In this month's Top 10 article, we share some of our top "bites" for the prior month covered during the May 18 webinar.
So, what happened at the CFPB in the past month?
Bite #10 - The CFPB provided Spanish-language disclosures.
To help financial institutions better support Spanish-speaking communities, the CFPB unveiled Spanish translations of the following federal model disclosures: prepaid card model forms, adverse action sample notices, home mortgage origination documents, early intervention clauses for mortgage servicers, credit reporting notices, and the debt collection model validation notice.
Bite #9 - The CFPB announced that it will make examination information public and will examine additional companies posing risks to consumers.
The CFPB announced to two examination changes: one to make examination information public and the other to announce that it will examine additional organizations posing risks to consumers. The first examination change concerns a new procedural rule, effective immediately, that gives the Director the authority to make final examination determinations public. The CFPB will accept comments for 30 days and may amend the rule if it receives comments warranting change. The CFPB highlighted a public interest in transparency and the opportunity to use orders as precedent.
The CFPB also announced that in addition to its authority to examine large banks, mortgage companies, student loan companies, payday lenders, and larger participants in the...
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