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The Filing Cabinet Blog
CFPB extends its reach to prepaid products
Joe Mont | October 5, 2016
Joe Mont looks at new CFPB rules for prepaid financial products—including innovative online and mobile offerings from PayPal, Google, and Apple—that will require enhanced customer protections.
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The Filing Cabinet Blog
CFPB proposes slate of payday loan rules
Joe Mont | June 2, 2016
A rule proposed on June 2 by the Consumer Financial Protection Bureau includes its toughest attack yet on payday and title loans. Proposed requirements include a “full-payment” test requiring lenders to determine upfront that consumers can afford to repay what they borrow. Joe Mont has more.
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The Filing Cabinet Blog
CFPB slams Wells Fargo with its biggest fine to date
Joe Mont | September 8, 2016
Is the Wells Fargo Wagon a-comin’ down an ethical street? The banking giant has been hit with the largest fine ever ($185M) by the Consumer Financial Protection Bureau in addition to terminating 5,300 employees and redoubling efforts to establish an ethical culture. Joe Mont reports.
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The Filing Cabinet Blog
Gut-punch for CFPB: Court rules independent director is unconstitutional
Joe Mont | October 11, 2016
A 2-1 ruling by a judicial panel of the U.S. Court of Appeals for the D.C. Circuit says that the Consumer Financial Protection Bureau, as currently composed, is unconstitutional. Joe Mont has more.
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The Filing Cabinet Blog
CFPB warns financial companies about sales incentives
Joe Mont | December 1, 2016
The CFPB is warning the financial world to be leery of sales quotas that can lead to consumer harm and legal violations. Joe Mont has more on a bulletin from the Bureau that addresses best practices for a targeted compliance monitoring program.
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The Filing Cabinet Blog
CFPB highlights debt collection complaint statistics
Joe Mont | January 3, 2017
With a slate of rules targeting the industry in the pipeline, the Consumer Financial Protection Bureau has released a tally of consumer complaints related to debt collection. More from Joe Mont.
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The Filing Cabinet Blog
House Republicans claim CFPB’s auto lending rule is illegal
Joe Mont | January 20, 2017
As they stockpile ammunition in their efforts to remove CFPB Director Richard Cordray, House Republicans are claiming that recent auto lending rules by the Bureau are illegal. Joe Mont has more.
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The Filing Cabinet Blog
Congress targets extractive payments, CFPB, and government conflicts
Joe Mont | February 2, 2017
Democrats and Republicans alike are pushing legislation that could greatly affect regulators and regulations. Among the efforts is a Republican-led effort to kill the SEC’s extractive payments rule, writes Joe Mont.
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