As previously reported, both the House and Senate passed bills to ban “trigger leads,” except in limited circumstances, although the versions of the bills that were previously passed are slightly different. The one difference...more
8/4/2025
/ Consumer Financial Products ,
Consumer Privacy Rights ,
Consumer Reporting Agencies ,
Creditors ,
Financial Services Industry ,
Lead Generators ,
Lenders ,
Mortgage Servicers ,
Mortgages ,
Pending Legislation ,
Real Estate Transactions ,
Reporting Requirements ,
Telecommunications ,
Text Messages
The National Consumer Law Center is asking the CFPB, by way of a petition, for rulemaking that is long on policy arguments but woefully short on legal support, as we note below, to define residential leases as “credit” under...more
8/28/2024
/ Administrative Procedure Act ,
Anti-Discrimination Policies ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit ,
Credit Reports ,
Creditors ,
Data Collection ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
Final Rules ,
Financial Services Industry ,
NCLC ,
Proposed Rules ,
Regulation B ,
Regulation Z ,
Residential Leases ,
Small Business ,
Truth in Lending Act (TILA)
In a major win for the CFPB, in CFPB v. Townstone Financial, a panel of the U.S. Court of Appeals for the Seventh Circuit (7th Circuit) recently held that the Regulation B provision prohibiting discrimination under the Equal...more
7/18/2024
/ Chevron Deference ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit ,
Creditors ,
Discriminatory Lending Practices ,
ECOA ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Financial Services Industry ,
Oral Argument ,
Regulation B
A group of eleven Republican Senators who are members of the Senate Banking Committee have sent a letter to CFPB Director Rohit Chopra and Attorney General Merrick Garland to urge the CFPB and DOJ to retract the joint...more
11/8/2023
/ Consumer Financial Protection Bureau (CFPB) ,
Credit Applicants ,
Credit History ,
Creditors ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Fair Lending ,
Financial Services Industry ,
Immigration Status Discrimination ,
Joint Statements ,
Lenders ,
Loans ,
Regulation B
In May 2022, the CFPB issued Circular 2022-3 addressing Equal Credit Opportunity Act (ECOA) adverse action notice requirements in connection with credit decisions based on algorithms. The CFPB is now revisiting the issue in...more
Yesterday, eight federal agencies joined together to issue an “Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B” (Interagency Statement). The agencies consist...more
As previously reported, the Economic Growth, Regulatory Relief, and Consumer Protection Act (Growth Act), passed in June 2018, created an exemption from the requirement to maintain an escrow account in connection with a...more
As promised by the CFPB when it issued two Regulation Z ability to repay rule qualified mortgage (QM) loan proposals in June 2020, the CFPB recently issued a proposal to provide for a new seasoned QM loan. Comments will be...more
8/21/2020
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Creditors ,
Financial Services Industry ,
Mortgage Servicers ,
Mortgages ,
Proposed Rules ,
Qualified Mortgage Rule ,
Rebuttable Presumptions ,
Regulation X ,
Regulation Z ,
Safe Harbors
As previously reported, the Economic Growth, Regulatory Relief, and Consumer Protection Act (Growth Act), also known as S.2155, directs the CFPB to implement an exemption from the mandatory escrow account requirement for...more
7/7/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Creditors ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Escrow Accounts ,
Exemptions ,
High-Priced Mortgage Loans (HPML) ,
Mortgage Lenders ,
Proposed Regulation ,
Regulation Z ,
Truth in Lending Act (TILA)
The CFPB has issued a final rule that revises the definitions of “small creditor” and “rural areas” under Regulation Z of the Truth in Lending Act (TILA). The final rule is effective January 1, 2016. We previously reported on...more
9/25/2015
/ Ability-to-Repay ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Creditors ,
Final Rules ,
Financial Institutions ,
Loans ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Regulation Z ,
Truth in Lending Act (TILA)
The CFPB has posted on its website an index to the various questions regarding the TILA/RESPA Integrated Disclosure (TRID) rule that were addressed during the five webinars on the rule conducted by CFPB staff. The index...more
The CFPB has issued a new bulletin (Bulletin 2014-03) that is intended “to remind creditors” of their ECOA/Regulation B obligations with respect to consideration of public assistance income and relevant standards and...more
On August 26, 2014, the CFPB staff and Federal Reserve Board co-hosted a webinar and addressed questions about the final TILA-RESPA Integrated Disclosures Rule that will be effective for applications received by creditors or...more
On July 10, 2013, the CFPB issued a final version of modifications proposed in April 2013 to mortgage rules adopted in January 2013.
Most of the modifications address the ability to repay/qualified mortgage rule, and...more
The CFPB has released a final list of “rural” or “underserved” counties for use in 2014. The CFPB has indicated that creditors may rely on this list as a safe harbor to determine whether a county is “rural” or “underserved”...more
On May 29, 2013, the CFPB adopted amendments to the final ability to repay rule. The CFPB had proposed the amendments on the same day that it issued the ability to repay rule in January 2013. The amendments are effective on...more