The Consumer Financial Protection Bureau (CFPB) released its much anticipated proposed rule aimed at ending what it calls “payday lending debt cycles.” The 1,334-page rule will require small-dollar lenders to undertake...more
On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will hold a field hearing in Kansas City, Missouri, on June 2 regarding small-dollar lending, commonly referred to as payday lending. It is...more
On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will hold a field hearing in Kansas City, Missouri, on June 2 regarding small-dollar lending, commonly referred to as payday lending. It is...more
On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) announced the issuance of a Notice of Proposed Rulemaking (NPRM) soliciting comments on a proposed rule to prohibit covered institutions from including, in most...more
The CFPB announced that it is holding a field hearing on May 5, 2016, in Albuquerque, New Mexico, on arbitration. Previously, CFPB field hearings have resulted in the announcement of proposed rules. We anticipate that this...more
The CFPB’s Office of Minority and Women Inclusion (OMWI) published its third annual report to Congress highlighting its 2015 activities. Dodd-Frank requires the CFPB and other federal regulators to establish an office of...more
On March 8, 2016, the Consumer Financial Protection Bureau (CFPB) announced that, through its supervisory authority, it recovered $14.3 million for approximately 228,000 consumers. This recovery spans CFPB work completed in...more
On November 3, the Consumer Financial Protection Bureau (CFPB) released its fall 2015 supervisory report concerning enforcement actions from May 2015 through August 2015. The Bureau highlights violations in the mortgage...more
Please join the BakerHostetler Class Action Defense Team's webinar on February 10, 2015, from 12:00-1:15 p.m., discussing the risks and trends expected to affect consumer financial services in 2016. The presenters will draw...more
On November 3, the Consumer Financial Protection Bureau (CFPB) released its fall 2015 supervisory report concerning enforcement actions from May 2015 through August 2015. The Bureau highlights violations in the mortgage...more
11/5/2015
/ Banking Sector ,
Banks ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Reports ,
Credit Unions ,
Debt Collection ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Institutions ,
Lenders ,
Loans ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
RESPA ,
Student Loans
The Consumer Financial Protection Bureau (CFPB) finalized a rule yesterday aimed at providing the public and regulators with meaningful information concerning the lending practices of financial institutions....more
10/19/2015
/ Banking Sector ,
Banks ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Disclosure Requirements ,
Fair Lending ,
Financial Institutions ,
HMDA ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
Regulation C ,
Regulatory Standards ,
Reporting Requirements ,
Reverse Mortgages
On October 7, the CFPB announced at a field hearing in Denver, Colorado, that it plans to propose rules via its rule-making authority that would prohibit financial services companies from including class action waivers in...more
10/9/2015
/ Arbitration ,
Arbitration Agreements ,
Automotive Loans ,
Bank Accounts ,
Banking Sector ,
Banks ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Financial Institutions ,
Payday Loans ,
Private Student Loans
The Consumer Financial Protection Bureau (CFPB) reports that most borrowers benefit from electronic closings relating to the mortgage loan process. On August 5, 2015, the CFPB published its study on the benefits of electronic...more
8/11/2015
/ Banking Sector ,
Banks ,
Borrowers ,
Closing Documents ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Institutions ,
Lenders ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
TILA-RESPA Integrated Disclosure Rule (TRID)
On August 4, 2015, the Consumer Financial Protection Bureau (CFPB) issued a bulletin providing guidance to mortgage servicers regarding cancellation and termination of private mortgage insurance. The bulletin, discusses...more