The Labor, Health and Human Services, Education, and Related Agencies subcommittee of the House Appropriations Committee is scheduled to hold a hearing on March 6, 2019 entitled “Protecting Student Borrowers: Loan Servicing...more
The CFPB has published notices in the Federal Register announcing that its Consumer Advisory Board, Credit Union Advisory Council, and Community Bank Advisory Council will hold meetings in Washington, D.C. on March 14, 2019....more
House Financial Services Committee Maxine Waters has announced a series of hearings for next month, including one entitled “Putting Consumers First? A Semi-Annual Review of the Consumer Financial Protection Bureau” scheduled...more
The CFPB recently issued its Fall 2018 Semi-Annual Report to Congress covering the period April 1, 2018 through September 30, 2018....more
The CFPB’s proposal to revise its final payday/auto title/high-rate installment loan rule to rescind the rule’s ability-to-repay (ATR) provisions in their entirety and its proposal to delay the compliance date for the ATR...more
2/14/2019
/ Ability-to-Repay ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Federal Register ,
Online Marketplace Lending ,
Payday Loans ,
Regulatory Agenda ,
Rulemaking Process ,
Title Loans
The CFPB announced that it has entered into a settlement with the owners of payday loan retail outlets that operated under the name “Cash Tyme” in seven states to resolve alleged violations of the Consumer Financial...more
2/7/2019
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Services Industry ,
Gramm-Leach-Blilely Act ,
Online Marketplace Lending ,
Payday Lending Rule ,
Payday Loans ,
Privacy Notice Rule ,
Regulation P ,
Regulation Z ,
Settlement Agreements ,
Truth in Lending Act (TILA)
Last July, the OCC announced its decision to accept applications for special purpose national bank (SPNB) charters from fintech companies. ...more
The Cato Institute announced that it will hold a policy forum in Washington, D.C. on January 17, 2019 at which the topic will be “Promoting Fintech Innovation and Consumer Choice: The Role of Regulatory Sandboxes.”...more
Seventy-four organizations that describe themselves as “consumer, community, civil rights, faith, labor and legal services groups” have sent a letter to CFPB Director Kathy Kraninger to “reiterate our concerns about...more
The CFPB has issued its Spring 2018 Semi-Annual Report to Congress covering the period October 1, 2017 through March 31, 2018. ...more
The CFPB announced that it has entered into a consent order with Cash Express, LLC to settle charges that the company engaged in deceptive and abusive acts or practices in violation of the Consumer Financial Protection Act...more
10/25/2018
/ Abusive Acts ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Enforcement Actions ,
Financial Services Industry ,
Restitution ,
Small Lenders ,
Statute of Limitations ,
Time-Barred Debt ,
Unfair or Deceptive Trade Practices
The CFPB has issued a “Complaint snapshot: 50 state report” that provides overall complaint data on a state-by-state basis. The report includes the District of Columbia. Last October, the CFPB issued a 50-state snapshot that...more
In June 2018, the CFPB announced that it planned to reconstitute three of its advisory groups, the Consumer Advisory Board (CAB), the Community Bank Advisory Council (CBAC), and the Credit Union Advisory Council (CUAC), and...more
The CFPB’s newly-released Summer 2018 edition of Supervisory Highlights represents the CFPB’s first Supervisory Highlights report covering supervisory activities conducted under Acting Director Mick Mulvaney’s leadership. ...more
9/12/2018
/ Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Credit Cards ,
Debt Collection ,
ECOA ,
Financial Services Industry ,
Mortgage Servicers ,
Mortgages ,
Payday Loans ,
Regulatory Oversight ,
Small Business Loans ,
Supervisory Highlights ,
Title Loans ,
Transparency
The American Bankers Association jointly with state bankers associations, the American Financial Services Association, and the Mortgage Bankers Association are urging the U.S. Department of Housing and Urban Development (HUD)...more
8/31/2018
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
American Bankers Association ,
Consumer Financial Products ,
Discriminatory Lending Practices ,
Disparate Impact ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Services Industry ,
Housing Market ,
HUD ,
Mortgage Bankers Association ,
Mortgages ,
Popular ,
Race Discrimination ,
Residential Real Estate Market ,
Texas Dept of Housing v Inclusive Communities
Seth Frotman, the CFPB’s Student Loan Ombudsman, has sent a letter to CFPB Acting Director Mulvaney tendering his resignation effective September 1, 2018. ...more
The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more
8/28/2018
/ Ability-to-Repay ,
CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Final Rules ,
HOEPA ,
Mortgages ,
Qualified Mortgage Rule ,
Regulation Z ,
Regulatory Oversight ,
Regulatory Requirements ,
Threshold Requirements ,
Truth in Lending Act (TILA)
The CFPB, in a decision and order signed by Acting Director Mulvaney, has denied the petition filed by Firstsource Advantage, LLC (Firstsource) to modify or set aside a civil investigative demand (CID) (Petition) that was...more
The CFPB’s Office of Fair Lending and Equal Opportunity has announced that it will hold a day-long symposium, “Building a Bridge to Credit Visibility,” to “explore challenges many consumers face in accessing credit.”...more
The CFPB announced that it has settled a lawsuit that it filed in 2014 in a Missouri federal district court alleging that the defendants engaged in unlawful online payday lending schemes. ...more
A fifth amicus brief has been filed in support of All American Check Cashing and the other appellants in their interlocutory appeal to the U.S. Court of Appeals for the Fifth Circuit of the district court’s ruling upholding...more
7/16/2018
/ Amicus Briefs ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Interlocutory Appeals ,
Payday Loans ,
Removal For-Cause ,
Single Director ,
UDAAP ,
Unfair or Deceptive Trade Practices
Three more amicus briefs have been filed in support of All American Check Cashing and the other appellants in their interlocutory appeal to the U.S. Court of Appeals for the Fifth Circuit of the district court’s ruling...more
7/10/2018
/ Administrative Proceedings ,
Amicus Briefs ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Interlocutory Appeals ,
Payday Loans ,
Separation of Powers ,
UDAAP ,
Unfair or Deceptive Trade Practices
The CFPB has issued a report focusing on end-of-year credit card borrowing and repayment of credit card balances in the following year. The report is based on data from the Bureau’s Consumer Credit Panel, a...more
A group of 15 Democratic state attorneys general have submitted a letter responding to the CFPB’s request for information seeking comment on potential changes to the CFPB’s practices for the public reporting of consumer...more
The National Credit Union Administration has published a notice in the Federal Register proposing to amend the NCUA’s general lending rule to provide federal credit unions (FCU) with a second option for offering “payday...more