From: The Consumer Financial Protection Bureau
To: Scott Jenkins,
Subject: CFPB Update: September 25, 2014
Date: Thu Sep 25 17:16:49 MDT 2014
Consumer Financial

CFPB Update: September 25, 2014

CFPB Proposes New Federal Oversight of Nonbank Auto Finance Companies

The CFPB is proposing to oversee larger nonbank auto finance companies for the first time at the federal level. Currently, the CFPB supervises large banks making auto loans, but not nonbank auto finance companies. The proposed rule would generally allow the Bureau to supervise nonbank auto finance companies that make, acquire, or refinance 10,000 or more loans or leases in a year. Learn more... 

CFPB Sues Online Payday Lender for Cash-Grab Scam

The CFPB recently announced its action to halt the operations of an online payday lender, the Hydra Group, which it believes is running an illegal cash-grab scam. The lawsuit alleges that the Hydra Group uses information bought from online lead generators to access consumers’ checking accounts to illegally deposit payday loans and withdraw fees without consentLearn more...

CFPB to Host Forum on Access to Checking Accounts

Join us in Washington, DC for an event on checking account screening policies and practices on Wednesday, October 8 at 8:30 a.m. EDT. This event will feature remarks from Director Richard Cordray, as well as presentations from consumer groups, federal and local government officials, and industry representatives. This event is open to the public, but RSVP is required to attendLearn more…

CFPB Sues For-Profit Corinthian Colleges for Predatory Lending Scheme

The CFPB recently sued for-profit college chain Corinthian Colleges, Inc. for its illegal predatory lending scheme. The Bureau alleges that Corinthian lured tens of thousands of students to take out private loans to cover expensive tuition costs by advertising bogus job prospects and career services. Corinthian then used illegal debt collection tactics to strong-arm students into paying back those loans while still in schoolLearn more…

CFPB Finalizes Rule to Oversee Larger Nonbank International Money Transfer Providers

The CFPB recently finalized a rule that allows it to supervise certain nonbank international money transfer providers for the first time. The rule, first proposed in January, brings new oversight to larger nonbank international money transfer providers. The rule will help the Bureau to ensure that these providers are adhering to the CFPB’s existing protections for consumers sending money abroadLearn more…

Director Cordray’s Appearances

September 10th: Director Cordray delivered remarks at the National Association of Federal Credit Unions. 

September 11th: Director Cordray delivered remarks at a meeting of the CFPB's Consumer Advisory Board.

September 18th: Director Cordray delivered remarks at the CFPB’s Auto Finance Field Hearing in Indianapolis, Indiana.

CFPB In Your Community

Join us in Washington, DC for a Credit Union Advisory Council meeting with Director Richard Cordray on Wednesday, October 1 from 3:30 p.m. to 5:30 p.m. EDT. During this meeting, we will discuss overdrafts and consumer complaints. This event is open to the public, but RSVP is required to attend. Learn more...

The Consumer Financial Protection Bureau

1700 G Street, NW

Washington, DC 20552