OSHA has published the interim final text of regulations governing the employee protection (or whistleblower) provisions of the Consumer Financial Protection Act of 2010, or CFPA, Section 1057 of the Dodd-Frank Wall Street...more
In a recent speech, CFPB Director Richard Cordray gave his views that the law specifies that the CFPB generally does not have jurisdiction over auto dealers and their practices, but the CFPB does have jurisdiction over the...more
The CFPB has ordered Mortgage Master, Inc. and Washington Federal to pay civil penalties for violating the Home Mortgage Disclosure Act, or HMDA, which requires certain mortgage lenders to accurately collect and report data...more
The CFPB has published a bulletin expressing its view that employers cannot require their employees to receive wages on a payroll card. The bulletin also gives the CFPB’s view on some of the federal consumer protections that...more
The CFPB has issued a notice regarding companies that supply information to consumer reporting companies. The CFPB released a bulletin stressing that, under the CFPB’s view of the law, these companies, called furnishers, are...more
The head of the CFPB, Richard Cordray, was initially appointed by a recess appointment which has generated speculation as to its validity and resulted in certain court actions. Mr. Cordray’s appointment was subsequently...more
In a letter to various regulators, the American Bankers Association noted survey data which highlights practical challenges associated with fully complying with all of the CFPB’s requirements for new mortgage-related rules...more
The CFPB has issued a bulletin encouraging self-policing, self-reporting, remediation, and cooperation....more
The CFPB has published a final rule that establishes procedures to implement section 1024(a)(1)(C) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010....more
The Center for Capital Markets Competitiveness, an arm of the U.S. Chamber of Commerce, has sent a letter to the CFPB complaining about its data collection efforts....more
The CFPB has amended its Ability-to-Repay rule to facilitate access to credit by creating specific exemptions and modifications to the CFPB’s Ability-to-Repay rule for small creditors, community development lenders, and...more
The CFPB has ordered a Texas homebuilder, Paul Taylor, to surrender more than $100,000 he received in kickbacks for referring mortgage origination business to Benchmark Bank and to Willow Bend Mortgage Company. ...more
The CFPB has revised its rule that creates certain protections for consumers who transfer money internationally. The revisions are intended to preserve the new consumer protections provided under the rule while facilitating...more
The CFPB has updated existing regulations to make it easier for spouses or partners who do not work outside of the home to qualify for credit cards....more
The CFPB has announced four enforcement actions to end what the Bureau believes to be improper kickbacks paid by mortgage insurers to mortgage lenders in exchange for business. The CFPB filed complaints and proposed consent...more
The CFPB has released a bulletin explaining its belief that certain lenders that offer auto loans through dealerships are responsible for unlawful, discriminatory pricing. According to the CFPB, potentially discriminatory...more
The CFPB has issued a final rule that establishes procedures for the public to obtain information from the Bureau of Consumer Financial Protection, under the Freedom of Information Act, the Privacy Act of 1974, and in legal...more
The CFPB announced a plan it will implement over the next year that focuses on the mortgage industry’s compliance with new consumer protections that go into effect in January 2014. In an effort to support rule implementation...more
The CFPB has issued a bulletin advising mortgage companies about their legal obligations that protect consumers during loan transfers between mortgage servicers. The CFPB is concerned that when handing over the processing of...more
The CFPB has issued rules to prevent mortgage lenders from steering borrowers into risky and high-cost loans. According to the CFPB, the rules ban certain incentives that loan originators had to sell unsafe loans to consumers...more
The Consumer Financial Protection Bureau, or CFPB, has adopted a new rule that requires lenders to ensure prospective buyers have the ability to repay their mortgage....more
A new bill has been signed into law which prevents a waiver of attorney-client privilege when a regulated entity submits information to the CFPB. ...more
The CFPB has adopted a rule which states its rules are deemed issued upon the earlier of...more
The CFPB has published the procedures it will use in examining student lenders. The Student Lending Examination Procedures are an extension of the CFPB’s General Supervision and Examination Manual and will be used as a field...more
The CFPB has announced its proposed policy to allow companies to test new consumer disclosures on a case-by-case basis. As part of its Project Catalyst initiative, and in line with its statutory authority, the CFPB’s goal is...more