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Tag Archives: CFPB

House passes bill to amend TILA points and fees definition for mortgage loans

Posted in Mortgages

Earlier this week, the House of Representatives passed a bill to amend the TILA definition of “points and fees” that is used to determine whether a loan is a high-cost mortgage or, for purposes of TILA’s ability to repay provisions, a qualified mortgage. The “Mortgage Choice Act,” H.R. 685, would amend the points and fees definition to… More >

CFPB issues final rule on homeownership counseling requirements

Posted in Mortgages

The CFPB has issued a final rule to assist lender compliance with RESPA and TILA homeownership counseling requirements.  Under RESPA, a lender must provide applicants for a federally related mortgage loan with a list of certified homeownership counselors.  TILA prohibits a creditor from making a high-cost mortgage loan unless it receives written certification that the… More >

CFPB finalizes temporary suspension of TILA requirement for quarterly submission of credit card agreements

Posted in Credit Cards

The CFPB has issued a final rule adopting its proposal to suspend for one year the Truth in Lending Act/Regulation Z requirement for issuers of open-end credit cards to send their credit card agreements to the CFPB quarterly for posting in a public database on the CFPB’s website.  The suspension does not affect the TILA/Reg… More >

House passes regulatory reform bills

Posted in CFPB General, Mortgages, Privacy

Earlier this week, the House of Representatives, in bipartisan votes, passed the following regulatory reform bills: The “Eliminate Privacy Notice Confusion Act, H.R. 601, would create an exemption from the Gramm-Leach-Bliley Act’s annual notice requirement for institutions that have not changed their privacy policies since their most recent annual notice and only share personal information… More >

ABA seeks changes to CFPB complaint portal and database

Posted in CFPB General

Last month, the CFPB announced that it was adopting its controversial proposal to publicly disclose consumer complaint narratives in its consumer complaint database, and would give companies, within the company web portal, an opportunity to recommend which option, if any, from a “set list of structured company response options” it wanted to include as a… More >

Senate Banking Committee to hold April 16 hearing on mortgage credit availability

Posted in Mortgages

On April 16, 2015, the Senate Committee on Banking, Housing and Urban Affairs will conduct a hearing entitled, “Regulatory Burdens to Obtaining Mortgage Credit.”  The witnesses scheduled to appear are: Tom Woods, President, Custom Woods Homes, and Chairman, National Association of Home Builders Chris Polychron, Executive Broker, First Choice Realty, and President, National Association of… More >

House Republicans ask CFPB and banking agencies to disclaim “Operation Choke Point”

Posted in CFPB General

Six Republican members of the House Financial Services Committee, including Chairman Jeb Hensarling, have sent identical letters to the CFPB, OCC, Fed and NCUA asking each agency to “publicly disclaim [its] past, present, and future involvement in Operation Choke Point or any similar operation.” The letters reference the statement issued by the FDIC in January… More >

CFPB Academic Research Council to meet on May 7

Posted in CFPB General

The CFPB’s Academic Research Council will hold its annual meeting in Washington, D.C. on May 7, 2015.  According to the agenda and event flyer, the Council will discuss trends in consumer finance research, the activities of consumer financial protection agencies in other countries, and recent publications produced by the CFPB’s Office of Research. The event is open… More >

CFPB targets another mortgage lender for deceptive advertising

Posted in CFPB Enforcement, Mortgages

The CFPB has announced the settlement of an enforcement action against a California-based mortgage lender for alleged deceptive advertising practices, including the use of advertisements that the CFPB claimed falsely led consumers to believe that the company was affiliated with the U.S. government.  The consent order requires the lender to pay a civil penalty of… More >

Why the CFPB’s new lawsuit resembles “Operation Choke Point”

Posted in CFPB Enforcement, Debt Collection

Yesterday, the CFPB announced that it had filed a lawsuit against “the ringleaders of a robo-call phantom debt collection operation, their companies, and their service providers.”  This is the same lawsuit filed in federal district court in Atlanta that we blogged about on Monday, and as we indicated, the service providers named as defendants included payment… More >

CFPB Community Bank Advisory Council to meet April 22

Posted in Credit Reports

The CFPB’s Community Bank Advisory Council is scheduled to meet in Washington, D.C. on April 22, 2015.  According to the meeting agenda, following a welcome by Director Cordray, there will be a discussion of credit scores and credit reporting, and its implications for small financial institutions.  That discussion will be led by Corey Stone, the CFPB’s… 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 >

CFPB issues No FEAR Act report

Posted in CFPB General

The CFPB has issued its No FEAR Act Annual Report for FY 2014.  The “No FEAR Act” is the Notification and Federal Employee Antidiscrimination and Retaliation Act of 2002.  It requires federal agencies to submit an annual report to the Director of the Office of Personnel Management that includes data about federal cases filed against… More >

New CFPB lawsuit targets payment processors for debt collectors

Posted in CFPB Enforcement, Debt Collection

A new CFPB enforcement action filed in federal district court in Atlanta and unsealed last week targeting an alleged debt collection scam names as defendants not only the debt collectors and their individual principals but various companies alleged to have been “service providers” to the collectors, including payment processors.  Both the CFPB and the FTC… More >

The CFPB’s contemplated payday/title/high-cost lending proposals: our thoughts on collection practice limits

Posted in Payday Lending, Vehicle Loans

This is the last of a series of blog posts in which we share our reactions to the CFPB’s contemplated proposals taking aim at payday (and other small-dollar, high-rate) loans (“Covered Loans”).  In this blog post, we share our thoughts on the CFPB’s proposed limits on payment collection practices.  (Our previous blog posts have looked… More >

Some issues for “longer-term” loans under the CFPB’s contemplated payday/title/high-cost lending proposals

Posted in Payday Lending, Vehicle Loans

In this blog post, we share our thoughts on the 36% “all-in” rate trigger and restrictions for loans considered to be “longer-term” under the CFPB’s contemplated proposals taking aim at payday (and other small-dollar, high-rate) loans (“Covered Loans”).  (Our previous blog posts have looked at the CFPB’s grounds for the proposals, how the proposals will… More >

Some issues for “short-term” loans under the CFPB’s contemplated payday/title/high-cost lending proposals

Posted in Payday Lending, Vehicle Loans

In this blog post, we share our thoughts on how the CFPB’s contemplated proposals taking aim at payday (and other small-dollar, high-rate) loans (“Covered Loans”) will impact “short-term” Covered Loans and the flaws we see in the CFPB’s ability to repay analysis.  (Our last blog post looked at the CFPB’s grounds for the proposals.) Impact.  The CFPB plans to provide… More >

CFPB updates home buying information booklet

Posted in Mortgages

The CFPB has issued an updated version of the home buying information booklet (also known as the special information or settlement cost booklet) required under RESPA and TILA.  The new booklet is entitled “Your home loan toolkit: A step-by-step guide.”  (The booklet it replaces is entitled “Shopping for Your Home Loan: Settlement Cost Booklet.”)  The new booklet… More >

The CFPB’s contemplated payday/title/high-cost lending proposals: our initial reactions

Posted in Payday Lending, Vehicle Loans

Last Friday, we posted a summary of the contemplated CFPB proposals taking aim at payday (and other small-dollar, high-rate) loans (“Covered Loans”).  In this blog post, we share our thoughts on the CFPB’s grounds for the proposals.  Over the next few days, we will be publishing several additional blog posts to share our reactions to… More >

CFPB issues FDCPA 2015 report

Posted in Debt Collection

The CFPB has issued its fourth annual FDCPA report covering the CFPB’s activities in 2014.  The section of the report that reviews consumer complaints about debt collection received by the CFPB in 2014 recycles information contained in the CFPB’s latest Consumer Response Annual Report. In the section of the report about the CFPB’s supervision of… More >

CFPB 2014 complaints report shows large increase in debt collection and credit reporting complaints

Posted in CFPB General

The CFPB’s Consumer Response Annual Report analyzing complaints handled in 2014 indicates that volume rose 53% from 163,700 complaints in 2013 to 250,200 in 2014. The report provides data on the most common types of complaints for each product, the handling of complaints, and median monetary relief.  Of the 250,200 complaints received in 2014, approximately… More >

CFPB shows its hand on payday (and title and longer-term high-rate) lending

Posted in Deposit Advance Loans, Payday Lending, Vehicle Loans

The CFPB has moved a step closer to issuing payday loan rules by releasing a press release, factsheet and outline of the proposals it is considering in preparation for convening a small business review panel required by the Small Business Regulatory Enforcement Fairness Act and Dodd-Frank.  The CFPB’s proposals are sweeping in terms of the… More >