News & Analysis as of

Ability-to-Repay

Troutman Pepper

South Carolina Proposes Legislation to Impose Ability-to-Repay Analysis for Installment and Payday Loans

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On January 9, a group of five bi-partisan South Carolina Senators introduced Bill 910, which would, among other things, require persons (non-bank lenders) providing “consumer installment loans” or “deferred presentment loans”...more

Ballard Spahr LLP

CFPB and DOJ issue joint statement on consideration of immigration status under ECOA but omit clear guidance

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The Consumer Financial Protection Bureau and Department of Justice have issued a joint statement regarding “the potential civil rights implications of a creditor’s consideration of an individual’s immigration status under the...more

Buchalter

CFPB’s PACE Loan Proposal Could Impact Other Creditors

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The Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 amended TILA to require the CFPB to issue rulemaking addressing Property Assessed Clean Energy (PACE) loans. Specifically, the Act required the CFPB...more

Orrick, Herrington & Sutcliffe LLP

CFPB and New York say auto lender misled consumers

On January 4, the CFPB and New York attorney general filed a complaint against a Michigan-based auto finance company accused of allegedly misrepresenting the cost of credit and deceiving low-income consumers into taking out...more

Spilman Thomas & Battle, PLLC

Auto Loan Delinquencies – The Rise and Reasons Why

With inflation cutting into the budgets of Americans, a growing percentage of people with auto loans are struggling to make their monthly payments...more

Ballard Spahr LLP

CFPB Issues RFI on Mortgage Refinances and Forbearances

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The CFPB recently issued a Request for Information Regarding Mortgage Refinances and Forbearances (RFI) Comments on the RFI will be due 60 days after publication in the Federal Register....more

Troutman Pepper

Challenges to Payday Rule’s Ability to Repay Provisions Denied

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On January 14, a D.C. federal judge granted the Consumer Financial Protection Bureau’s (CFPB) motion to dismiss a case filed by the National Association for Latino Community Asset Builders (NALCAB), after the NALCAB contested...more

Ballard Spahr LLP

D.C. federal court dismisses NALCAB lawsuit challenging CFPB’s rescission of payday loan rule underwriting provisions

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The D.C. federal district court has granted the motions filed by the CFPB and the Consumer Financial Services Association (CFSA) to dismiss the lawsuit brought by the National Association for Latino Community Asset Builders...more

Goodwin

CFPB Overcomes Challenge to PayDay Lending Rule

Goodwin on

On August 31, 2021, the United States District Court for the Western District of Texas issued an opinion upholding the Consumer Financial Protection Bureau’s (CFPB) Rule regulating payday lending.  Community Financial...more

Cooley LLP

Alert: CFPB Files Motion to Lift Stay of Payment Provisions in 2017 Payday Rule

Cooley LLP on

The Consumer Financial Protection Bureau (CFPB) recently filed a motion to lift the stay of the compliance date for the “payment provisions” in the Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule (CFPB...more

Ballard Spahr LLP

CFPB files motion to lift stay of payment provisions in payday loan rule

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The CFPB has filed a motion to lift the stay of the compliance date for the payment provisions in its 2017 final payday/auto title/high-rate installment loan rule (2017 Rule)....more

Ballard Spahr LLP

Plaintiff in lawsuit challenging CFPB’s rescission of ability-to-repay provisions of 2017 payday loan rule files opposition to...

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The National Association for Latino Community Asset Builders (NALCAB) has filed its combined opposition to the motions of the CFPB and the Consumer Financial Services Association (CFSA) to dismiss NALCAB’s lawsuit challenging...more

Morgan Lewis - All Things FinReg

CFPB Finalizes Delay of Mandatory Compliance Date for General Qualified Mortgage Final Rule

On April 27, 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule formally delaying the mandatory compliance date for the rule defining a “qualified mortgage” (QM) (the General QM Final Rule)...more

Ballard Spahr LLP

Fannie Mae and Freddie Mac Announce Plans to Purchase Only New General Qualified Mortgage Loans

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As previously reported, the CFPB proposed to delay the mandatory compliance date for the new general qualified mortgage (QM) rule that amends the Regulation Z ability to repay/QM rule from July 1, 2021 to October 1, 2022....more

Manatt, Phelps & Phillips, LLP

Regulation by Blog or Press Release?

CFPB Acting Director Warns of Enforcement on ‘Ability to Repay’ and Residential Evictions - In two recent communications, the Consumer Financial Protection Bureau (CFPB or Bureau) acting director is signaling that the...more

Ballard Spahr LLP

CFPB Moves To Dismiss Lawsuit Challenging Its Rescission Of Mandatory Underwriting Provisions Of 2017 Payday/Auto Title/High-Rate...

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The CFPB has filed a motion to dismiss the federal district court lawsuit brought by the National Association for Latino Community Asset Builders (NALCAB). That lawsuit seeks to overturn the CFPB’s July 2020 final rule (2020...more

Alston & Bird

Evaluating the CFPB’s Proposed Delay of the QM Rule: Timing Considerations

Alston & Bird on

A&B ABstract: The CFPB must finalize its proposed QM delay rule in April, likely leaving no room for delay. Background on ATR/QM and the Delay Rule - On March 3, 2021, the Bureau of Consumer Financial Protection (CFPB)...more

Ballard Spahr LLP

CFPB Proposes To Delay Mandatory Compliance Date For New General Qualified Mortgage

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The CFPB has proposed to delay the mandatory compliance date for the new general qualified mortgage (QM) rule that amends the Regulation Z ability to repay/QM rule from July 1, 2021 to October 1, 2022. As previously...more

Ballard Spahr LLP

CFPB Likely to Delay Mandatory Compliance Date of New General QM Rule and May Reconsider Seasoned QM Rule

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The CFPB recently issued a policy statement addressing the rules finalized near the end of former Director Kraninger’s tenure that amend the Regulation Z ability to repay rule/qualified mortgage (QM) requirements to replace...more

Morgan Lewis - All Things FinReg

CFPB Provides Status Update Concerning Recently Finalized Qualified Mortgage Rules

We previously reported on recent mortgage rulemakings that were finalized by the Consumer Financial Protection Bureau (CFPB or Bureau) late last year. Of the two final rules from the Bureau, one drastically simplifies the...more

Holland & Knight LLP

CFPB Amends Ability-to-Repay/Qualified Mortgage Rule

Holland & Knight LLP on

The Consumer Financial Protection Bureau (CFPB) recently published two final rules revising its Ability-to-Repay/Qualified Mortgage Rule (ATR/QM Rule). The principal purpose of these final rules is to avoid anticipated...more

Dechert LLP

CFPB Issues Two Final Rules: A Change to the General Qualified Mortgage Rule and the Seasoned Qualified Mortgage Rule

Dechert LLP on

The Consumer Financial Protection Bureau (“CFPB”) recently issued two final rules aimed at bolstering the Qualified Mortgage (“QMs”) market. The first final rule amends the general eligibility category of QMs (“General QMs”)...more

Troutman Pepper

The CFPB Revises Reg. Z’s Qualified Mortgage Loan Criteria in Anticipation of the GSE Patch’s Expiration

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In anticipation of the “GSE patch” expiring, the Consumer Financial Protection Bureau (“CFPB”) issued several final rules in 2020 to amend Regulation Z (“Reg. Z”). Concerns have existed that the expiration of the GSE patch...more

Orrick - Finance 20/20

CFPB Issues Two Final Rules to Promote Access to Responsible, Affordable Mortgage Credit

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On December 10, the Consumer Financial Protection Bureau (CFPB) issued two final rules related to qualified mortgage (QM) loans. The first final rule, the General QM Final Rule, replaces current requirements for measuring a...more

Mayer Brown

CFPB Issues New QM Definition and Seasoning Provisions

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The Consumer Financial Protection Bureau (“CFPB”) issued two relatively welcome surprises yesterday. First, along with ditching a debt-to-income ratio (“DTI”) ceiling, the agency expanded its proposed general Qualified...more

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