The Federal Financial Forum

From: The Hill

By Megan R. Wilson

The financial industry and the Consumer Financial Protection Bureau are on a collision course over proposed changes to a database that would allow consumers to air their grievances in public against banks, credit card and other companies.

The Financial Services Roundtable, which represents some of the largest banks in the world, has been vocal in its opposition to an expansion of the complaint system.

 In an email to members obtained by The Hill, the Roundtable said it might consider a legal offensive to stop regulators from moving forward.

From: HousingWire

Media recounts allegations from Congressional, GAO investigations

From: Reverse Mortgage

by Jason Oliva

In its ongoing efforts to use technology as a way to reduce “pain points” associated with the mortgage closing process, the Consumer Financial Protection Bureau (CFPB) last week named the participants in its new mortgage eClosing pilot program.

The three-month pilot, which is slated to kick off later this year, will explore how the increased use of technology during the mortgage closing process could impact consumer understanding and engagement, as well as save time and money for lenders and other market participants.

From: Assocaitions Now

The Consumer Financial Protection Bureau is looking to expand the information it supplies to the public on consumer complaints about financial services firms. But a key trade group says the effort will create a distorted picture of the industry.

Before the Consumer Financial Protection Bureau (CFPB) goes forward with its plan to add to its online Consumer Complaint Database anonymous, detailed narratives about financial institutions, a key trade group in the sector would like to air its point of view.

From: Reverse Mortgage Daily

 by Cassandra Dowell

The Government Accountability Office will conduct a review of the Consumer Financial Protection Bureau’s (CFPB) organizational culture and management practices in light of allegations that CFPB managers are discriminating against employees based on race and gender and retaliating against employees who complain.

The congressional watchdog agency’s review comes on the heels of a House of Representatives subcommittee’s investigation, ongoing since April, into CFPB employee practices. 

During the subcommittee’s investigation, CFPB Examiner Ali Naraghi testified that he was a victim of retaliatory practices by several executive level agency employees. In one circumstance, Naraghi claimed bureau management had at one point referred to him as a “f’ing foreigner,” despite his being a naturalized U.S. citizen.