News & Analysis as of

Consumer Financial Protection Bureau (CFPB) New Rules

Ballard Spahr LLP

Federal District Court in Texas which recently validated CFPB’s small business data collection rule might entertain “new” funding...

Ballard Spahr LLP on

On August 26, 2024, Chief Judge Randy Crane in the E.D. Texas granted summary judgment to the CFPB, denied summary judgment to the trade groups and upheld the validity of the CFPB’s small business data collection rule....more

Goodwin

CFPB Issues New Rule on Use of Artificial Intelligence Models in Mortgage Lending

Goodwin on

​​​​​​​On June 24, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it had approved a new rule about the use of algorithms and artificial intelligence (AI) for home appraisals and valuations....more

Ballard Spahr LLP

Federal Agencies Issue Final Automated Valuation Model Quality Control Rule

Ballard Spahr LLP on

Federal banking regulators recently began adopting a final rule that requires, among other things, supervised mortgage originators and secondary market issuers to ensure that automated valuation models they use follow quality...more

Ballard Spahr LLP

CFPB issues new rule for recognizing open banking standards

Ballard Spahr LLP on

The CFPB has launched the process for independent standard-setting bodies to receive formal recognition, as part of its efforts to shift towards open banking in the United States....more

Sheppard Mullin Richter & Hampton LLP

CFPB Interpretive Rule Holds That BNPL Lenders Are Credit Card Providers

On May 22, the CFPB announced an interpretive rule confirming that Buy Now, Pay Later (BNPL) lenders qualify as credit card providers under the Truth in Lending Act, Regulation Z and are required to provide consumers legal...more

Hudson Cook, LLP

CFPB Updates Supervision Designation Procedures for Nonbanks Posing Risks

Hudson Cook, LLP on

On April 16, 2024, the Consumer Financial Protection Bureau ("CFPB" or "Bureau") issued a rule to update its procedures for designating nonbank covered persons for supervision. Section 1024(a)(1)(C) of the Consumer Financial...more

Hudson Cook, LLP

CFPB Issues First Risk-Based Supervision Order

Hudson Cook, LLP on

On February 23, the Consumer Financial Protection Bureau announced its first decision designating a nonbank lender for supervision based on potential risk to consumers. As the CFPB emphasized in its press release, however,...more

Sheppard Mullin Richter & Hampton LLP

Bank Groups Sue to Overturn New Community Lending Rules

On February 5, several trade groups, including the American Bankers Association, the Independent Community Bankers of America, and the U.S. Chamber of Commerce, filed suit against the Federal Reserve Board, the FDIC, and the...more

Shipkevich PLLC

CFPB Continues War on Junk Fees for Instantaneously Declined Transactions

Shipkevich PLLC on

On January 24, 2024, the Consumer Financial Protection Bureau (“CFPB”) proposed a new rule, which would expand its crackdown on junk fees. In February 2023, almost a year ago, we wrote about the CFPB’s initial effort to curb...more

Davis Wright Tremaine LLP

CFPB Proposes Rule to Treat Overdraft as Credit Under TILA

The Consumer Financial Protection Bureau released its proposed rule to treat overdraft features for deposit accounts as credit, subject to the Truth in Lending Act (TILA) and its implementing rules, Regulation Z. The proposal...more

Sheppard Mullin Richter & Hampton LLP

CFPB Forecasts New Rule Cracking Down on Consumer Data Sales

On August 15, CFPB Director Rohit Chopra announced plans for new CFPB rules that would strictly limit the types of consumer data that can be sold by businesses and ensure that data brokers comply with the Fair Credit...more

King & Spalding

CFPB's New Small Business Data Collection Rule

King & Spalding on

A recent rule (12 CFR Part 1002, the “Rule”) issued in final form by the Consumer Financial Protection Bureau (the “CFPB”) earlier this year imposes a host of data collection and reporting obligations on lenders to small...more

Venable LLP

CFPB Rule and Enforcement Guidance on Small Business Lending Data Collection

Venable LLP on

The Consumer Financial Protection Bureau (CFPB) finalized a new Rule aimed at improving the transparency of and access to credit for small businesses on March 30, 2023. The Rule requires financial institutions to report data...more

Fisher Phillips

Employers Must Update Their Summary of Rights Notice for Background Check Screenings

Fisher Phillips on

Employers should promptly update their Summary of Consumer Rights notice provided to applicants and workers before taking adverse employment action based on their background check reports, thanks to a new rule about to take...more

Spilman Thomas & Battle, PLLC

Plaintiffs Pursuing Increased Class Action Claims for Overdraft Fees and Charges Against Customers

With plaintiff attorneys seeing potential large dollar settlements and verdicts, along with increased regulatory scrutiny, banks need to review their overdraft practices. As noted by the American Bankers Association, banks...more

Bradley Arant Boult Cummings LLP

CFPB Releases RFI on Mortgage Servicing Rules Signaling Potential for Future Regulatory Reform

On Thursday, September 22, 2022, the Consumer Financial Protection Bureau (CFPB) issued a new request for information (RFI) regarding mortgage servicing, potentially opening the door for much-needed regulatory reforms. The...more

Jenner & Block

CFPB Warns Digital Marketers, Loops In State AGs

Jenner & Block on

In a recent interpretive rule announced on August 10, 2022,—and unveiled at a summit of the National Association of Attorneys General—the CFPB stated that digital marketers are subject to the CFPB’s jurisdiction, and...more

Carlton Fields

[Webinar] Financial Services Cyber Fraud: The Latest Risks and Best Responses - October 20th, 12:00 pm - 1:00 pm ET

Carlton Fields on

Cyber fraud costs the financial services industry billions in losses each year and has been on the rise. Regulation has followed, creating risks of a different kind. This timely webinar will walk through some of the latest...more

Hudson Cook, LLP

Refunds of GAP and Other Voluntary Protection Products—a Federal UDAAP Issue?

Hudson Cook, LLP on

If you thought that a finance company's obligation to automatically credit a consumer's account for prorated fees for GAP or any other voluntary protection product depended on the product's contract or even the applicable...more

Sheppard Mullin Richter & Hampton LLP

CFPB Affirms that ECOA Protects Consumers After Receiving Credit

On May 9, the CFPB released an advisory opinion affirming that ECOA and its implementing rule, Regulation B, protect not only those persons actively seeking credit, but also those who have sought and received credit. The...more

Goodwin

CFPB to Supervise Fintechs Based on Consumer Risk

Goodwin on

Continuing a trend of expanding its supervisory scope, the Consumer Financial Protection Bureau (CFPB) announced on April 25, 2022 that it will examine fintechs and other nonbank financial enterprises, based on reasonably...more

Sheppard Mullin Richter & Hampton LLP

FinTechs in Crosshairs as CFPB Invokes Dormant Authority to Examine Nonbanks

On April 25, the CFPB announced that it is using its “dormant authority” in order to conduct examinations of nonbanks posing risks to consumers.  The Bureau has direct supervisory authority over banks and credit unions,...more

Bradley Arant Boult Cummings LLP

Fintechs and Non-banks Beware: CFPB to Utilize “Dormant Authority” to Examine Fintechs and Other Non-bank Financial Services...

On Monday, the CFPB issued a press release announcing that it will start using its authority to examine non-bank financial services institutions that the CFPB has “reasonable cause to determine pose risks to consumers.” In...more

Goodwin

SEC Proposes Rules to Include Certain Significant Market Participants as “Dealers” or “Government Securities Dealers”

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed rules to include certain significant market participants as “dealers” or “government securities dealers” to essentially eliminate the trader exclusion...more

Goodwin

SEC Proposes Changes to Private Fund Regulation

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed changes to private fund regulation; the Office of the Comptroller of the Currency (OCC) succeeded in validating its “valid-when-made” rulemaking; the...more

42 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide