The CFPB released its much-anticipated proposed update to the mortgage servicing rules last month that would make permanent many of the temporary servicing rules enacted in response to the COVID-19 pandemic. ...more
Recent releases from the Consumer Financial Protection Bureau (CFPB) show that the mortgage industry is in the crosshairs of the CFPB's campaign against so-called junk fees. Earlier this year, the CFPB indicated its interest...more
5/6/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Trade Commission (FTC) ,
Fees ,
Financial Services Industry ,
Late Fees ,
Loan Servicing ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgage Servicing Rules ,
Mortgages ,
Regulation X ,
Regulation Z ,
UDAAP
If you’ve been focused on only the high-level statements from the CFPB, you might already expect Rohit Chopra to fashion himself and the agency as “pro-consumer.” Consistent with that approach, the agency just signaled its...more
As 2024 gets off the ground, federal regulators are continuing their focus on fair lending issues. In February, the Federal Financial Institutions Examination Council (FFIEC) released a statement on examination principles...more
3/6/2024
/ Anti-Discrimination Policies ,
Appraisal ,
Banking Examinations ,
Bias ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
Fair Lending ,
FFIEC ,
Financial Services Industry ,
Lending ,
Mortgage Lenders ,
Mortgages ,
Property Valuation ,
Racial Bias ,
Regulatory Authority ,
Valuation
Earlier in January 2024, the CFPB continued its crackdown on what it decries as “junk fees,” releasing a Proposed Rule to curb overdraft fees. The Proposed Rule could have a significant effect on the nature, availability, and...more
2/7/2024
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Priorities ,
Fees ,
Financial Institutions ,
Overdraft Fees ,
Popular ,
Proposed Rules ,
Regulation Z ,
Truth in Lending Act (TILA)
One week after the CFPB published its proposed rule restricting overdraft fees, the CFPB proposed yet another rule prohibiting nonsufficient funds fees (NSF fees) on transactions like declined debit card purchases and...more
Consumer use of "buy now, pay later" (BNPL) products and programs has proliferated over the last few years. While federal oversight has not been extensive to date, new guidance from the Office of the Comptroller of the...more
The Consumer Financial Protection Bureau (CFPB) has proposed a rule to define a market for general-use digital consumer payment applications. Larger participants in this market would be subject to CFPB supervision and...more
11/15/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Assets ,
Digital Wallets ,
Financial Services Industry ,
Merchants ,
Mobile Apps ,
Multi-Factor Test ,
Nonbank Firms ,
p2p ,
Proposed Rules
On October 3, the Supreme Court heard oral argument in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Limited, where the Court is reviewing the Fifth Circuit’s opinion that struck...more
10/5/2023
/ Administrative Agencies ,
Administrative Procedure Act ,
Appropriation ,
Chamber of Commerce ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Funding ,
Oral Argument ,
Payday Lending Rule ,
Payday Loans ,
SCOTUS ,
UDAAP
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
9/25/2023
/ Adverse Action ,
Artificial Intelligence ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
Financial Services Industry ,
Model Forms ,
Notice Requirements ,
Regulation B
A study in the Finance and Economics Discussion Series (FEDS) by the Federal Reserve Board on consumer lending found that financial technology (FinTech) lenders are able to take advantage of federal preemptions from state...more
As part of the continuing financial regulatory reform efforts following the 2023 bank failures, the FDIC, the OCC, and the Federal Reserve issued a proposed rule that would generally require large banks and thrifts with total...more
Everyone—including fintechs, other non-bank companies, and associated individuals—that either partners with banks or seeks to provide alternatives to insured deposits must comply with the FDIC's deposit insurance advertising...more
Colorado has passed a law that amends the Colorado Uniform Consumer Credit Code (UCCC) to extend state interest rate limits on certain consumer loans made by out-of-state state-chartered banks, which caps rates at a maximum...more
6/30/2023
/ Banks ,
Consumer Financial Products ,
Consumer Lenders ,
Financial Services Industry ,
Interest Rates ,
Loans ,
National Bank Act ,
New Legislation ,
Opt-Outs ,
Preemption ,
Standard Chartered Bank ,
State Charters