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Category Archives: CFPB General

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Challenge to CFPB’s constitutionality reemerges

Posted in CFPB General

The issue of the CFPB’s constitutionality reemerged last week in court and Congress. On the judicial front, the U.S. Court of Appeals for the D.C. Circuit, in State National Bank of Big Spring, Texas, et al. v. Lew, et al., reversed the district court and ruled that the bank had standing to challenge the  constitutionality… More >

Senate Judiciary Committee holds hearing on Dodd-Frank constitutional issues

Posted in CFPB General

The Senate Judiciary Committee held a hearing yesterday entitled “The Administrative State v. The Constitution: Dodd-Frank at Five Years.”  The hearing was focused on constitutional issues relating to the Dodd-Frank Act, including the constitutionality of the CFPB. The witnesses were: The Honorable C. Boyden Gray of Boyden Gray & Associates, PLLC: Deepak Gupta of Gupta… More >

CFPB officially moves TRID effective date to October 3

Posted in CFPB General, CFPB Rulemaking, Federal Agencies, Richard Cordray, TILA / RESPA

The CFPB has issued a final rule postponing the effective date for all provisions of the TILA-RESPA Final Rule and Amendments to October 3, 2015.  The final rule also includes certain technical amendments to reflect the new effective date.  The provisions of the final rule related to the delay in the effective date, are effective… More >

CFPB launches monthly complaint report

Posted in CFPB General

The CFPB has issued a complaint report which it describes as “the first in a new series of monthly reports to highlight key trends from consumer complaints submitted to the Bureau.”  In addition to providing overall data on complaint volume, each monthly report will spotlight a particular product and geographic location.  The July 2015 report… More >

CFPB to host forum on eClosing

Posted in CFPB General

On Wednesday, August 5 at 1p.m. EDT, the CFPB will be hosting a forum on the “Know Before You Owe Initiative” on eClosing. The forum will feature remarks from Director Richard Cordray, and include a panel discussion with consumer groups, industry representatives, and members of the public. The event is open to the public and… More >

Director Cordray appears before Senate Banking Committee

Posted in Arbitration, CFPB General, Military Issues, Mortgages, Payday Lending

On Wednesday, July 15, CFPB Director Richard Cordray appeared before the Senate Committee on Banking, Housing, & Urban Affairs to answer questions regarding the Bureau’s Semi-Annual Report to Congress and the President, which it published on June 15, 2015. Dir. Cordray observed that during the six month period covered by the report, from October 2014 through… More >

CFPB Monitor singled out for praise by Above the Law

Posted in CFPB General

Writing frequently with language that’s easy to understand, they cover the CFPB the way a newspaper reporter would cover a beat — thus offering a go-to outlet for everyone who needs to know the latest happenings with the Bureau.  That’s how Above the Law’s new article on law firm blogs describes Ballard Spahr’s CFPB Monitor. … More >

OIG updated work plan includes new projects

Posted in CFPB General

Since we last blogged about the Office of Inspector General’s work plan, the OIG has updated its work plan to add several new projects and move back the estimated completion dates of several ongoing projects. The OIG’s work plan updated as of June 26, 2015 includes the following new projects: Ongoing projects: Security Control Review of the CFPB’s… More >

CFPB releases video of “final” webinar on TILA-RESPA Integrated Disclosure rule

Posted in CFPB General, CFPB Rulemaking, TILA / RESPA

The CFPB has posted a video of its May 26th webinar that addressed questions about the final TILA-RESPA Integrated Disclosure Rule. The webinar was the fifth in a series to address specific questions related to rule interpretation and implementation challenges that have been raised by creditors, mortgage brokers, settlement agents software developers, and other industry… More >

CFPB seeks comments on new information collections

Posted in CFPB General

The CFPB published notices in today’s Federal Register seeking comments on the following information collections: “Consumer Response Government and Congressional Boarding Forms.”  The notice states that the CFPB has developed portals  for state and federal agencies and congressional offices to view and search consumer complaint data.  While not expressly stated in the notice, based on the… More >

CFPB begins public disclosure of consumer complaint narratives

Posted in CFPB General

As of today, consumer narratives are publicly available on the CFPB’s consumer complaint database.  In its press release, the CFPB stated that the database now includes “for the first time over 7,700 consumer accounts of problems they are facing with financial companies concerning mortgages, bank accounts, credit cards, debt collection, and more.” In March 2015,… More >

CFPB seeks comments on new information collections

Posted in CFPB General

The CFPB published notices in yesterday’s Federal Register seeking comments on the following information collections: “Consumer Response Government and Congressional Boarding Forms.”  The notice states that the CFPB has developed portals  for state and federal agencies and congressional offices to view and search consumer complaint data.  While not expressly stated in the notice, based on the… More >

CFPB issues seventh Semi-Annual Report

Posted in CFPB General

The CFPB has issued its seventh Semi-Annual Report to the President and Congress covering the period from October 1, 2014 through March 31, 2015. The 190-page report recycles information from previously-issued CFPB reports and reviews ongoing and past developments, all of which we have already covered in previous blog posts. By way of aggregate statistics, the… More >

CFPB FY 2014 service contract inventory available

Posted in CFPB General

The CFPB has announced that its FY 2014 service contract inventory is available for public viewing.  The inventory provides information on service contracts over $25,000 funded by the CFPB in FY 2014. In addition to the inventory, the CFPB issued a summary listing its ten largest contract obligations.  The two largest obligations were for “Support-Professional: Program… More >

ABA raises concerns about costs to industry resulting from CFPB information gathering

Posted in CFPB General

In a memo to state banking associations, the American Bankers Association raises concerns about the costs to industry of the CFPB’s use of its expansive authority to gather information under Section 1022 of the Dodd-Frank Act. As indicated in the memo, to inform its rulemaking process on overdraft protection services, the CFPB ordered three financial… More >

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 >