Category Archives: CFPB Rulemaking

Notes from CFPB Education Conference for State Attorneys General

By Reid F. Herlihy on May 13th, 2013 Posted in CFPB Enforcement, CFPB Exams, CFPB Rulemaking

The George Mason University School of Law, Law & Economics Center recently hosted a conference titled “Understanding the Consumer Financial Protection Bureau,” through GMU’s Attorneys General Education Program. Founded in 2009, the program was created to provide economic and public policy educational programming to state attorneys general and their staff attorneys from across the country. … More >

CFPB proposes clarifications and changes to Ability to Repay and Servicing Rules

By Richard J. Andreano, Jr., on April 25th, 2013 Posted in CFPB Rulemaking, Mortgages

In keeping with its promise to provide further guidance to the industry on the recent mortgage loan rules, the CFPB recently issued proposed clarifications and changes to the ability to repay/qualified mortgage rule and the servicing rules. Comments on the proposal will be due 30 days after it is published in the Federal Register. The… More >

House Financial Services Committee to hold hearing on community bank regulatory burdens

By Barbara S. Mishkin on April 15th, 2013 Posted in CFPB Rulemaking

On April 16, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing on “Examining Community Bank Regulatory Burdens.” Among the witnesses scheduled to appear is Charles Kim, Executive Vice President & Chief Financial Officer, Commerce Bancshares, Inc., who will appear on behalf of the Consumer Bankers Association. Mr…. More >

CFPB begins collection of compliance costs data

By Barbara S. Mishkin on March 28th, 2013 Posted in CFPB Rulemaking

In a recent post on its blog, the CFPB announced that its Research, Markets, and Regulations team is now studying the costs of complying with the consumer finance regulations the CFPB inherited from other agencies. The CFPB said that its first step will be to talk to banks across the country about their compliance costs… More >

Past CFPB actions may portend fate of mortgage rules

By Richard J. Andreano, Jr., on February 5th, 2013 Posted in CFPB Rulemaking, Mortgages

Following the invalidation of three presidential “recess” appointments to the NLRB by the D.C. Circuit Court of Appeals in Noel Canning v. NRLB, theories continue to swirl about the fate of Director Cordray. The Director was appointed based on the same recess authority and at the same time as the invalidated NRLB appointments. There also… More >

The Senate Republicans officially weigh in on Cordray’s nomination

By Alan S. Kaplinsky on February 1st, 2013 Posted in CFPB General, CFPB People, CFPB Rulemaking, Hot Issues

Whatever hope President Obama may have had that his nomination of Richard Cordray to serve a five-year term as Director of the CFPB vanished today when 43 Republican Senators joined in a letter to the President saying that they will oppose Mr. Cordray or any other nominee until major structural changes are made to the… More >

New CFPB Deputy Director about to be appointed

By Alan S. Kaplinsky on January 30th, 2013 Posted in CFPB People, CFPB Rulemaking

The word on the street is that tomorrow Richard Cordray will appoint a new Deputy Director to replace Raj Date who has been serving in that capacity since Jan. 6 of 2012. I hope Mr. Cordray uses the occasion to inform the public about the Bureau’s contingency plan in the event the D.C. Circuit’s decision… More >

CFPB semiannual regulatory agenda: missing items and other mysteries

By Alan S. Kaplinsky on January 14th, 2013 Posted in CFPB Rulemaking

The CFPB has issued its semiannual regulatory agenda which identifies seven regulatory matters that the CFPB “reasonably anticipates” having under consideration during the period from October 1, 2012 to October 1, 2013. The information in the CFPB’s notice is described as current as of November 30, 2012. The agenda identifies six matters that are in the… More >

CFPB establishes when a final rule is “issued”

By Richard J. Andreano, Jr., on January 2nd, 2013 Posted in CFPB Rulemaking, Mortgages

The CFPB has published a final procedural rule that addresses what constitutes official issuance of a CFPB final rule. The procedural rule establishes that the CFPB’s final rules, including interim final rules, are deemed issued upon the earlier of when the final rule is posted on the CFPB website or when it is published in… More >

CFPB proposes changes to remittance transfer rule and delay in effective date

By Jeremy T. Rosenblum on December 27th, 2012 Posted in CFPB Rulemaking

The CFPB has issued a proposal to make revisions to the remittance transfer rule and delay the rule’s effective date. The CFPB had announced its plans to make the proposal in a bulletin it issued in November. The proposal would delay the rule’s effective date, currently set for February 7, 2013, until 90 days after… More >

CFPB to hold field hearings on mortgage policy

By Richard J. Andreano, Jr., on December 20th, 2012 Posted in CFPB Rulemaking, Mortgages

The CFPB has announced that it will be holding two field hearings in January 2013 on mortgage policy. The first hearing is scheduled for January 10 in Baltimore and the second hearing is scheduled for January 17 in Atlanta. CFPB Director Richard Cordray is expected to deliver remarks at both hearings and there will also… More >

CFPB to delay remittance rule effective date and propose changes

By Jeremy T. Rosenblum on November 27th, 2012 Posted in CFPB Rulemaking

In a bulletin issued today, the CFPB announced that, in December, it expects to issue a proposal to make changes to the remittance transfer rule and extend the rule’s effective date until 90 days after the proposal is finalized. The rule is currently set to take effect on February 7, 2013 and the CFPB expects… More >

CFPB issues temporary exemption for new mortgage disclosures

By Richard J. Andreano, Jr., on November 19th, 2012 Posted in CFPB Rulemaking, Mortgages

On November 16, the CFPB adopted a temporary exemption for certain mortgage disclosure requirements added by the Dodd-Frank Act to allow the disclosures to be implemented along with the proposal to integrate the Real Estate Settlement Procedures Act and Truth in Lending Act disclosures. Without the temporary exemption, industry would have been required to begin providing… More >

New development with FCRA-required forms

By John L. Culhane, Jr. on November 16th, 2012 Posted in CFPB Rulemaking, Credit Reports

With the January 1, 2013 deadline for using the new CFPB model FCRA forms on the horizon, the CFPB apparently took another look at those forms and realized that they contained a few glitches. On November 14, the CFPB published a notice in the Federal Register correcting various typos and technical errors, effective immediately. The forms in… More >

CFPB reaches out to innovators

By Mercedes Kelley Tunstall on November 15th, 2012 Posted in CFPB Rulemaking

The CFPB has announced the launch of “Project Catalyst,” which it describes as “an initiative designed to encourage consumer-friendly innovation and entrepreneurship in markets for consumer financial products and services.” To introduce the project, the Bureau held a program yesterday in Mountain View, CA at which presentations were made by Director Richard Cordray, Deputy Director… More >

Trade groups continue to oppose generic clearance of CFPB compliance cost information collection plans

By Barbara S. Mishkin on November 13th, 2012 Posted in CFPB Rulemaking

In a November 9 comment letter, the American Bankers Association and Consumers Bankers Association have renewed their objections to the CFPB’s request to the Office of Management and Budget seeking generic clearance of the CFPB’s collection of information on compliance costs and other effects of regulations. In June, the CFPB solicited comments on its information… More >

Agency review bill opposed by CFPB, federal banking regulators and consumer groups

By Barbara S. Mishkin on November 1st, 2012 Posted in CFPB Rulemaking

The CFPB, federal banking regulators and consumer groups have all voiced their opposition to Senate Bill 3468, the “Independent Agency Regulatory Analysis Act of 2012.” The bill would allow the President to require all independent agencies to undertake numerous additional steps and analyses as part of the rulemaking process. In a letter sent to the… More >

CFPB issues remittance transfer rule compliance guide for small businesses

By Barbara S. Mishkin on October 24th, 2012 Posted in CFPB Rulemaking

The CFPB has issued a Small Entity Compliance Guide to assist small businesses in complying with the remittance transfer rule. The final rule takes effect on February 7, 2013. The guide includes a summary of the remittance rule, information to assist a business in determining whether it will be subject to the rule, and details… More >

Withdrawal of portions of CFPB mortgage servicing proposal suggested by consumer advocates

By Michael S. Waldron on October 15th, 2012 Posted in CFPB Rulemaking, Mortgages

In their letter commenting on the CFPB’s mortgage servicing proposal, Americans for Financial Reform and numerous other consumer advocacy groups, including Consumers Union, have asked the CFPB to consider withdrawing and reissuing the portions of the proposal that deal with loss mitigation and error resolution. With regard to error resolution, the groups criticize the CFPB for… More >

Release of final debt collection larger participant rule could be imminent

By Alan S. Kaplinsky on October 12th, 2012 Posted in CFPB Rulemaking, Debt Collection

The CFPB has announced that it will be holding a field hearing on debt collection in Seattle on October 24. Since Director Cordray is slated to make remarks, there is considerable speculation that release of the CFPB’s final larger participant rule for the debt collection market is imminent and could be announced by Director Cordray at the… More >

CFPB issues new request for comments on compliance cost information collection plans

By Barbara S. Mishkin on October 11th, 2012 Posted in CFPB Rulemaking

In a notice published in the Federal Register on October 10, the CFPB is seeking comments on the request it has submitted to the Office of Management and Budget for generic clearance of its collection of information from providers of consumer financial services and products on compliance costs and other effects of regulations. In June,… More >

FTC staff comments on CFPB’s integrated TILA/RESPA mortgage disclosures proposal

By Richard J. Andreano, Jr., on October 8th, 2012 Posted in CFPB Rulemaking, Mortgages

In July, the CFPB released its long-awaited nearly 1,100-page proposal consolidating the application and closing disclosures required by TILA and RESPA for mortgage loan transactions. Comments on the proposed integrated disclosures are due by November 6. On September 25, the staff of the Federal Trade Commission’s Bureau of Consumer Protection, Bureau of Economics and Office… More >

CFPB announces webinar on remittance rule and releases safe harbor countries list

By Barbara S. Mishkin on October 1st, 2012 Posted in CFPB Rulemaking

The CFPB has announced that it will be holding a webinar on its remittance transfer rule on October 16 at 2:30 p.m. ET. The rule becomes effective on February 7, 2013. The CFPB has requested persons interested in attending to RSVP at CFPB_RemittanceRule@cfpb.gov. The CFPB also released a “Remittance Rule Safe Harbor Countries List.” The… More >

Questions about CFPB’s qualified mortgage definition continue

By Barbara S. Mishkin on September 25th, 2012 Posted in CFPB Rulemaking, Mortgages

How the CFPB should define “qualified mortgages” in its proposal to implement the Dodd-Frank ability to repay provisions continued to be a focus of questioning when CFPB Director Richard Cordray appeared last week before the House Financial Services Committee to discuss the current state of the CFPB and its latest Semi-Annual Report to Congress. In… More >