The CFPB announced that it has added Regulations C, X, and DD to its eRegulations platform and has updated Regulation Z on the platform so that it includes all of the amendments made to the regulation through March 2016....more
According to a Politico report, the House Appropriations Committee has advanced a bipartisan amendment to the FY17 Financial Services and General Government Appropriations bill that would block the CFPB from enforcing a rule...more
6/9/2016
/ Ability-to-Repay ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Legislative Committees ,
Online Marketplace Lending ,
Payday Loans ,
Title Loans
Tomorrow, in conjunction with a field hearing on small dollar loans, the CFPB is expected to issue its proposed rule addressing single-payment payday and auto title loans, deposit advance products, and certain “high cost”...more
The American Bankers Association has sent a comment letter to the CFPB challenging the Bureau’s use of the generic clearance process to conduct research in connection with its overdraft rulemaking. The letter was submitted...more
The CFPB recently announced that it has launched official Spanish-language Twitter and Facebook accounts. The CFPB previously launched a Spanish-language website and recently updated the translations on the “Ask CFPB”...more
The CFPB has announced that it will hold a field hearing on small dollar lending in Kansas City, Missouri on June 2, 2016. We anticipate the field hearing to coincide with the CFPB’s release of its proposed rule which is...more
In his April 2016 appearance before the Senate Banking Committee, Director Cordray made clear that FinTech companies are on the CFPB’s radar screen. In particular, he indicated that while FinTech companies should not have an...more
The Consumer Financial Protection Bureau (CFPB)has issued its April 2016 complaint report which highlights complaints about mortgages and complaints from consumers in California. The CFPB began taking complaints about...more
The CFPB has announced that there will be meeting of its Academic Research Council on May 20, 2016 in Washington, D.C. to discuss methodologies for CFPB research....more
The American Bankers Association has reported that on May 25, 2016, the CFPB will hold a webinar on how banks and credit unions can protect older consumers from financial exploitation. The webinar will highlight the CFPB’s...more
The Federal Financial Institutions Examination Council (FFIEC), whose members include the CFPB, is proposing a new uniform interagency consumer compliance rating system to reflect changes in consumer compliance supervision...more
The CFPB has issued a report covering its fair lending activities during 2015. The report states that in 2015, CFPB fair lending supervisory and public enforcement actions required institutions to provide approximately $108...more
5/3/2016
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discrimination ,
ECOA ,
Fair Lending ,
Financial Institutions ,
HMDA ,
HUD ,
Memorandum of Understanding ,
Mortgage Lenders ,
Mortgages ,
Reporting Requirements
Earlier this week, the CFPB announced the addition of several new members to its senior leadership team.
The announcement included the news that the CFPB has filled the position of Assistant Director for the Office of...more
4/14/2016
/ Administrative Appointments ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Financial Institutions ,
Lending ,
Minority-Owned Businesses ,
Small Business ,
Women-Owned Businesses
The constitutionality of the CFPB’s structure was front and center at this past Tuesday’s oral argument in PHH Corporation et al. v. CFPB before the U.S. Court of Appeals for the D.C. Circuit. The case involves PHH’s appeal...more
4/14/2016
/ Administrative Law Judge (ALJ) ,
Appeals ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Mortgages ,
Popular ,
Referral Fees ,
RESPA ,
Section 8 ,
Separation of Powers
Much of Director Cordray’s testimony in his appearance before the Senate Banking Committee yesterday consisted of his predictable defense of various CFPB positions. While the hearing was much less contentious than last...more
4/8/2016
/ Automotive Loans ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Disparate Impact ,
Dodd-Frank ,
ECOA ,
Enforcement Actions ,
Finance Lease Contract ,
Lending ,
No-Action Letters ,
Richard Cordray ,
Senate Banking Committee ,
Small Business
To the dismay of many consumer advocates, it has been reported that Democratic National Committee Chairwoman and Florida Congresswoman Deborah Wasserman Schultz is supporting a bill (H.R. 4018) that would limit the authority...more
According to Politico, “sources familiar with the discussions” have indicated that the CFPB will not issue a proposed rule for payday (and other small-dollar, high-rate) loans until later this Spring. In April 2015, the CFPB...more
The Office of the Comptroller of the Currency recently issued a revised Policies and Procedures Manual (PPM) for assessing civil money penalties (CMP). The PPM applies to CMPs assessed against all national banks, federal...more
In conjunction with yesterday’s meeting of the CFPB’s Consumer Advisory Board, which included a session on the CFPB’s strategic outlook, the CFPB issued its “near-term priority goals where we hope to make substantial progress...more
As anticipated, in conjunction with its field hearing today, the CFPB announced several steps it has taken to improve consumer access to checking accounts. These steps consist of a sending a letter to the 25 largest retail...more
The CFPB has announced that due to inclement weather, it has postponed the field hearing about access to checking accounts until February 3, 2016. The hearing, which is to be held in Louisville, Kentucky, was originally...more
The CFPB has published notices in the Federal Register announcing that it is seeking applications from persons interested in becoming members of its Academic Research Council (ARC), Consumer Advisory Board (Board), Community...more
The CFPB has announced that it will hold a field hearing in Louisville, Kentucky about access to checking accounts on January 27, 2016. In October 2014, the CFPB held a forum on checking account screening policies and...more
Senator Sherrod Brown, ranking member of the Senate Banking Committee, has sent a letter to President Obama that asks the President to prioritize funding in his FY 2017 budget proposal for programs in Title XII of the...more
Financial literacy was the focus of Director Richard Cordray’s remarks last week at the American Bankers Association Annual Convention. He identified three areas where the CFPB is focusing its efforts and where financial...more