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Category Archives: CFPB General

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Senator Perdue renews attempt to change CFPB funding

Posted in CFPB General

Republican Senator David Perdue has introduced a bill, S.1383 entitled the ‘‘Consumer Financial Protection Bureau Accountability Act of 2015,” that would make the CFPB subject to the congressional appropriations process.  Currently, pursuant to Dodd-Frank, the CFPB is entitled to receive automatic annual funding through transfers from the Fed that are capped at a fixed percentage… More >

Ballard Spahr Consumer Financial Services Group number one again in Chambers USA

Posted in CFPB General

Chambers USA has once again ranked the Ballard Spahr LLP Consumer Financial Services (CFS) Group in the highest tier nationally in the category of Financial Services Regulation: Consumer Finance (Compliance and Litigation). The 2015 edition quotes our clients who say, “They give definitive answers and I trust their advice” and “That is the only firm… More >

Shelby Draft Regulatory Relief Bill Addresses Various Residential Mortgage Issues

Posted in CFPB General, CFPB People, Mortgages, TILA / RESPA

On May 12, 2015 Senator Richard Shelby (R-AL) released a draft of a regulatory reform bill entitled the Financial Regulatory Improvement Act of 2015.  The draft bill addresses various residential mortgage lending issues, a number of which are summarized below.  The draft bill is scheduled for markup on May 21, 2015. TRID Safe Harbor.  Section… More >

Federal agencies issue final rule on standards for appraisal management companies

Posted in CFPB General, CFPB Rulemaking, Federal Agencies

The CFPB along with five other federal agencies have issued a final rule that establishes minimum state registration and substantive requirements for appraisal management companies (AMCs), as required by Section 1473 of the Dodd-Frank Act.  AMCs that are a subsidiary of an insured depository institution and are federally regulated (federally regulated AMCs) are subject to… More >

Suit Challenging Constitutionality of CFPB Fails for Lack-of-Standing and Other Procedural Defects, D.C. Circuit Holds; Morgan Drexen files for Bankruptcy

Posted in CFPB General

Last week, in Morgan Drexen, Inc. v. Consumer Financial Protection Bureau, a divided panel of the D.C. Circuit Court of Appeals affirmed the dismissal of an action challenging the constitutionality of the CFPB.  The court did not reach the merits of the constitutional challenge, but rather held that the district court properly dismissed the case for… More >

CFPB/Fed webinar on TILA-RESPA integrated disclosures rule scheduled for May 26

Posted in CFPB General, CFPB Rulemaking, Hot Issues, Mortgages, TILA / RESPA

On May 26, 2015, the CFPB and Federal Reserve will be co-hosting the fifth and final webinar in their series on the TILA-RESPA integrated disclosures (TRID) rule.  Presumably, the reference to this webinar being the “final” webinar is intended to mean that it is the final TRID webinar before the rule becomes effective on August… More >

FDIC to host teleconference on complying with the CFPB mortgage rules

Posted in CFPB Enforcement, CFPB General, Federal Agencies

On May 21, 2015, from 2:00pm to 3:30pm, the FDIC’s Division of Depositor and Consumer Protection will host a teleconference as part of its periodic series of events for bankers on important bank regulatory and emerging issues in the compliance and consumer protection area.  According to the announcement, the upcoming teleconference will focus on the… More >

House passes bill to cut CFPB funding; White House threatens veto

Posted in CFPB General

Yesterday, the House of Representatives, by a vote of 235-183, passed H.R. 1195, titled the “Bureau of Consumer Financial Protection Advisory Boards Act.”  As originally proposed, the bill would codify the CFPB’s existing advisory councils for community banks and credit unions (and rename them “advisory boards”) and establish a new Small Business Advisory Board. According… More >

CFPB files amicus brief in Fifth Circuit TILA case

Posted in CFPB General

The CFPB has filed an amicus brief in Billings v. Propel Financial Services, LLC, a case on appeal to the U.S. Court of Appeals for the Fifth Circuit.  The issue in the case is whether a private lender extends“consumer credit” under TILA by providing loans to consumers for the purpose of paying residential property taxes. The… More >

CFPB to hold research conference on May 7-8

Posted in CFPB General

The CFPB has announced that it will hold a research conference in Washington, D.C. on May 7-8, 2015.  According to the announcement, the conference “will be focused on high-quality consumer finance research, with academic and government researchers presenting their research papers.” The CFPB further states that the conference’s goal is to “connect the core community… More >

House passes regulatory reform bills

Posted in CFPB General, Mortgages, Privacy

Earlier this week, the House of Representatives, in bipartisan votes, passed the following regulatory reform bills: The “Eliminate Privacy Notice Confusion Act, H.R. 601, would create an exemption from the Gramm-Leach-Bliley Act’s annual notice requirement for institutions that have not changed their privacy policies since their most recent annual notice and only share personal information… More >

ABA seeks changes to CFPB complaint portal and database

Posted in CFPB General

Last month, the CFPB announced that it was adopting its controversial proposal to publicly disclose consumer complaint narratives in its consumer complaint database, and would give companies, within the company web portal, an opportunity to recommend which option, if any, from a “set list of structured company response options” it wanted to include as a… More >

House Republicans ask CFPB and banking agencies to disclaim “Operation Choke Point”

Posted in CFPB General

Six Republican members of the House Financial Services Committee, including Chairman Jeb Hensarling, have sent identical letters to the CFPB, OCC, Fed and NCUA asking each agency to “publicly disclaim [its] past, present, and future involvement in Operation Choke Point or any similar operation.” The letters reference the statement issued by the FDIC in January… More >

CFPB Academic Research Council to meet on May 7

Posted in CFPB General

The CFPB’s Academic Research Council will hold its annual meeting in Washington, D.C. on May 7, 2015.  According to the agenda and event flyer, the Council will discuss trends in consumer finance research, the activities of consumer financial protection agencies in other countries, and recent publications produced by the CFPB’s Office of Research. The event is open… More >

CFPB issues No FEAR Act report

Posted in CFPB General

The CFPB has issued its No FEAR Act Annual Report for FY 2014.  The “No FEAR Act” is the Notification and Federal Employee Antidiscrimination and Retaliation Act of 2002.  It requires federal agencies to submit an annual report to the Director of the Office of Personnel Management that includes data about federal cases filed against… More >

CFPB holds hearing on payday and auto title loans in Richmond, VA

Posted in CFPB General, Deposit Advance Loans, Payday Lending, Vehicle Loans

On March 26, the CFPB held a public hearing on payday and auto title lending, the same day that it released proposed regulations for short-term small-dollar loans. Virginia Attorney General, Mark Herring gave opening remarks, during which he asserted that Virginia is perceived as the “predatory lending capital of the East Coast,” suggesting that payday… More >

CFPB 2014 complaints report shows large increase in debt collection and credit reporting complaints

Posted in CFPB General

The CFPB’s Consumer Response Annual Report analyzing complaints handled in 2014 indicates that volume rose 53% from 163,700 complaints in 2013 to 250,200 in 2014. The report provides data on the most common types of complaints for each product, the handling of complaints, and median monetary relief.  Of the 250,200 complaints received in 2014, approximately… More >

Condominium unit ILSA sales exemption now effective

Posted in CFPB General

Effective March 25, 2015, the sale of condominium units are no longer subject to the registration requirements of the Interstate Land Sales Full Disclosure Act (ILSA) under a new exemption.  This new exemption applies only to the sale of condominium units on and after March 25, 2015, but also will include condominium units within projects… More >

OIG adds new audit item to work plan

Posted in CFPB General

The Office of Inspector General (OIG) has added a new ongoing CFPB project to its work plan updated as of March 13, 2015.  The OIG is auditing the CFPB’s compliance with the Improper Payments Information Act of 2002, as amended by the Improper Payments Elimination and Recovery Act of 2010 and the Improper Payments Elimination… More >

Budget amendment introduced to change CFPB appropriations

Posted in CFPB General

Another Republican CFPB effort to subject the CFPB to the congressional appropriations policy took the form of an amendment to the Senate’s 2015 Budget Resolution introduced last week by Senator David Perdue.  Earlier in March, Republican Congressman Sean Duffy introduced the Bureau of Consumer Financial Protection Accountability Act of 2015 (H.R. 1261) which is also directed… More >

CFPB seeks comments on new information collection plans

Posted in CFPB General

The CFPB has published two Federal Register notices seeking comments on its plans to request approval from the Office of Management and Budget for two new generic information collection plans.  Comments on both plans are due on or before May 22, 2015. One notice requests comments on a “Generic Information Collection Plan for Surveys Using… More >

CFPB adopts plan to publicly disclose consumer complaint narratives

Posted in CFPB General

The CFPB has adopted its controversial proposal to publicly disclose consumer complaint narratives in its Consumer Complaint Database.  Its plans for disclosing the narratives are set forth in a final policy statement.   According to the Federal Register document announcing the policy statement, the CFPB will not disclose any narratives for at least 90 days after the statement’s… More >