Legislation to prohibit so-called “trigger leads” in the homebuying process once again has been reintroduced in the House and Senate....more
4/16/2025
/ Borrowers ,
Consumer Financial Products ,
Consumer Reporting Agencies ,
Credit Reports ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lead Generators ,
Lenders ,
Mortgage Lenders ,
Mortgages ,
Proposed Legislation ,
Real Estate Transactions ,
Regulatory Agenda
Republicans on the House Financial Services Financial Institutions Subcommittee have sent Acting CFPB Director Russell Vought a letter calling for the CFPB to withdraw a wide variety of final and proposed rules....more
4/15/2025
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debit and Credit Card Transactions ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Committee ,
Financial Services Industry ,
Late Fees ,
Lenders ,
Medical Debt ,
Overdraft Fees ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements
Republicans on the House Financial Services Committee have sent letters to financial regulators asking them to rescind a variety of measures the regulators issued during the Biden Administration....more
4/14/2025
/ Banking Regulators ,
Banking Sector ,
Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debit and Credit Card Transactions ,
Deregulation ,
Federal Reserve ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Committee ,
Financial Services Industry ,
Interchange Fees ,
Overdraft Fees ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Authority ,
Regulatory Reform ,
Regulatory Requirements ,
Risk Management ,
Trump Administration
The CFPB has announced that Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2024 are now available on the Federal Financial Institutions Examination Council’s (FFIEC) HMDA Platform for...more
4/8/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Disclosure Requirements ,
FFIEC ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
Loan Applications ,
Mortgage Lenders ,
Mortgages ,
Regulatory Requirements ,
Reporting Requirements
Saying that the bureau under the Biden Administration abused its power, the CFPB is seeking to reverse its settlement with Townstone Financial....more
3/28/2025
/ Abuse of Power ,
Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Financial Services Industry ,
Mortgage Loan Originators ,
Mortgages ,
Redlining ,
Regulation B ,
Regulatory Authority ,
Settlement ,
Small Business ,
Statutory Violations ,
Trump Administration ,
Vacated
In the latest edition of its Consumer Compliance Outlook, the Federal Reserve (Fed) identified the four most significant fair lending violations that it found in examining state member banks in 2022. These are violations that...more
3/6/2025
/ Banks ,
Civil Rights Act ,
Consumer Financial Products ,
Consumer Lenders ,
Fair Lending ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Regulatory Requirements ,
Regulatory Violations ,
Risk Management
Seventeen financial services trade groups are calling on the CFPB to abandon its plan to amend rules under the Fair Credit Reporting Act (FCRA) to vastly expand the scope of the FCRA by redefining what a “consumer report” is...more
2/11/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Data Brokers ,
Data Privacy ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Reform ,
Rulemaking Process
Republicans on Capitol Hill are seeking to repeal a section of the Dodd-Frank Act that requires financial institutions to report information contained in loan applications submitted by women-owned, minority-owned and...more
2/6/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Equal Access to Credit ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
LGBTQ ,
Loans ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
Reporting Requirements ,
Section 1071 ,
Small Business ,
Small Business Loans
The CFPB has taken action against the Draper & Kramer Mortgage Corp. (DKMC) based on allegations of discriminatory lending activities that, according to the CFPB, discouraged homebuyers from applying to the company for home...more
1/28/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Fair Lending ,
Financial Services Industry ,
Mortgage Lenders ,
Non-Bank Lenders ,
Race Discrimination ,
Redlining
Led by the California Mortgage Bankers Association, five lenders have made commitments to provide mortgage relief for the victims of the California wildfires....more
1/23/2025
/ Banking Sector ,
Banks ,
California ,
Consumer Financial Products ,
Financial Institutions ,
Financial Services Industry ,
Foreclosure ,
Loans ,
Mortgage Lenders ,
Mortgages ,
Real Estate Market ,
Relief Measures ,
Wildfires
In today's episode, we discuss the CFPB’s recent proposed data broker rule—a proposal that would greatly expand the reach of the Fair Credit Reporting Act.
On December 3, the CFPB issued a proposed rule promoted as one that...more
The CFPB is calling on state governments to increase their focus on consumer financial protection laws....more
The CFPB has published a proposed rule that would ban companies from using contract clauses that the bureau said limit fundamental freedom, including those that waive a consumer’s legal rights and fine print that suppresses...more
1/16/2025
/ Comment Period ,
Consumer Financial Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Contract Terms ,
Financial Regulatory Agencies ,
Financial Regulatory Reform ,
Financial Services Industry ,
Proposed Rules ,
Rulemaking Process ,
Unfair or Deceptive Trade Practices
In an effort to foster innovation in financial services, the CFPB is reinstituting its programs that allow companies to obtain regulatory safe harbors through no-action letters and sandboxes to test new products and services....more
As previously reported, the Economic Growth, Regulatory Relief, and Consumer Protection Act (Act), enacted in 2018, directs the CFPB to prescribe regulations that apply Truth in Lending Act (TILA) ability-to-repay (ATR)...more
The CFPB intends to issue a proposed rule to address the impact of credit reporting relating to accounts of survivors of domestic violence, elder abuse, and other forms of financial abuse....more
12/17/2024
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Credit Reports ,
Domestic Violence ,
Elder Abuse ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agenda ,
Rulemaking Process ,
Vulnerable Victims
Senate Banking Committee ranking Republican Sen. Tim Scott, R-S.C. said on December 11 that unlike several other regulators, the CFPB is ignoring his call to pause rulemaking until the Trump Administration takes office....more
12/12/2024
/ Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process ,
Senate Banking Committee ,
Trump Administration
The CFPB has proposed a rule that it promotes as ensuring that Fair Credit Reporting Act (FCRA) protections are applied to sensitive consumer information that the statute was designed to protect, including information sold by...more
The U.S. Department of Housing and Urban Development (HUD) has extended from January 1, 2025 until July 1, 2025, the compliance date for certain provisions of the department’s rule entitled “Modernization of Engagement with...more
The CFPB recently issued a report entitled Matched-Pair Testing in Small Business Lending Markets that summarizes results of small business lending matched pair testing that it conducted in conjunction with the U.S....more
12/9/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Monitoring ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Financial Institutions ,
Financial Services Industry ,
Regulatory Oversight ,
Section 1071 ,
Small Business ,
Small Business Loans
The FTC filed a complaint in the U.S. District Court for the Central District of California against Seek Capital and its CEO, Roy Ferman, alleging that the company operated a bogus business finance scheme that cost small...more
As previously reported in May 2024 FHA announced a requirement for FHA approved lenders to notify the U.S. Department of Housing and Urban Development (HUD) of Significant Cybersecurity Incidents, and the requirement was...more
The CFPB will hold two virtual sessions later this month to answer questions about its Nonbank Enforcement Action Registry rule. The rule, issued in June 2024, will require certain nonbank entities to register certain covered...more
The CFPB has issued a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z under the Truth in Lending Act (TILA) that implement the CARD Act, Home Ownership and Equity...more
The U.S. Department of Veterans Affairs (VA) recently proposed rules to modify the requirements for the reporting of VA guaranteed mortgage loans, and the rules regarding when the VA would assert a defense for a partial or...more
12/2/2024
/ Borrowers ,
Consumer Financial Products ,
Fees ,
Financial Regulatory Reform ,
Financial Services Industry ,
Guaranty Claims ,
Loans ,
Mortgages ,
Proposed Rules ,
Real Estate Transactions ,
Regulatory Agenda ,
Regulatory Requirements ,
Veterans ,
Veterans Administration