News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Consumer Lenders Comment Period

Ballard Spahr LLP

CFPB proposes ‘narrow’ amendment to disclosure requirements for international remittances and money transfers

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The CFPB has issued a proposed rule with a small amendment to disclosure requirements for certain international remittances and money transfers....more

Nelson Mullins Riley & Scarborough LLP

Who is Paying Who: The Employee or the Employer?

Since 2022, the Consumer Financial Protection Bureau (CFPB) has a stated priority of “protecting employees and their rights through conducting reports, inquiries, and issuing requirements for employers.” In July 2024, the...more

Ballard Spahr LLP

CFPB Proposes Interpretive Rule that EWAs Are Credit; Expedited Funding Fees and Tips May Be Finance Charges under Regulation Z

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On July 18, 2024, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) proposed an interpretive rule that states (1) EWA products fall under the definition of “credit” under the Truth in Lending Act (“TILA”) and...more

Hudson Cook, LLP

CFPB Bites of the Month - March 2024 - Here Comes the Sun and the CFPB

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In this month's article, we share some of our top "bites" covered during the March 2024 webinar. Bite 10: CFPB Issues Statement on Privacy and Personal Data - On February 28, 2024, the CFPB issued a statement on...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - November 2023

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Goodwin

Tougher Standards for Certain Home Improvement Loans

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On May 1, 2023, the Consumer Financial Protection Bureau (CFPB) issued a report and a proposed rule to clarify and strengthen its regulation of so-called Property Assessed Clean Energy (PACE) financing. PACE financing is...more

Brownstein Hyatt Farber Schreck

CFPB Invites Comments on Proposed Registry of Nonbank Financial Firms

Seeking to “enhance market monitoring and risk-based supervision efforts,” the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) has proposed a new, online registry of nonbank financial firms in order to track, what...more

Ballard Spahr LLP

CFPB publishes notice on plans to conduct research for developing payday loan disclosures

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The CFPB has published a notice in the Federal Register indicating that it has hired a contractor to conduct one-on-one consumer interviews “to evaluate and refine potential options for a Bureau-designed payday loan...more

Ballard Spahr LLP

You Can Still Comment on the TRID Rule Assessment

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As we previously reported, the CFPB is conducting an assessment of the TILA/RESPA Integrated Disclosure (TRID) Rule. Although the comment period associated with the Federal Register notice regarding the assessment ended on...more

Nutter McClennen & Fish LLP

Nutter Bank Report: August 2019

Federal Reserve Announces Plan for Real-Time Payment and Settlement Service - The Federal Reserve has announced that the Federal Reserve Banks will develop a new real-time gross settlement service with integrated clearing...more

Bradley Arant Boult Cummings LLP

CFPB Extends the Comment Period for Proposed Debt Collection Rule in Response to Consumer Advocate and Industry Requests

The Consumer Financial Protection Bureau (CFPB) formally extended the comment period for its proposed debt collection rulemaking on Friday, August 2. Rather than requiring that all comments be submitted by August 19, 2019,...more

Bradley Arant Boult Cummings LLP

CFPB Guts Major Component of Payday Lending Rule

Today February 6, 2019, the CFPB proposed amendments to its Payday, Vehicle Title, and Certain High-Costs Installment Loans Rule. As anticipated, the bureau is proposing to rescind the rule’s requirements that lenders make...more

Morrison & Foerster LLP

CFPB Issues RFI on Inherited Regulations

On March 26, 2018, the Consumer Financial Protection Bureau (CFPB or “Bureau”) published a Request for Information (RFI) on the CFPB’s inherited regulations and inherited rulemaking authorities. The RFI is the ninth in a...more

Ballard Spahr LLP

CFPB conducts small business field hearing and issues related white paper and request for information

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Yesterday, I attended the CFPB’s field hearing in Los Angeles on small business lending. In connection with the hearing, the CFPB issued a white paper entitled “Key dimensions of the small business lending landscape,”...more

Carlton Fields

Notice and Comment Like a Rock Star

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Musicians know they’ve created a hit when thirty-somethings have known all the song’s words since middle school. Likewise, most consumer finance lawyers recall verbatim Regulation Z’s guidance to lenders that, “The annual...more

Ballard Spahr LLP

CFPB announces enforcement actions against auto title lenders

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The CFPB announced that it has filed administrative enforcement actions against five Arizona auto title lenders for alleged violations of Truth in Lending Act advertising requirements. According to the CFPB, the lenders...more

Bradley Arant Boult Cummings LLP

CFPB Issues Proposed Amendments to TRID Rule

Last week, the Consumer Financial Protection Bureau (CFPB) released its proposed amendments to the “Know Before You Owe” mortgage disclosure rule, commonly known as the Truth in Lending Act-Real Estate Settlement Procedures...more

Ballard Spahr LLP

CFPB Releases Amendments to TRID Rule

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The CFPB has issued a proposed rule with request for public comment containing both substantive amendments and technical corrections (collectively, Proposed Amendments) to the final TILA-RESPA Integrated Disclosure (TRID)...more

Holland & Knight LLP

CFPB Outlines Long-Awaited Debt Collection Reforms

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The Consumer Financial Protection Bureau (CFPB) released on July 28 new proposals designed to "overhaul" the practices of the debt collection industry. The proposals include sweeping changes to existing regulations, including...more

Ballard Spahr LLP

CFPB corrects (and extends) comment deadline for payday loan RFI

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The CFPB is publishing a notice in tomorrow’s Federal Register to correct the comment deadline for its payday loan Request for Information (RFI). The corrected deadline will be November 7, 2016. The RFI seeks feedback...more

Ballard Spahr LLP

CFPB extends comment deadline for payday loan proposal

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The CFPB’s proposed payday loan rule and related Request for Information (RFI) were published in this past Friday’s Federal Register.  The RFI seeks feedback regarding consumer protection concerns pertaining to (1) loan...more

McGuireWoods LLP

CFPB Proposes Banning Some Arbitration Clauses, Resurrecting Consumer Contract Class Actions

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On October 7, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it is exploring a rulemaking to eliminate the use of certain arbitration agreements in consumer contracts that block consumers from...more

Ballard Spahr LLP

CFPB extends comment period on credit card issues

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In March 2015, the CFPB issued a request for information on 12 topics relating to the credit card market. The request set a due date of May 18, 2015 for comments. In a notice published in yesterday’s Federal Register, the...more

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