The CFPB has published a notice in the Federal Register announcing that it is seeking applications for membership on its Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic...more
1/16/2020
/ Advisory Committee ,
Community Banks ,
Community Development ,
Consumer Advisory Board ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Debt Collection ,
Debt Collectors ,
Debt Relief ,
Debt-Relief Industry ,
Fair Lending ,
Federal Register ,
Financial Services Industry ,
Membership Interest ,
Mortgages
The CFPB’s newly-released Summer 2018 edition of Supervisory Highlights represents the CFPB’s first Supervisory Highlights report covering supervisory activities conducted under Acting Director Mick Mulvaney’s leadership. ...more
9/12/2018
/ Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Credit Cards ,
Debt Collection ,
ECOA ,
Financial Services Industry ,
Mortgage Servicers ,
Mortgages ,
Payday Loans ,
Regulatory Oversight ,
Small Business Loans ,
Supervisory Highlights ,
Title Loans ,
Transparency
The American Bankers Association jointly with state bankers associations, the American Financial Services Association, and the Mortgage Bankers Association are urging the U.S. Department of Housing and Urban Development (HUD)...more
8/31/2018
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
American Bankers Association ,
Consumer Financial Products ,
Discriminatory Lending Practices ,
Disparate Impact ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Services Industry ,
Housing Market ,
HUD ,
Mortgage Bankers Association ,
Mortgages ,
Popular ,
Race Discrimination ,
Residential Real Estate Market ,
Texas Dept of Housing v Inclusive Communities
The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more
8/28/2018
/ Ability-to-Repay ,
CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Final Rules ,
HOEPA ,
Mortgages ,
Qualified Mortgage Rule ,
Regulation Z ,
Regulatory Oversight ,
Regulatory Requirements ,
Threshold Requirements ,
Truth in Lending Act (TILA)
This week, these three bills were passed by the House Financial Services Committee. The first two bills were passed by unanimous votes and the third bill was passed by a vote of 34-22....more
7/26/2018
/ Digital Currency ,
Federal Agency Taskforce ,
Financial Services Committee ,
Financial Services Industry ,
Industry Examinations ,
Legislative Agendas ,
Mortgages ,
Proposed Legislation ,
Regulatory Oversight ,
Regulatory Requirements ,
Third-Party Service Provider ,
Truth in Lending Act (TILA) ,
Vendors
Thursday afternoon, President Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act) into law. The Act was passed by the House on Tuesday by a vote of 258 to 159 and by the Senate on March...more
The CFPB has issued its Consumer Response Annual Report that provides an analysis of the approximately 320,200 complaints received by the CFPB between January 1 and December 31, 2017. (In 2016, the CFPB received...more
The CFPB has published a notice in the Federal Register announcing two public subcommittee meetings of its Consumer Advisory Board (CAB) that will take place by conference call....more
In notices published in today’s Federal Register, the CFPB adjusted the thresholds of the asset-size exemptions for collecting HMDA data and establishing an escrow account for certain mortgage loans under TILA....more
12/27/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
HMDA ,
Mortgage Escrow Account ,
Mortgages ,
Regulation C ,
Regulation Z ,
Regulatory Standards ,
Threshold Requirements ,
Truth in Lending Act (TILA)
The CFPB, Fed, and OCC have published notices in the Federal Register announcing that they are increasing three exemption thresholds that are subject to annual inflation adjustments. Effective January 1, 2018 through...more
11/10/2017
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Exemptions ,
Federal Reserve ,
Inflation Adjustments ,
Mortgages ,
OCC ,
Regulation M ,
Regulation Z ,
Threshold Requirements ,
Truth in Lending Act (TILA)
The CFPB has published a notice in the Federal Register announcing that a meeting of its Consumer Advisory Board will be held in Tampa, Florida on November 2, 2017....more
Among the more than 20 bills that the House Financial Services Committee is scheduled to mark-up this Wednesday, October 11, is a bill to provide a “Madden fix” as well as several others relevant to consumer financial...more
10/10/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Collection ,
Disclosure Requirements ,
Financial Services Committee ,
Financial Services Industry ,
HMDA ,
Interest Rates ,
Loans ,
Madden v Midland Funding ,
Manufactured Housing ,
Mortgage Loan Originators ,
Mortgages ,
National Bank Act ,
Online Marketplace Lending ,
Payday Loans ,
Proposed Legislation ,
Regulatory Oversight ,
Threshold Requirements ,
Truth in Lending Act (TILA) ,
U.S. House
The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more
8/31/2017
/ Ability-to-Repay ,
Banking Sector ,
CARD Act ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
HOEPA ,
Mortgage Lenders ,
Mortgages ,
Qualified Mortgage Rule ,
Regulation Z ,
Truth in Lending Act (TILA)
The CFPB’s Spring 2017 rulemaking agenda has been published as part of the Spring 2017 Unified Agenda of Federal Regulatory and Deregulatory Actions. The preamble indicates that the information in the agenda is current as of...more
7/21/2017
/ Banking Sector ,
Closing Documents ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Deposit Advances ,
Deregulation ,
Dodd-Frank ,
FDCPA ,
Financial Regulatory Reform ,
Mortgages ,
Overdraft Fees ,
Payday Loans ,
Regulatory Oversight ,
SBREFA ,
Small Business ,
Title Loans
On July 12, 2017, a subcommittee of the House Financial Services Committee will hold a hearing entitled “Examining Legislative Proposals to Provide Targeted Regulatory Relief to Community Financial Institutions.” The...more
7/11/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Buyers ,
Debt Collectors ,
FDCPA ,
Financial Institutions ,
Financial Services Committee ,
Financial Services Industry ,
GAO ,
Mortgages ,
Regulatory Requirements ,
Truth in Lending Act (TILA) ,
UDAAP
The CFPB has issued its May 2017 complaint report highlighting complaints from “older consumers,” who the CFPB defines as consumers who voluntarily reported their age as 62 or older. The CFPB reports that consumers...more
6/2/2017
/ Consumer Complaint Database ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Elder Issues ,
Escrow Accounts ,
Financial Services Industry ,
HECM ,
Loan Modifications ,
Mortgages ,
Reverse Mortgages
Two enforcement actions filed by the CFPB recently went to trial in federal district court.
One of the cases was filed by the CFPB in July 2014 in a Wisconsin federal district court against two law firms and four of the...more
The CFPB has issued its annual Consumer Response Report that provides an analysis of the approximately 291,400 complaints handled by the CFPB between January 1 and December 31, 2016. According to the report, complaint volume...more
On Friday, PHH filed its opening en banc brief with the D.C. Circuit in the rehearing of its appeal of Director Cordray’s June 2015 decision that affirmed an administrative law judge’s (ALJ) recommended decision concluding...more
3/14/2017
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Amicus Briefs ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Mortgages ,
PHH Corp. v CFPB ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statutory Interpretation
After the D.C. Circuit panel issued a per curiam order on February 2 denying the three motions to intervene that were filed in the PHH case, we expected the next development in the case to be a decision by the D.C. Circuit on...more
2/13/2017
/ Administrative Proceedings ,
Article II ,
Attorney General ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
En Banc Review ,
Mortgages ,
Motion for Reconsideration ,
Motion To Intervene ,
PHH Corp. v CFPB ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statutory Interpretation ,
Trump Administration
The CFPB has issued its January 2017 complaint report that highlights mortgage complaints. The report also highlights complaints from consumers in Tennessee and the Memphis and Nashville metro areas....more
2/9/2017
/ Consumer Complaint Database ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Debt Collection ,
Financial Institutions ,
Mortgages ,
Online Marketplace Lending ,
Payday Loans ,
Prepaid Payment Products ,
Real Estate Market ,
Student Loans
The CFPB has announced annual adjustments to two asset-size exemption thresholds. First, the CFPB has made no change to the asset-size exemption threshold under HMDA/Regulation C which is currently set at $44 million. ...more
12/23/2016
/ Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Exemptions ,
Financial Institutions ,
HMDA ,
Mortgages ,
Regulation C ,
Regulation Z ,
Threshold Requirements ,
Truth in Lending Act (TILA)
In a blog post published last Friday, Patrice Ficklin, Associate Director of the CFPB’s Office of Fair Lending, outlined the CFPB’s fair lending priorities for 2017.
Ms. Ficklin wrote that, going forward, the CFPB will...more
12/19/2016
/ Banking Sector ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Minorities ,
Mortgage Servicers ,
Mortgages ,
Small Business ,
Student Loans
The CFPB has unveiled “Consumer Credit Trends,” which it describes as “a web-based tool to help the public monitor developments in consumer lending and forecast potential future risks.”...more
12/16/2016
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Financial Institutions ,
Financial Services Industry ,
Mortgage Loan Originators ,
Mortgages ,
Risk Assessment ,
Student Loans ,
Websites
The CFPB announced that it entered into consent orders with three reverse mortgage companies to settle the CFPB’s allegations that the companies engaged in deceptive advertising in violation of the Mortgage Acts and...more
12/9/2016
/ Banking Sector ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
False Advertising ,
Financial Services Industry ,
Misrepresentation ,
Mortgage Servicers ,
Mortgages ,
Regulation N ,
Residential Real Estate Market ,
Reverse Mortgages ,
Unfair or Deceptive Trade Practices