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Consumer Financial Protection Bureau: A year in review

 |  July 23, 2012

July 21 marked the Consumer Financial Protection Bureau’s first year as an independent agency. Headed by Richard Cordray, the CFPB has been a major presence in the financial industry, most recently in the deceptive marketing case against Capital One Bank resulting in a 210 million dollar settlement. And according to Kaplinsky of Ballard Spahr that case is “just the tip of the iceberg….There are dozens of ongoing investigations.” The agency has also issued rules for supervising credit reporting agencies, and proposed a standard “penalty fee box” to clarify checking account overdraft fees to consumers, and made steps to help modify loans and provide foreclosure relief to military members. Mandatory arbitration clauses and student loans are also under scrutiny.

The CFPB will hone in on the mortgage market in the coming year, with a goal to restore “transparency, fairness, and incentives for responsible behavior” in the sector, as in others.

Full content: Legal Times


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