On January 10, 2025, the Maryland Office of Financial Regulation issued emergency regulations revised to clarify that “passive trusts” holding residential mortgage loans must obtain a Mortgage Lender License and if the trusts...more
While many Federal agencies, including the prudential bank regulators, have decided to hold back moving forward with initiatives until after the inauguration in January, the Consumer Financial Protection Bureau ("CFPB") has...more
12/6/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Reporting Agencies ,
Data Brokers ,
Debt Collection ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
Regulatory Oversight ,
Student Loans
Checking in on what the Consumer Financial Protection Bureau (“CFPB”) has been up to for the last month, in case you missed it (and with some commentary)...more
10/10/2024
/ ATMs ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit ,
FDCPA ,
Financial Regulatory Reform ,
Financial Services Industry ,
Medical Debt ,
Mortgages ,
Regulation M ,
Regulation Z
On August 13th, the Consumer Financial Protection Bureau (“CFPB”) published a consumer advisory as well as an advisory opinion addressing “contracts for deeds”, which are also variously called a “bond for deed”, “land...more
On August 16th, the Consumer Financial Protection Bureau ("CFPB") Director, Rohit Chopra, published a blog post entitled “What Buy Now, Pay Later lenders are doing to be upfront with borrowers” that follows up on its proposed...more
In this report on the solar financing marketplace, which is characterized as an “Issue Spotlight”, the CFPB identifies four areas that they view to present risks to consumers. In the press release accompanying the report,...more
While we reported in our last Cabinet News & Views on the final rule regarding quality control standards for AVMs which will take effect one year after publication in the Federal Register (i.e., it has not yet been...more
On July 24th, the Consumer Financial Protection Bureau (CFPB) issued a new proposed rule “Streamlining Mortgage Servicing for Borrowers Experiencing Payment Difficulties”, with a comment period ending on September 9, 2024....more
7/29/2024
/ Chevron Deference ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgage Servicing Rules ,
Mortgages ,
Preemption ,
Proposed Rules ,
Regulatory Agenda
As we discussed in the fall over a series of articles (Part 1, Part 2, Part 3, and Part 4) and reported on further in January, the Consumer Financial Protection Bureau (“CFPB”) is on a mission to allow consumers to more...more
In the Consumer Financial Protection Bureau’s (“CFPB’s”) most recent Supervisory Highlights, published on April 24th, the agency identified a wide variety of fees that were improperly charged to mortgage borrowers. As...more
On April 30, 2024, the Consumer Financial Protection Bureau (“CFPB”) published a report called “Price Complexity in Laboratory Markets” that concluded that the financial services industry should keep pricing for financial...more
The Consumer Financial Protection Bureau (“CFPB”) is engaged in a firestorm of tricky litigation these days. Some highlights, in addition to the Third Circuit’s NCSLT ruling we reported on previously:
With respect to the...more
On March 5th the Consumer Financial Protection Bureau ("CFPB") announced that it had finalized its rule revisions to Regulation Z and the Official Staff Commentary regarding “Credit Card Penalty Fees.” See a redline of the...more
3/7/2024
/ CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debit and Credit Card Transactions ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Regulation Z ,
Rulemaking Process
The Federal Financial Institutions Examination Council (“FFIEC”) published a statement on February 12, 2024 regarding “principles for the examination of supervised [institutions’] residential property appraisal and...more
2/23/2024
/ Appraisal ,
Banks ,
Bias ,
Consumer Financial Products ,
Discrimination ,
FFIEC ,
Financial Institutions ,
Financial Services Industry ,
FIRREA ,
Industry Examinations ,
NCUA ,
OCC ,
Property Valuation ,
Residential Property Owners ,
Supervision
As February already begins to wind down and all of us are wondering what we might have missed so far this year, here is a round-up of additional regulatory activities in financial services...more
2/23/2024
/ Bank Merger Act ,
Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debit and Credit Card Transactions ,
ECOA ,
FDIC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
New Guidance ,
NRSRO ,
OCC ,
Securities and Exchange Commission (SEC) ,
Supervisory Highlights
In January 2024, the Consumer Financial Protection Bureau ("CFPB") issued two proposed rules that, if implemented as written, would result in further whittling down overdraft or non-sufficient funds ("NSF") fees charged by...more
2/12/2024
/ Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Insufficient Funds ,
Overdraft Fees ,
Regulation Z ,
Rulemaking Process ,
Truth in Lending Act (TILA)
Earlier this week, the Consumer Financial Services Law Subcommittee of the American Bar Association’s Business Law Section met in Santa Barbara for its winter meeting. This conference brings together practitioners in consumer...more
1/15/2024
/ American Bar Association (ABA) ,
Buy Now Pay Later (BNPL) ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Data Security ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Opt-In
For purposes of general applicability of the Truth in Lending Act and Regulation Z to credit transactions and the Consumer Leasing Act and Regulation M for lease transactions, the Consumer Financial Protection Bureau ("CFPB")...more
On November 7, 2023, the Consumer Financial Protection Bureau (“CFPB”) announced a new proposed rule wherein providers of digital wallets and payment apps would be defined as “Larger Participants” and would become subject to...more
11/10/2023
/ Big Tech ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Wallets ,
Financial Services Industry ,
Mobile Apps ,
Online Payments ,
Proposed Rules ,
Regulatory Agenda
On October 6, 2023, Rohit Chopra, the Director of the Consumer Financial Protection Bureau (“CFPB”), gave a speech at the Brookings Institute’s “Payments in a Digital Century” event. In his prepared remarks, Chopra frankly...more
On September 20th, the Consumer Financial Protection Bureau (“CFPB”) published guidance – Consumer Financial Protection Circular, 2023-03 – regarding the list of reasons that must be provided when an applicant is denied...more
9/21/2023
/ Adverse Action ,
Artificial Intelligence ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
ECOA ,
Fair Lending ,
Financial Regulatory Reform ,
Financial Services Industry ,
Machine Learning ,
New Guidance ,
Regulation B
The Consumer Financial Protection Bureau (“CFPB”) announced on Monday that it and 41 states and the District of Columbia had resolved a multistate investigation in the leasing activities engaged in by specialty consumer...more
Recently, Rohit Chopra, the director of the Consumer Financial Protection Bureau (“CFPB”), shared remarks at a White House roundtable convened to address “harmful data broker practices.” Referring to data brokers as being...more
Earlier this week, the Federal Reserve issued a Supervision and Regulation Letter regarding the “Creation of Novel Activities Supervision Program” (SR 23-7). The letter informs all banking organizations subject to supervision...more
Michael Barr, the Federal Reserve Board’s (“FRB”) Vice Chair for Supervision, delivered remarks, titled “Furthering the Vision of the Fair Housing Act,“ to the National Fair Housing Alliance 2023 National Conference earlier...more
7/21/2023
/ Artificial Intelligence ,
Bias ,
Community Reinvestment Act ,
Consumer Financial Products ,
Discrimination ,
Discriminatory Lending Practices ,
ECOA ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Services Industry ,
Machine Learning