On January 10, 2025, the Consumer Financial Protection Bureau (CFPB) revived its policy statements on No-Action Letters (NALs) and Compliance Assistance Sandbox (CAS) Approvals. These unexpected changes come just days before...more
1/17/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
ECOA ,
EFTA ,
Enforcement Actions ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
No-Action Letters ,
Policy Statement ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Sandbox ,
Truth in Lending Act (TILA)
On December 3, 2024, the Consumer Financial Protection Bureau (CFPB) published its highly anticipated notice of proposed rulemaking (NPRM) that would regulate data brokers and the sale of Americans’ personal and financial...more
12/6/2024
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Credit History ,
Credit Reports ,
Data Brokers ,
Data Collection ,
Data Management ,
Data Sellers ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Proposed Rules ,
SBREFA
In a move that has been a long time in the making, the Consumer Financial Protection Bureau (CFPB) has finalized its comprehensive open banking rule. The rule implements Section 1033 of the Dodd-Frank Act and grants consumers...more
Continuing its vigorous effort to eliminate so-called “junk fees,” and detailing other problematic mortgage servicer activities, the Consumer Financial Protection Bureau (CFPB) recently released its Spring 2024 Supervisory...more
On March 8, 2024, the CFPB issued a blog post signaling a new front in its focus on “junk fees”—mortgage closing costs. Notably, the CFPB suggests that title insurance, credit report and appraisal, origination, and other...more
3/19/2024
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Closing Costs ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Fees ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
RESPA ,
Title Insurance ,
Truth in Lending Act (TILA)
In January, New York Governor Kathy Hochul introduced a budget bill that proposed the headline-grabbing Buy Now Pay Later licensing regime. Less attention has been given to another proposed provision: adding a prohibition on...more
On February 12, 2024, the Federal Financial Institutions Examination Council (FFIEC) issued a statement of principles that relate to valuation discrimination and bias for its member entities to consider in preparation for...more
2/21/2024
/ Bias ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Discrimination ,
Examination Procedures ,
FDIC ,
FFIEC ,
FHFA ,
Financial Institutions ,
Financial Services Industry ,
Mortgages ,
NCUA ,
OCC ,
Policies and Procedures ,
Valuation