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 Senate Committee on Commerce, Science, and Transportation has scheduled a hearing for tomorrow, August 16, titled “Oversight of the Federal Communications Commission.” The Committee’s website indicates that the hearing...more
This week, these three bills were passed by the House Financial Services Committee. The first two bills were passed by unanimous votes and the third bill was passed by a vote of 34-22....more
7/26/2018
/ Digital Currency ,
Federal Agency Taskforce ,
Financial Services Committee ,
Financial Services Industry ,
Industry Examinations ,
Legislative Agendas ,
Mortgages ,
Proposed Legislation ,
Regulatory Oversight ,
Regulatory Requirements ,
Third-Party Service Provider ,
Truth in Lending Act (TILA) ,
Vendors
According to media reports, the Senate was scheduled to begin debate yesterday afternoon on H.R. 6167, the “Interior, Environment, Financial Services, and General Government Appropriations Act, 2019.”...more
The CFPB will be one of the members of the new Task Force on Market Integrity and Consumer Fraud (Task Force) to be established by the U.S. Department of Justice (DOJ). ...more
The FTC has announced that beginning in September 2018, it will hold a series of 15 to 20 public hearings “on whether broad-based changes in the economy, evolving business practices, new technologies, or international...more
6/29/2018
/ Algorithms ,
Analytics ,
Antitrust Provisions ,
Artificial Intelligence ,
Big Data ,
Competition ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Privacy Concerns ,
Public Comment ,
Public Hearing ,
Regulatory Oversight ,
Regulatory Standards
Comptroller of the Currency Joseph Otting appeared before the House Financial Services Committee yesterday and before the Senate Banking Committee yesterday....more
6/15/2018
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Community Reinvestment Act ,
Consumer Lenders ,
Financial Services Committee ,
Financial Services Industry ,
FinTech ,
Madden v Midland Funding ,
OCC ,
Regulatory Oversight ,
Rulemaking Process ,
Special Purpose National Bank Charter
Comptroller of the Currency Joseph Otting is scheduled to make two appearances before Congress next week.
On Wednesday, June 13, 2018, he is scheduled to appear before the House Financial Services Committee at a hearing...more
The CFPB has published a post blog indicating that it plans to reconstitute three of its advisory groups: the Consumer Advisory Board (CAB), the Community Bank Advisory Council (CBAC), and the Credit Union Advisory Council...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
In addition to the CFPB’s Spring 2018 rulemaking agenda that we have already blogged about, the Spring 2018 rulemaking agendas of several other federal agencies contain some items of interest to consumer financial services...more
5/18/2018
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Arbitration Agreements ,
Borrower Defense Rule ,
Community Reinvestment Act ,
Consumer Financial Products ,
Consumer Lenders ,
Financial Services Industry ,
NCUA ,
OCC ,
Regulatory Oversight ,
Regulatory Standards ,
Rulemaking Process
The CFPB’s Spring 2018 rulemaking agenda has been published by the Office of Information and Regulatory Affairs (OIRA) as part of its Spring 2018 Unified Agenda of Federal Regulatory and Deregulatory Actions. ...more
In remarks earlier this week at an American Bankers Association conference, CFPB Acting Director Mick Mulvaney is reported to have strongly criticized the CFPB’s policy of publicly disclosing consumer complaint information...more
4/26/2018
/ Comment Period ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Policy Statement ,
Public Disclosure ,
Regulatory Oversight ,
Regulatory Standards ,
Request For Information
The CFPB has issued a request for information that seeks comment on its handling of consumer complaints and inquiries. ...more
The New Jersey Attorney General recently announced that the state’s governor will nominate Paul R. Rodriguez to serve as the Director of the New Jersey Division of Consumer Affairs, the state’s lead agency charged with...more
On May 7, 2018, in Arlington, Virginia, the FDIC will host a forum, “Use of Technology in the Business of Banking.” Registration is required to attend. The forum will also be webcast live and recorded for on-demand access...more
The U.S. Department of the Treasury has issued a memorandum in which it makes recommendations to modernize the Community Reinvestment Act (CRA). ...more
The FTC has filed comments on the CFPB’s Request for Information regarding its civil investigative demands and investigational hearings.
...more
The CFPB has issued a request for information that seeks comment on its guidance and implementation support. Comments on the RFI must be received on or before 90 days after the date the RFI is published in the Federal...more
3/29/2018
/ Banking Sector ,
Civil Investigation Demand ,
Comment Period ,
Consumer Complaint Management ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Oversight ,
Request For Information ,
Rulemaking Process
The American Banker has reported that last week, Senator Lindsey Graham introduced a joint resolution under the Congressional Review Act (CRA) to override the CFPB’s final payday/auto title/high-rate installment loan rule...more
3/27/2018
/ Ability-to-Repay ,
Administrative Procedure Act ,
Automotive Loans ,
Banking Sector ,
Congressional Review Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Joint Resolutions ,
Legislative Agendas ,
Legislative Committees ,
Online Marketplace Lending ,
Payday Loans ,
Regulatory Oversight ,
Title Loans
The CFPB has issued a request for information that seeks comment on its adopted regulations and new rulemaking authorities....more
3/16/2018
/ Adjudicatory Process ,
Banking Sector ,
Civil Investigation Demand ,
Consumer Complaint Management ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Enforcement Actions ,
New Regulations ,
Regulatory Oversight ,
Request For Information ,
Rulemaking Process
A bipartisan bill introduced in the House earlier this week, the Financial Product Safety Commission Act of 2018 (H.R. 5266), would create a bipartisan five-member commission to run the CFPB. ...more
3/15/2018
/ Administrative Authority ,
Administrative Boards ,
Banking Sector ,
Bipartisan Agreement ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Regulatory Reform ,
Legislative Agendas ,
Proposed Legislation ,
Regulatory Oversight ,
Restructuring ,
Single Director
The CFPB has issued a request for information that seeks comment on its rulemaking processes. Comments on the RFI must be received no later than 90 days after it is published in the Federal Register, which the CFPB expects...more
In the absence of federal action, state legislators continue to propose bills that would increase data privacy and security protections for consumers. Any entity that does business in these states or maintains confidential...more
In remarks yesterday at the winter meeting of the National Association of Attorneys General in Washington, D.C., Mick Mulvaney indicated that the CFPB will be looking to state attorneys general for “much more collaboration...more
3/1/2018
/ Attorney General ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Enforcement Actions ,
Financial Regulatory Reform ,
Policy Statement ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process ,
State and Local Government