CFPB Wants Better, Faster Database Of Credit Card Agreements

From: Consumerist


Much like a restaurant that has to shutter for a short time while installing new kitchen equipment, federal regulators occasionally have to press pause on an important process to fix things for the long haul. So in order to improve the Consumer Financial Protection Bureau’s public database of credit card agreements, the agency is planning to give banks a brief break from having to file those documents with the system.


As a result, the CFPB is proposing [PDF] a one year suspension on credit card issuers’ obligations to manually submit the agreements so that the Bureau can develop a new submission system.

Sixteen Attorneys General from Coast to Coast Seek CFPB Regulation on Arbitration Clauses

From: JDSupra Business Advisor

Sharee Eriks | Baker Donelson

Attorneys General (AG) from 16 states – Delaware, Kentucky, Massachusetts, California, Connecticut, Hawaii, Illinois, Iowa, Maine, Maryland, New Mexico, New York, Oregon, Rhode Island, Vermont and Washington – have joined forces to write a letter to the Consumer Financial Protection Bureau (CFPB) encouraging the bureau to exercise its authority to regulate the use of pre-dispute mandatory arbitration clauses in consumer agreements for financial products and services. Pre-dispute arbitration clauses have been the source of boisterous opposition and extensive litigation in the employment and telecommunications spheres. Financial products and services is the next frontier in the battle.

CFPB takes action against NewDay Financial

From: HousingWire

Lender pays $2M for deceptive mortgage advertising, kickbacks

Brena Swanson

Consumer Financial Protection Bureau took action against NewDay Financial for deceptive mortgage advertising and kickbacks, making the lender pay a $2 million civil money penalty for its actions.

NewDay is a Maryland-based, nonbank mortgage lender owned by Chrysalis Holdings, a private company. Its primary business is originating refinance mortgage loans guaranteed by the Veterans Administration, which is mainly advertises for through direct mail campaigns. Between July 2011 and July 2014, NewDay sent consumers over 50 million mortgage solicitations by postal and electronic mail.

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Center for FDA Rejuvenation

Center for FDA Rejuvenation (Registered Trademark)

Under Development

This Center will focus on decreasing the time to license anti-cancer drugs.

Suggestions from the public welcome.

The  Center will be  managed by the Center for Regulatory Effectiveness (CRE), a regulatory watchdog founded and managed by former regulatory officials  of the White House Office of Management and Budget.

CRE manages a number of websites dedicated to rejuvenating the federal regulatory decision-making  including   increasing the transparency of the regulatory process, see  TheOMB.US, a website focused on OMB’s role in centralized regulatory review beginning with the Johnson Administration and updated constantly to reflect the actions of the current Administration .

ACA Submits Comments Urging the CFPB to Revise Proposed Company Portal Boarding Form

From: ACA International

ACA urges the CFPB to categorize certain requested information as voluntary in order to minimize the burdens on respondents and maximize companies’ proactive participation in the portal.

On Feb. 2, 2015, ACA International submitted comments in response to a new Consumer Financial Protection Bureau collection request related to the CFPB’s Company Portal, the Web-based interface between the bureau’s Office of Consumer Response and companies. Although companies already have the ability to register with the Company Portal to review and respond to any complaints, according to the CFPB, the proposed Company Portal Boarding Form “will serve to streamline information collection from these companies, result[ing] in a greatly enhanced and efficient experience from both the consumers and companies’ perspectives.”