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Category Archives: CFPB Rulemaking

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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 >

Video of CFPB arbitration field hearing now available

Posted in Arbitration, CFPB Rulemaking

On March 10, 2015, the CFPB held a field hearing on arbitration.  At the hearing, Alan S. Kaplinsky, Practice Leader of Ballard Spahr’s Consumer Financial Services Group, presented the industry’s perspective on arbitration agreements. (The hearing coincided with the CFPB’s release of the final results of its consumer arbitration study as mandated by Section 1028… 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 Spring 2015 agenda: significant rulemaking actions on the horizon

Posted in CFPB Rulemaking

Just in time for the holiday weekend, the CFPB released its Spring 2015 rulemaking agenda last Friday.  The agenda sets the following timetables: Prepaid financial products.  In November 2014, the CFPB issued a proposed rule for prepaid financial products, including general-purpose reloadable prepaid cards and certain digital and mobile wallets.  The agenda indicates that the CFPB… 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 >

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 >

CFPB speaks (again) at PLI’s Annual Consumer Financial Services Institute

Posted in CFPB Enforcement, CFPB Exams, CFPB Rulemaking

Key members of the CFPB’s enforcement, regulatory and supervision offices spoke yesterday at PLI’s 20th Annual Consumer Financial Services Institute in Chicago. As was the case during the New York City version which took place on April 6, the session addressed recent developments and upcoming initiatives at the CFPB, and took the form of a… More >

How might the Supreme Court’s decision in Perez v. MBA affect the CFPB?

Posted in CFPB Rulemaking

The U.S. Supreme Court’s recent decision in Perez v. Mortgage Bankers Ass’n invalidated a significant line of  D.C. Circuit case law known, after the leading case, as the Paralyzed Veterans doctrine.  A case involving a series of contradictory Department of Labor interpretations of whether mortgage loan officers are exempt from minimum wage and overtime guarantees,… More >

CFPB speaks at PLI’s annual Consumer Financial Services Institute

Posted in CFPB Enforcement, CFPB Exams, CFPB Rulemaking

Key members of the CFPB’s enforcement, regulatory and supervision offices spoke yesterday at PLI’s 20th Annual Consumer Financial Services Institute in New York City.  The session addressed recent developments and upcoming initiatives at the CFPB, and took the form of a Q&A between the moderator and a panel of practitioners and CFPB personnel. The panelists… More >

Director Cordray appears before House Financial Services

Posted in CFPB Rulemaking, Hot Issues, Overdrafts, Payday Lending, Prepaid Cards, Richard Cordray, TILA / RESPA

On Tuesday, March 3, CFPB Director Richard Cordray appeared before the House Financial Services Committee to answer questions regarding the Bureau’s Semi-Annual Report to Congress and the President, which it published on December 4 of last year.  As we anticipated shortly before Director Cordray’s testimony, the report merely provided a backdrop for the hearing, which,… More >

Director Cordray speaks to the National Association of Attorneys General

Posted in CFPB Exams, CFPB Rulemaking

As he has done in prior years, Director Cordray spoke earlier this week to the National Association of Attorneys General.  His prepared remarks focused on the familiar theme of “the four Ds” that create obstacles for consumers in the financial services marketplace–deceptive marketing, debt traps, dead ends, and discrimination. Director Cordray’s remarks included the following noteworthy… More >

CFPB proposes amendments to “small creditor,” “rural” exemptions

Posted in CFPB Rulemaking, TILA / RESPA

On January 29, the CFPB proposed amendments to the portions of Regulation Z governing mortgages made by small creditors.  In the same notice, the CFPB also proposed amendments to Regulation Z’s definition of the term “rural,” which controls certain special permissions for small creditors operating predominately in areas that satisfy the definition.  The proposed amendments… More >

CFPB finalizes amendments to TILA/RESPA integrated disclosures rule and loan originator rule

Posted in CFPB Rulemaking, Mortgages, TILA / RESPA

On Tuesday, January 20, the CFPB promulgated its first final rule of 2015, a series of minor amendments to the TILA/RESPA integrated disclosures (TRID) rule.  The substantive changes to the TRID rule are (1) an extension of the time period to issue a revised Loan Estimate when an interest rate moves from floating to locked,… More >

CFPB encourages comments on prepaid card proposal

Posted in CFPB Rulemaking, Prepaid Cards

Kelly Cochran, CFPB Assistant Director for Regulations, addressed the CFPB’s prepaid card rulemaking in a January 12 presentation to the American Bar Association Consumer Financial Services Committee in New Orleans.  She acknowledged the complexity of the CFPB’s proposal and difficult choices facing the CFPB and encouraged the submission of comments on the proposal. We are largely… More >

CFPB Proposes Additional Servicing Rule Amendments

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

The CFPB issued a proposed rulemaking last week to amend various provisions of the mortgage servicing rules under Regulation X and Regulation Z. Comments are due 90 days from the date of publication in the Federal Register. Ballard Spahr’s Mortgage Banking Group will continue to analyze the proposal and work with our clients and industry… More >

CFPB Fall 2014 rulemaking agenda indicates further delay in proposed debt collection and other rules

Posted in CFPB Rulemaking

Based on the CFPB’s Fall 2014 rulemaking agenda, proposed rules dealing with payday loans/deposit advance products, overdrafts, and debt collection are still months away. The CFPB’s timetables for “prerule activities” are February 2015 for payday loans/deposit advance products, July 2015 for overdrafts, and April 2015 for debt collection.  The CFPB’s Spring 2014 agenda had given… More >

CFPB gives guidance and answers FAQ on the new Closing Disclosure

Posted in CFPB General, CFPB Rulemaking, TILA / RESPA

On November 18, 2014, the CFPB staff and Federal Reserve Board co-hosted a webinar that addressed questions about the Final TILA-RESPA Integrated Disclosure Rule that will be effective for applications received by creditors or mortgage brokers on or after August 1, 2015.  The webinar focused on the Closing Disclosure and addressed specific questions regarding the… More >

CFPB holds field hearing on proposed rules for prepaid accounts

Posted in CFPB Rulemaking

Ballard Spahr to hold a webinar on the proposal at 12 p.m. ET on December 12th. A link to register is available here. Yesterday I attended the Consumer Financial Protection Bureau’s (CFPB) field hearing in Wilmington, Delaware, at which the CFPB unveiled and accepted public comment on its long-awaited proposed rule for prepaid accounts under the… More >

CFPB issues snapshot of debt collection complaints filed by older consumers

Posted in CFPB Rulemaking, Debt Collection

The CFPB’s Office of Older Americans has issued a report titled “a snapshot of debt collection complaints submitted by older consumers,” which provides information drawn from complaints submitted to the CFPB from July 2013 to September 2014.  For purposes of the report, a complaint submitted by an “older consumer” is one that was submitted by… More >

Leading industry trade groups comment on HMDA/Reg. C proposal

Posted in CFPB Rulemaking, Mortgages

Six leading industry trade groups have submitted a letter commenting on the CFPB’s proposed rule amending Regulation C to expand Home Mortgage Disclosure Act data reporting requirements.  The trade groups consist of the Consumer Bankers Association, Mortgage Bankers Association, American Bankers Association, Consumer Mortgage Coalition, Financial Services Roundtable and Housing Policy Council. In the letter,… More >

Senator Crapo seeks information on CFPB’s regulatory streamlining efforts

Posted in CFPB Rulemaking

In our blog post yesterday about the CFPB’s final rule allowing an alternative online delivery method for annual privacy notices, we commented that the CFPB has made limited progress on its regulatory streamlining initiative launched in December 2011.  The CFPB’s streamlining efforts were also the subject of a letter sent to Director Cordray yesterday by Senator Mike… More >

CFPB finalizes amendments to mortgage rules

Posted in CFPB Rulemaking, Mortgages

The CFPB has issued a final rule amending certain provisions of the 2013 Title XIV final mortgage rules.  While in its press release the CFPB describes the amendments as “minor adjustments to its mortgage rules,” the final rule contains several major changes from the CFPB’s proposal. QM Points and Fees Cure.  Generally, to be considered a… More >