Earlier this month, the United States House of Representatives passed H.R. 10, otherwise known as the Financial CHOICE Act. Introduced by House Financial Services Committee Chairman Rep. Jeb Hensarling (R-Texas), the legislation aims to bring about sweeping changes to the Dodd–Frank Wall Street Reform and Consumer Protection Act and the Consumer Financial Protection Bureau.
The latest corporate compliance news around the topic of CFPB Compliance. Tools and insights to keep you out of the regulator’s crosshairs.
CFPB requirement or competitive advantage—why not both? Last week, with Michael Benoit of Hudson Cook, we explored the regulatory side of consumer complaints. Michael walked us through how the Consumer Financial Protection Bureau evaluates institutions’ consumer complaint programs for evidence of overall compliance. We also learned the five key elements of the consumer complaint resolution process […]
We write a lot about the Consumer Financial Protection Bureau on this blog: its exams, its operational focus, its love-hate relationship with the Executive Branch… But these topics may soon be irrelevant. As a relatively young and politically divisive regulatory agency, the CFPB could, in the near future, evolve into something entirely different than how […]
They’re one of the most populous generations in American history. They’ve changed music, culture, language, and technology. And according to hundreds of surveys, think pieces, and books, they’re ruining everything.
Remember our article about how the ways in which your financial company handles or neglects consumer complaints correspond to the “broken windows” theory? (If you missed the post, click here.) The good news is that your friends/frenemies at the Consumer Financial Protection Bureau don’t like broken windows, either—and they’re here to help repair your façade […]
Is it me, or have things been leakier recently? I’m not just referring to new episodes of Orange Is the New Black or iPhone 8 blueprints, but the seriously scary leaks, such as the nearly 400,000 consumer files hackers stole from telemarketing companies and released to the public earlier this year. And then there’s the […]
More changes to the Choice Act 2.0… Luckily have Michael Benoit from Hudson Cook to keep us up to date. The House Financial Services Committee’s (HFSC) worked on the Financial Choice Act (“Choice Act 2.0”) in April, based on an earlier version from the last Congress (Choice Act 1.0). As often is the case in […]
Michael Benoit from Hudson Cook stopped by this week to break down the proposed changes to the CFPB through the Choice Act 2.0. Here’s what Michael had to say: The House Financial Services Committee (“HFSC”) is working on the Financial Choice Act (“Choice Act 2.0”) based on an earlier version from the last Congress (“Choice […]
As humans, we tend to assign greater significance to our negative experiences than to our positive experiences. That’s right—it’s not just you. Social psychologists such as Roy Baumeister, as well as human resources educators such as Robert Sutton, have produced research and articles that confirm this phenomenon. Simply put: bad memories outweigh good ones.
About 6 months ago, a federal court ruled that the Consumer Financial Protection Bureau, which is overseen by a single director, has an “unconstitutional” structure. At the time, we laid out a few possible scenarios for the agency’s future, and posed the question: What’s next? As it happens, this is what was next. Last month, […]