In an effort to promote “open banking” and reduce “sticky banking”, make it easier for consumers to compare their current financial institution to competitors, and to generally increase competition among financial...more
As a part of Federal agencies’ issuance of their semi-annual Spring 2023 Regulatory Agenda, the CFPB has published its Spring 2023 Agency Rule List (“2023 List”). In that List, the CFPB has set forth the status of its...more
6/20/2023
/ Clean Energy ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Fair Credit Reporting Act (FCRA) ,
Fees ,
FIRREA ,
Interim Final Rules (IFR) ,
Libor ,
Notice of Proposed Rulemaking (NOPR) ,
Overdraft Fees ,
Quality Control Plan ,
Regulatory Agenda ,
Rulemaking Process ,
Small Business ,
Small Business Loans
On June 8, the CFPB announced that it has ordered a medical debt collector to pay a $1.7 million fine and provide refunds for alleged violations of debt collection rules. This action stands as a reminder to those dealing with...more
On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued the long-awaited final version of its rules on Small Business Lending under the Equal Credit Opportunity Act. The new rule imposes significant burdens...more
According to a Chicago federal district court, the Equal Credit Opportunity Act’s loan discrimination provisions to not extend to alleged discrimination against prospective applicants. Relying on the express language of the...more
On February 1, the CFPB issued a proposed rule to cut the “safe harbor” amount that banks and credit card companies can charge for late fees. If finalized, the proposed rule would reduce the maximum safe harbor limit for...more
The Office of Information and Regulatory Affairs in the Office of Management and Budget has released the Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions (Agenda) reports on the actions administrative agencies...more
1/11/2023
/ Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Dodd-Frank ,
Excessive Fees ,
Fair Credit Reporting Act (FCRA) ,
FDIC ,
Finance Charges ,
Insufficient Funds ,
Mortgages ,
Notice of Proposed Rulemaking (NOPR) ,
OMB ,
Overdraft Fees ,
PACE ,
Proposed Regulation ,
Regulatory Agenda ,
Small Business Loans ,
Truth in Lending Act (TILA) ,
Valuation
Registration of Regulator Orders and Court Judgments -
On December 12, 2022, the CFPB issued a proposed rule regarding non-bank consumer finance firms registration of all settlements and enforcement orders. The proposed...more
On September 27, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information Regarding Mortgage Refinances and Forbearances. The Request indicates that the CFPB is considering making the COVID...more
Continuing a recent trend, the CFPB has asserted that its oversight authority regarding unfair, deceptive, and abusive practices (UDAAP) to assert that certain digital marketers, including what it refers to as “Big Tech,”...more
Amidst its increased activity in many different areas, the CFPB recently focused on credit reporting responsibilities under the Fair Credit Reporting Act (FCRA) by issuing an advisory opinion. The CFPB highlighted and set out...more
In its recent Semiannual Risk Perspective, the Office of the Comptroller of the Currency (OCC) has highlighted the difficulties banks face finding adequate numbers and quality of hires for compliance oversight. While there...more
On April 25, the CFPB announced that it is invoking an aspect of its oversight authority to enable it to supervise and examine certain nonbank lenders when it determines the company’s activities and products pose a risk to...more
In a March 28 speech, CFPB Director Rohit Chopra announced that the CFPB intends to enforce aggressively against large financial institutions that are repeat offenders, and will ask other federal regulators to take a similar...more
On March 16, 2022, the CFPB announced it will expand the scope of its enforcement activities regarding discrimination beyond the specific areas covered by ECOA, by applying the UDAAP unfair practices standard to...more
On June 28, the Consumer Financial Protection Bureau (CFPB) issued a new rule (Rule) setting forth loss mitigation/loan modification steps residential mortgage loan servicers must take in regard to mortgage loan borrowers due...more
On April 27, the CFPB published a final rule extending the date for mandatory compliance with the new “general” Qualified Mortgage (QM) rule (General QM Rule) until October 1, 2022. In December, 2020, the CFPB published the...more
On February 5, a Buchalter Client Alert discussed CFPB Acting Director Uejio’s announcement that he was considering delaying implementation of the two new QM Final Rules (the “General QM final rule”, which creates a new...more
In a new blog, David Uejio, the Acting Director of the Consumer Financial Protection Bureau (CFPB) stated that he has instructed CFPB staff to “explore options for preserving the status quo with respect to QM and debt...more
Changes are coming in 2021 to the eligibility requirements for “Qualified Mortgage” or “QM” loans. The Ability-to-Repay/Qualified Mortgage Rule administered by CFPB (“ATR/QM Rule”) requires a creditor to make a reasonable,...more
On October 29, the OCC, the Federal Reserve, the FDIC, the NCUA and the CFPB (collectively, the “agencies”) issued a Notice of Proposed Rulemaking (“NPR”) to clarify and make into a rule the prior Interagency Statement...more
On October 20, the Consumer Financial Protection Bureau (CFPB) issued a final rule extending the Government Sponsored Enterprise “GSE Patch”, which was set to expire on January 10, 2021. The GSE Patch is now extended until...more
On October 7, the Consumer Financial Protection Bureau (CFPB) took steps to clarify its interpretation of how settlement service providers may comply with the “no kickback” and “unearned fee” provisions of Section 8 of the...more
On August, 18, 2020, the CFPB issued a new proposed rule to create a new category of “seasoned qualified mortgages” (Seasoned QMs) that would receive the safe harbor conclusive presumption of meeting the Ability to Repay...more
On June 4, the Consumer Financial Protection Bureau (CFPB) took steps to provide rules and guidance for the upcoming transition away from LIBOR for adjustable rate loans. The CFPB issued the following:
A revised version...more