Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. In this month's article, we...more
Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. In this month's article, we...more
11/18/2021
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Military Lending Act ,
Mortgage Lenders ,
OCC ,
Stablecoins
The Consumer Financial Protection Bureau recently filed a lawsuit in federal district court accusing a California-based software company and its founder, owner, and CEO of providing substantial assistance to illegal credit...more
So, what happened at the CFPB in the past month?
Bite #10 - An appeals court vacated the CFPB's award against two mortgage relief companies and their attorneys.
Back in 2014, the CFPB brought an action against two legal...more
10/21/2021
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Coronavirus/COVID-19 ,
Debt Collection ,
Debt Collectors ,
Debt-Relief Industry ,
Financial Services Industry ,
Payday Loans ,
Reverse Mortgages ,
Telemarketing Sales Rule
So what happened at the CFPB in the past month?
Bite #10 - Trade groups submitted a letter to the House Subcommittee supporting HR 4773 -
Nearly 30 trade groups, led by the Consumer Bankers Association (CBA), submitted...more
9/16/2021
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Coronavirus/COVID-19 ,
Creditors ,
Financial Institutions ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgage Servicing Rules ,
Regulation B
So what happened at the CFPB in the past month?
Bite #10 - The CFPB celebrated 10 years.
On July 19, Americans for Financial Reform (AFR) invited CFPB Acting Director Dave Uejio to speak at a celebration of the...more
9/1/2021
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Debt Collection ,
FFIEC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgage Servicing Rules ,
RESPA ,
Truth in Lending Act (TILA)
I had a roommate in college who was extremely proud of his new stereo system with its three-foot-tall speakers. It was a state-of-the-art system at the time, with crystal clear sound and thumping bass. He'd often play the...more
So what happened at the CFPB in the past month?
Bite #10 - The CFPB released its Spring 2021 rulemaking Agenda.
The CFPB published its Spring 2021 rulemaking Agenda, which outlines the current plans for the CFPB...more
7/27/2021
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Foreclosure ,
Military Lending Act ,
Mortgage Lenders ,
Racial Bias ,
Rulemaking Process ,
Supervisory Highlights ,
Telemarketing Sales Rule ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
When you start your car, a notice may pop up on the car's onboard navigation computer screen. The notice may ask you to agree to provide certain information to the car's manufacturer regarding the car's performance and...more
Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider.
With July 21, 2021 marking...more
Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. In this month's article, we...more
As required by the Dodd-Frank Act, the Consumer Financial Protection Bureau recently provided to Congress its Consumer Response Annual Report for 2020. The report's introduction notes that, in 2020, the CFPB received more...more
Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. In this month's article, we...more
4/27/2021
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Debt Collection ,
Enforcement Actions ,
Eviction ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
FDCPA ,
Financial Institutions ,
Financial Services Industry ,
Moratorium ,
Mortgage Servicers ,
Telemarketing Sales Rule
Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. In this month's article, we...more
4/2/2021
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt-Relief Industry ,
Disparate Impact ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Services Industry ,
Forbearance Agreements ,
Mortgages ,
Payment Processors ,
Qualified Mortgage Rule ,
Sex Discrimination
If you're a baseball fan, you probably know that it's one of the most disputed stories in all of sports - did Babe Ruth call his home run off the Cubs' Charlie Root in the '32 World Series? The story goes that just before...more
Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. In this month's article, we...more
Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. In this month's article, we...more
1/28/2021
/ Administrative Resignation ,
Banking Sector ,
Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt-Relief Industry ,
Electronic Fund Transfer Act ,
Enforcement Actions ,
FDCPA ,
Final Rules ,
Financial Services Industry ,
Military Lending Act ,
Mortgage Lenders
A new CFPB chief, Rohit Chopra, was nominated by then President-elect Biden on January 18, promising to bring the CFPB back to life. What kind of action should auto lenders expect, and how will it affect the auto repossession...more
The general consensus is that a Biden/Harris administration will mean a lot of changes for automotive finance and sales. But exactly what types of change and how quickly will changes occur? Just how bad for the industry will...more
Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the CFPB to be considered by financial services providers. It was a particularly busy month at the CFPB, so as an extra...more
12/18/2020
/ Automotive Loans ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Leasing Act (CLA) ,
Consumer Price Index ,
Debt Collectors ,
Dodd-Frank ,
FDCPA ,
Federal Reserve ,
Military Lending Act ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
OCC ,
RESPA ,
SBREFA ,
Telemarketing Sales Rule ,
Truth in Lending Act (TILA) ,
Unfair or Deceptive Trade Practices
So, the general consensus is that a Biden/Harris Administration will mean lots of change for automotive finance. But, exactly what types of change and how quickly will that change occur? And, just how bad for the industry...more
Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the CFPB to be considered by financial services providers. In this month's article, we share our top "bites" covered during...more
11/20/2020
/ Confidential Information ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Credit Reports ,
Debt Collectors ,
Debt-Relief Industry ,
Disclosure Requirements ,
FDCPA ,
Final Rules ,
Financial Services Industry ,
HMDA ,
No-Action Letters ,
Payday Loans ,
Small Dollar Lenders ,
Telemarketing Sales Rule
The buyer and a dealership signed a purchase agreement containing a dispute resolution clause ("DRC"). The DRC, in the middle of the purchase agreement, was the only provision in red ink, was in a smaller font and called for...more
Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the CFPB to be considered by financial services providers. In this first article in the series, we share our top "bites"...more
11/2/2020
/ Administrative Consent Order (ACO) ,
Automotive Loans ,
Banking Sector ,
CARD Act ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Collectors ,
FDCPA ,
Federal Trade Commission (FTC) ,
Marketing Services Agreements ,
RESPA ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
A consumer saw a 2012 BMW 750i listed for sale for $15,900. After he visited the dealership, test-drove the BMW, and completed a credit application, the salesman told him that the car price was $16,500, explaining that the...more