News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Consumer Financial Products Notice Requirements

Alston & Bird

CFPB Releases Long-Awaited Proposal to Amend Regulation X Loss Mitigation Rules

Alston & Bird on

What Happened? On July 10, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) proposed a rule to amend provisions of its Mortgage Servicing Rules to significantly revamp requirements relating to borrowers...more

Venable LLP

CFPB Weighs in on Credit Denials by Lenders When Using AI and Complex Credit Models

Venable LLP on

The CFPB has issued a Circular addressing adverse action notification requirements and the proper use of the CFPB's sample forms provided in Regulation B when using artificial intelligence (AI) and complex credit models, and...more

Ballard Spahr LLP

CFPB Revisits Adverse Action Notice Requirements When Using Artificial Intelligence or Complex Credit Models

Ballard Spahr LLP on

In May 2022, the CFPB issued Circular 2022-3 addressing Equal Credit Opportunity Act (ECOA) adverse action notice requirements in connection with credit decisions based on algorithms. The CFPB is now revisiting the issue in...more

Ballard Spahr LLP

FTC recommends use of written adverse action notices by housing providers

Ballard Spahr LLP on

A new FTC blog post titled “Tenant background check reports: Put it in writing” reminds landlords, property managers, and other housing providers of their obligation under the Fair Credit Reporting Act to provide notice of...more

Sheppard Mullin Richter & Hampton LLP

CFPB Starts Year Seeking Comments on Proposals to Give Consumers Enhanced Control of Financial Data

Recently, the CFPB released an outline of proposed measures related to the Bureau’s Dodd-Frank Section 1033 rulemaking efforts that would allow consumers to take control of their personal financial data and determine which...more

Moore & Van Allen PLLC

CFPB Announces LIBOR Transition’s Final Rule, Amending Provisions of Regulation Z

On December 7, 2021, the Consumer Financial Protection Bureau (“CFPB”) published its final rule (“Rule”) facilitating the transition away from LIBOR for open-end and closed-end consumer financial products. The Rule amends...more

Hudson Cook, LLP

Actions Speak Louder than Words

Hudson Cook, LLP on

One of my all-time favorite sayings is “actions speaker louder than words.” Or, in other words, what you do has a stronger impact on people than what you say.  I can think of no better application of that maxim than to the...more

Goodwin

CFPB Publishes Rulemaking Agenda

Goodwin on

The CFPB published a semi-annual update of its rulemaking agenda. The rulemaking agenda includes a number of rulemakings on disclosures under the Home Mortgage Disclosure Act and its implementing regulation, Regulation C, the...more

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