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Category Archives: CFPB Rulemaking

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HMDA proposed rule published in Federal Register

Posted in CFPB Rulemaking, Mortgages

The proposed rule amending the Home Mortgage Disclosure Act and its implementing regulation, Regulation C, was published in the Federal Register today. As such, the official comment deadline will be October 29, 2014. We previously published a short description and analysis of the proposed rule that noted a different comment date. Our Mortgage Banking Group… More >

CFPB Answers FAQ on the TILA-RESPA Integrated Disclosures Rule

Posted in CFPB General, CFPB Rulemaking

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 mortgage brokers on or after August 1, 2015.  The webinar is the second in a planned series intended to address the… More >

NCRC white paper seeks expansive CFPB rulemaking on small business lending data collection

Posted in CFPB Rulemaking, Fair Lending

The National Community Reinvestment Coalition (NCRC) has issued a white paper that urges the CFPB to take an expansive approach in developing regulations on the collection of small business lending data to implement Section 1071 of Dodd-Frank.  Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and maintain certain data… More >

CFPB extends comment period on proposal to publicly disclose consumer complaint narratives

Posted in CFPB General, CFPB Rulemaking, Hot Issues

The CFPB is extending the comment period on its proposed policy statement that would expand the complaint data that it publicly discloses in its Consumer Complaint Database to include “unstructured” complaint narratives.  In a statement released on July 29, 2014, the CFPB states that it is extending the deadline for comments to be filed from… More >

CFPB Provides Guidance on Ability to Repay Rule Application to Assumptions of Residential Mortgage Loans

Posted in CFPB General, CFPB Rulemaking, Mortgages

On July 8, 2014 the CFPB provided guidance on the application of the Regulation Z ability to repay rule (section 1026.43) to assumptions of residential mortgage loans for purposes of clarifying the application of the rule in cases in which a relative acquires title to a security property upon the death of the borrower and… More >

CFPB: Industry should “start now” to comply with workplace diversity and inclusion standards

Posted in CFPB People, CFPB Rulemaking, Diversity and Inclusion

On June 26, 2014, I participated in a panel presentation at the MBA Strategic Markets and Diversity Summit, in Washington, D.C. Stuart Ishimaru, Director of the Consumer Financial Protection Bureau’s Office of Minority and Women Inclusion, also sat on the panel. The presentation focused on Section 342 of the Dodd-Frank Act and the proposed Interagency… More >

CFPB Provides Guidance on the TILA-RESPA Integrated Disclosures Rule

Posted in CFPB General, CFPB Rulemaking, Federal Agencies, Hot Issues

On June 17, 2014, the CFPB staff and Federal Reserve co-hosted a webinar on the final TILA-RESPA Integrated Disclosures Rule that will be effective for applications received by creditors or mortgage brokers on or after August 1, 2015.  The webinar is the first in a planned series intended to help creditors, mortgage brokers, settlement agents,… More >

CFPB confirms plans for auto finance larger participant rule in rulemaking agenda

Posted in Auto Finance, CFPB Rulemaking, Debt Collection, Deposit Advance Loans, Payday Lending, Prepaid Cards

In the latest semi-annual update of its rulemaking agenda, the CFPB officially confirmed that it plans to propose a rule to define “larger participants of a market for auto lending.”  The official confirmation follows statements made by Steven Antonakes at a Consumer Bankers Association meeting in April 2014 that the CFPB’s next larger participant rule… More >

ABA and CBA Express Concern That The CFPB’s Consumer Debt Collection Survey Falls Short

Posted in CFPB Enforcement, CFPB Rulemaking, Debt Collection, Hot Issues, Research

On May 6, 2014, the American Bankers Association (“ABA”) and Consumer Bankers Association (“CBA”) submitted comments to the CFPB’s “Debt Collection Survey from the Consumer Credit Panel” (the “Survey”). While the ABA and CBA applauded the CFPB’s collection of information regarding actual consumer experiences with the collection industry, both expressed concern that as currently formatted,… More >

VA issues “qualified mortgage” definition for VA guaranteed or insured loans

Posted in CFPB General, CFPB Rulemaking, Federal Agencies, Mortgages

On May 9, 2014, the Department of Veterans Affairs (VA) issued an interim final rule defining a qualified mortgage (QM) for VA insured and guaranteed loans.  Under the proposed rule, all purchase money origination loans and refinances other than certain interest rate reduction refinance loans (IRRRL) guaranteed or insured by the VA are defined as… More >

CFPB issues proposed amendments to mortgage rules

Posted in CFPB Rulemaking, Mortgages

The CFPB published a Proposed Rule offering three specific amendments to the 2013 Title XIV Final Mortgage Rules. The proposed amendments respond to concerns about origination and servicing issues.  In particular, the Proposed Rule would: (1) create a limited, post-consummation cure mechanism for mortgage loans thought to be qualified mortgages (QMs) at origination but that… More >

No CFPB regulations in 2014 implementing expanded ECOA small business data collection requirements

Posted in CFPB Rulemaking, Fair Lending

Section 1071 of Dodd-Frank amended the Equal Credit Opportunity Act to require financial institutions to collect and maintain certain data in connection with credit applications made by women- or minority-owned businesses and small businesses.  Such data includes the race, sex, and ethnicity of the principal owners of the business.  In April 2011, the CFPB issued… More >

CFPB payday loan proposal for rulemaking is coming, but timing of its publication remains unclear

Posted in CFPB General, CFPB Rulemaking, Payday Lending

At the Practicing Law Institute’s 19th Annual Consumer Financial Services Institute held on Monday in New York City, Meredith Fuchs, Associate Director & General Counsel for the CFPB delivered the opening keynote address, which touched on a number of topics regarding current areas of interest of the CFPB and provided updates on where several of… More >

Federal regulators issue joint proposed rule regarding appraisal management companies

Posted in CFPB Rulemaking, Federal Agencies, Mortgages

On March 24, 2014, the CFPB along with five other federal agencies issued a joint proposed rule (“Proposed Rule”) regarding Appraisal Management Companies (“AMC”) as required by section 1473 of the Dodd-Frank Act (“Dodd-Frank”).  Under Dodd-Frank, Congress tasked federal regulators with establishing minimum requirements regarding AMC registration and supervision.  The other regulators are the federal… More >

CFPB Payday Loan Rulemaking is Imminent and Will Target Repeated Borrowing

Posted in CFPB Rulemaking, Payday Lending

The CFPB has marshaled data against what it sees as a sustained use problem by payday loan borrowers and is “in the late stages” of drafting rules to limit payday loan borrowing, according to Director Cordray’s remarks prepared for today’s field hearing. It appears that in the near future the Bureau will issue a notice of… More >

CFPB explores HMDA changes

Posted in CFPB Rulemaking, Fair Lending, Mortgages

The CFPB announced it will begin the rulemaking process for changes to the reporting requirements under the Home Mortgage Disclosure Act (HMDA). As an initial step, the CFPB will convene a Small Business Review Panel to seek early feedback on ways to improve HMDA reporting. The Dodd-Frank Act requires that the CFPB expand HMDA reporting… More >

House Financial Services Subcommittee Holds Hearing on How QM Harms Homeowners

Posted in CFPB General, CFPB Rulemaking, Mortgages

On January 14, 2014, the House Subcommittee on Financial Services held a hearing entitled “How Prospective and Current Homeowners Will Be Harmed by the CFPB’s Qualified Mortgage Rule.”  Four lender representatives and one consumer law non-profit testified about the necessity to consider changes to the QM rule. Rep. Shelley Moore Capita (R-WV) and her fellow… More >

CFPB issues aggressive rulemaking agenda

Posted in CFPB Rulemaking

The CFPB’s recently released fall 2013 rulemaking agenda portends aggressive rulemaking by the Bureau in 2014.  With most of the rulemaking mandated by the Dodd-Frank Act now completed, the agenda reflects the CFPB’s plans to focus on consumer products and services other than mortgages.  The CFPB’s rulemaking plans include prerule activities concerning payday loans and deposit… More >

CFPB releases compliance costs report

Posted in CFPB General, CFPB Rulemaking

The CFPB recently released a report on the operational costs of regulatory compliance.  The 176-page report is entitled “Understanding the Effects of Certain Deposit Regulations on Financial Institutions’ Operations: Findings on Relative Costs for Systems, Personnel, and Processes at Seven Institutions.”  In the report, the CFPB focused on “the costs banks incur to comply with… More >

More on the final RESPA-TILA integrated disclosures rule

Posted in CFPB Rulemaking, Mortgages

 As we previously reported, the Consumer Financial Protection Bureau released the nearly 1,900-page final RESPA-TILA Integrated Disclosures Rule on November 20. The rule will be effective for applications received on or after August 1, 2015. The industry had urged the CFPB to provide a reasonable implementation period in view of the significant changes to systems… More >

CFPB issues guidance regarding counseling requirements for mortgages

Posted in CFPB Rulemaking, Mortgages

Last week the CFPB issued an interpretive rule, bulletin, and press release instructing lenders on how to comply with the counseling requirements set forth in the new mortgage rules, which go into effect in January.  Although included along with the 2013 HOEPA Final Rule, the counseling requirement is set forth in an amendment to Regulation… More >