Consumer Debt Counseling ServiceAdvice on consumer debt
CFPB's sovereignty is extensive and its capacity to enact legislation, legislate and oversight companies will have a deep effect on those who provide non-bank finance product and service, such as debt forgiveness service provider (e.g., for-profit and rateable debt forgiveness debt planning service provider, tax-exempt debt forgiveness loan advisory firm and debt regulation service provider) and US Department of Housing and Urban Development ("HUD") accredited residential advisory firm.
CFPB's transitional unit has recruited more than 400 people, organised its administrative work and consulted with other government authorities and non-governmental organisations. The CFPB has also launched a number of initiative projects in a number of areas related to payment methods and mortgage loans. This early effort has already affected debt forgiveness servicing.
CFPB has, for example, focused "debt write-off services" on possible incorporation into a first regulation in order to determine the extent of its supervisor for major players in certain non-bank financial marketplaces, while at the same signalling that residential advisory service firms may be automatically supervised. CFPB has also made efforts to consolidate mandatory disclosure on mortgages into a common format, published a review paper on ratings and consulted interest groups on a number of outstanding questions related to its regulated bias.
It has also provided publicity and information on consumer finance issues and its own launch messages through all the media at its command, as well as via online networks such as YouTube and Twitter. At the CFPB's forefront, and with implications for debt clearance service and residential advice service suppliers, there will be prospective regulatory activities to determine the extent of the office's executing agency, as well as whether it will track the Federal Trade Commission's (FTC's) execution record and how it can extend this example to good faith non-profit organisations outside the FTC's remit,
Reversal Hypothecary Research and Reporting, a review of binding rules of consumer contract arbitration, how it will attempt to govern and monitor collection companies, and how it will use its powers to govern payment service provider banks and hypothecaries. It is still not clear whether and how the CFPB will use its legal power to push through the FTC's changes to the Telemarketing Sales Rule for debt relief services, to trust non-profit loan advisors, and to govern other sectors related to the lifecycle of consumer loans and debt.
It is also still not clear who will be the first director of the CFPB. Mr. Cordray is currently Assistant Director for Enforcement at CFPB. In addition, the Dodd-Frank Act introduced a number of new issues and possibilities, such as a new office for residential advisory within HUD, new possibilities for residential advisory and general reform of the US regulation framework for retail banking in the United States.
In order to link all of this, you will find below a number of CFPB-related related law and PowerPoint presentation references to some of the lending and debt service issues that have been released in the past year.