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Category Archives: CFPB Rulemaking

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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 >

CFPB issues another update to the Small Entity Compliance Guide for ATR/QM

Posted in CFPB General, CFPB Rulemaking, Mortgages

The CPFB recently issued another update to the Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage Rule, to reflect changes from the October 2013 Final Rule.  The updated guide clarifies several aspects of the QM points and fees calculation, per the October 2013 Final Rule.  A new provision is included, which emphasizes that… More >

CFPB and MBA to host webinars regarding new mortgage origination and servicing rules

Posted in CFPB General, CFPB Rulemaking, Mortgages

The CFPB and the Mortgage Bankers Association (MBA) will be hosting two webinars on October 16 and 17 from 2-3:30 PM ET to address outstanding questions under the new mortgage rules.  The October 16 session will address the servicing rules and the October 17 session will address the origination rules. Although the webinars were initially… More >

CFPB issues interim final rule on temporary C&Ds

Posted in CFPB Enforcement, CFPB General, CFPB Rulemaking

The CFPB has issued an interim final rule with a request for public comment on its new rules of practice for the issuance of temporary cease-and-desist orders (“Temporary C&Ds”). The Bureau is authorized to issue Temporary C&Ds under Section 1053(c) of the Dodd-Frank legislation. That provision, similar in many respects to the comparable provision in… More >

CFPB finalizes amendments to mortgage rules

Posted in CFPB Rulemaking, Mortgages

As expected in light of Director Cordray’s comments last week, on Friday, the CFPB finalized several amendments and clarifications to the mortgage rules, proposed on June 24, 2013 (see our previous Legal Alert outlining the amendments as proposed).  The amendments include revisions to the CFPB’s mortgage servicing rules, loan originator compensation rules, and ability-to-repay rules. … More >

Director Cordray gives wide-ranging testimony to House Financial Services Committee

Posted in Arbitration, CFPB Enforcement, CFPB General, CFPB Rulemaking, Credit Reports

Although the House Financial Service Committee’s hearing last Thursday was entitled “The Semi-Annual Report of the Consumer Financial Protection Bureau,” the contents of the report received little mention from committee members.  Instead, committee members questioned Director Cordray, the sole hearing witness, on a wide range of topics.  Highlights include the following: The CFPB’s data collection… More >

Comments by Director Cordray portend aggressive rulemaking

Posted in CFPB Rulemaking, Debit Cards, Debt Collection, Payday Lending

Comments made by Director Cordray in an interview with the Washington Post indicate that the CFPB will be taking an aggressive approach to rulemaking in the coming months.  Director Cordray indicated that prepaid cards are “a real front-burner issue for us” and that the CFPB is “moving forward to write rules to make sure they are… More >

CFPB updates Small Entity Compliance Guide for ATR/QM Rule

Posted in CFPB General, CFPB Rulemaking, Mortgages

On August 14th, the CFPB released an update to the Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage Rule, incorporating the changes made in the June 2013 Concurrent Final Rule and July 2013 Final Rule. The updated guide includes a new section detailing the exemptions added by the June 2013 Concurrent Final Rule… More >

Federal financial regulatory agencies propose appraisal requirement exemptions for certain higher-priced mortgage loans

Posted in CFPB General, CFPB Rulemaking, Mortgages

The CFPB, Federal Reserve Board, FDIC, FHFA, NCUA, and OCC published in the Federal Register on August 8, 2013 proposed rules creating several exemptions to the appraisal requirements for higher-priced mortgage loans. Most notably, the proposed rule creates an exemption for certain refinances with characteristics common to “streamlined” refinances. To be exempt from the appraisal… More >

The District Court’s ruling in State National Bank of Big Spring v. Lew

Posted in CFPB General, CFPB Rulemaking

When the State National Bank of Big Spring case challenging the constitutionality of several titles of the Dodd-Frank Wall Street Reform & Consumer Protection Act (“Dodd-Frank”) was originally filed in June 2012, I immediately identified its vulnerability to a motion to dismiss for lack of standing.  Since then, the complaint was amended twice, and a… More >