California Consumer Finance Protection Bureau
Guru Project Blog #1:
The California Consumer Finance Protection Bureau (CFPB) is a California state agency that protects consumers in California’s financial marketplace by implementing and enforcing rules, regulations, and guidance that promote fair and competitive financial markets and services.
The CFPB uses various resources and tools to help financial institutions, service providers, and other entities in California’s financial market to understand and implement both state (California) and federal rules governing financial markets. It provides guidance to financial institutions in California regarding their statutory and regulatory financial compliance.
The agency also provides resources and tools to help entities in California financial market to become familiar with and knowledgeable about the CFPB’s supervisory and examination procedures. It shares any specific marketplace trends it observes while performing its supervisory activities.
The CFPB has resources to help the California entities it governs to understand both state (California) and federal consumer financial protection laws. Its web site includes links to other helpful resources.
Institutions subject to CFPB’s supervisory authority
The CFPB supervises a broad range of California companies/entities to assess their compliance with state and federal consumer financial laws. It supervises banks, thrifts, and credit unions with assets over $10 billion, and their affiliates. It also supervises nonbank mortgage originators and servicers, payday lenders, student loan providers, and large entities in other consumer financial markets. This includes larger entities in consumer reporting, consumer debt collection, student loan servicing, international money transfer, and automobile financing markets. Regulatory Implementation and Enforcement
Timely and efficient implementation of new rules is important for the agency to effectively protect consumers and/or their lawyers when they deal with California financial market members.
Some examples of CFPB rules include:
• Home Mortgage Disclosure Act (HMDA) rule
• Prepaid rule
• Remittance transfer rule
• Title XIV rules governing mortgage origination
• Title XIV rules governing mortgage servicing, and
• TILA-RESPA integrated mortgage disclosure rule
For the public’s benefit it is important that all California financial service industry providers comply with the CFPB’s rules and other requirements
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