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Category Archives: CFPB General

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CFPB Consumer Advisory Board to meet on June 9

Posted in CFPB General

The CFPB has published a notice in the Federal Register indicating that it will hold a meeting of its Consumer Advisory Board on June 9, 2016 in Little Rock, Arkansas.  The topics to be discussed at the meeting are “an auto lending education initiative, trends and themes, and payday lending.”  Since the CFPB is expected… More >

CFPB launches Spanish-language Twitter and Facebook accounts

Posted in CFPB General

The CFPB recently announced that it has launched official Spanish-language Twitter and Facebook accounts.  The CFPB previously launched a Spanish-language website and recently updated the translations on the “Ask CFPB” feature on its website. In its blog post about the Twitter and Facebook launch, the CFPB notes that it is “working to ensure that consumers… More >

OCC to hold forum on financial innovation

Posted in CFPB General

In his April 2016 appearance before the Senate Banking Committee, Director Cordray made clear that FinTech companies are on the CFPB’s radar screen.  In particular, he indicated that while FinTech companies should not have an advantage in the marketplace over banks because they are not complying with same rules, the CFPB would seek to enforce… More >

Our thoughts on “Ask CFPB”

Posted in CFPB General

In a new blog post, the CFPB promotes its “Ask CFPB” website feature as “a source of clear, impartial answers to hundreds of financial questions.” We agree that the feature can be a source of potentially helpful information for consumers on a wide range of topics such as bank accounts, credit reports and scores, debt… More >

CFPB Academic Research Council to meet on May 20

Posted in CFPB General

The CFPB has announced that there will be meeting of its Academic Research Council on May 20, 2016 in Washington, D.C. to discuss methodologies for CFPB research. The agenda indicates that after welcomes from Director Cordray and Ron Borzekowski, a CFPB Assistant Director, there will be a subcommittee report and discussion followed by a presentation and discussion on the… More >

CFPB Publishes New Annotated Loan Disclosures

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

In emails sent to CFPB email subscription holders, the CFPB announced the publication of new annotated versions of the Loan Estimate and Closing Disclosure that include citations to sections in Chapter 2 of the Truth in Lending Act (TILA). The CFPB sent an original email on May 12, and then an updated email on May… More >

CFPB To Reopen TRID Rulemaking

Posted in CFPB General, Mortgages, TILA / RESPA

In a letter dated April 28, 2016, addressed to Industry Trades and their Members and signed by Director Cordray, the CFPB announced its intention to reopen the rulemaking for the TILA/RESPA Integrated Disclosure (TRID) rule. The Bureau announced the Notice of Proposed Rulemaking (NPRM) would likely be issued in late July. In a change of… More >

CFPB unveils changes to website

Posted in CFPB General

The CFPB’s website has a new look.  Last week, the CFPB unveiled a set of updates to the website.  According to the CFPB, the new features “will help users quickly and easily browse the vast range of information, tools, and reports that we provide.” We certainly hope that the changes will make it easier for… More >

CFPB Director Cordray Responds to Senator Corker Letter

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

The CFPB responded to a letter from Senator Corker (R. Tenn.) requesting the Bureau to release official guidance on what constitutes a technical error under the TILA/RESPA Integrated Disclosure (TRID) rule and possible remediation methods for such errors. Senator Corker commented in his letter that “there appears to be an overarching concern that the rule’s… More >

CFPB Staff Presents Second TRID Rule Webinar for 2016

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

The CFPB staff presented an informational webinar on Tuesday, April 12, 2016, to address several issues with the TILA/RESPA Integrated Disclosure (TRID) rule.  The webinar, titled Know Before You Owe Mortgage Disclosure Rule: Post-Effective Date Questions & Guidance, focused on responding to specific industry raised questions.  Specific topics of discussion included: Determining what fees must… More >

Constitutionality of CFPB structure at issue in D.C. Circuit oral argument

Posted in CFPB Enforcement, CFPB General

The constitutionality of the CFPB’s structure was front and center at this past Tuesday’s oral argument in PHH Corporation et al. v. CFPB before the U.S. Court of Appeals for the D.C. Circuit.  The case involves PHH’s appeal from Director Cordray’s June 2015 decision  affirming an administrative law judge’s recommended decision that concluded PHH had… More >

CFPB representatives confirmed for 21st Annual PLI Consumer Financial Services Institute Chicago session

Posted in CFPB General

The CFPB representatives who will be participating in the Chicago session of the 21st Annual Consumer Financial Services Institute, sponsored by the Practicing Law Institute, have now been confirmed.  The Chicago session will take place  on May 12-13, 2016.  (The New York City session was held on April 4-5, 2016 (with live webcasts and groupcasts… More >

Alan Kaplinsky receives Lifetime Achievement Award from American College of Consumer Financial Services Lawyers

Posted in Arbitration, CFPB General

I am delighted to report that Alan Kaplinsky has received the prestigious Senator William Proxmire Lifetime Achievement Award from the American College of Consumer Financial Services Lawyers.  The award is granted periodically to a person whose career has produced many years of distinguished accomplishments and contributions to the field of consumer financial services law.  Alan received the… More >

PLI’s “The CFPB Speaks” Panel Discussion

Posted in Arbitration, Auto Finance, CFPB Enforcement, CFPB General, CFPB People, CFPB Rulemaking, Hot Issues

On April 4, at the Practicing Law Institute’s (“PLI”) 21st Annual Consumer Financial Services Institute in Manhattan, Alan Kaplinsky (a co-chair of the institute) moderated a panel entitled “The CFPB Speaks,” where CFPB officials shared their own insights on industry trends on their radar, priorities for the coming years, and views on certain hot-button issues…. More >

CFPB releases 2015 complaint report

Posted in CFPB General

The CFPB’s Consumer Response Annual Report analyzing complaints handled in 2015 indicates that volume rose 8% from 250,700 complaints in 2014 to 271,600 in 2015. The report provides data on the most common types of complaints for each product, the handling of complaints, and median monetary relief.  Of the 271,600 complaints received in 2015, approximately… More >

CFPB Community Bank Advisory Council to meet on April 21

Posted in CFPB General

The CFPB will hold a meeting of its Community Bank Advisory Council on April 21, 2016 in Washington, D.C. According to the CFPB’s notice published in today’s Federal Register, there will be a discussion of the CFPB’s strategic outlook and elder financial abuse.  These topics were also discussed at the meetings of the CFPB’s Credit… More >

Director Cordray to appear before Senate Banking Committee on April 7

Posted in CFPB General

Director Cordray is scheduled to appear before the Senate Banking Committee on April 7, 2016 for a hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.”  (The CFPB’s most recent Semi-Annual Report is the report issued in November 2015 covering the period from April 1, 2015 through September 30, 2015.) Director Cordray is expected… More >

Democratic Senators expected to introduce bill requiring CFPB registration of lenders making small-dollar loans

Posted in CFPB General

A group of Democratic Senators led by Oregon Senator Jeff Merkley is expected to introduce the “Stopping Abuse and Fraud in Electronic Lending Act of 2016” or “SAFE Lending Act of 2016.” The bill represents the latest version of bills with similar titles introduced by Senator Merkley and other Democratic Senators in previous years.  In addition… More >

CFPB issues second rule to implement the HELP Act, expanding Qualified Mortgage coverage for lenders lending in rural and underserved areas

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

As we have addressed, Congress passed the Helping Expand Lending Practices in Rural Communities Act of 2015 (HELP Act) on December 4, 2015, in efforts to expand the designation of additional areas as being “rural” under Regulation Z of TILA.   The HELP Act was passed after the CFPB issued a final rule to expand the… More >

CFPB to participate in Financial Data Summit

Posted in CFPB General

The CFPB is among the federal agencies participating in a Financial Data Summit hosted by the Data Coalition to be held on March 29, 2016 in Washington, D.C. Linda Powell, the CFPB’s Chief Data Officer, will be on a panel dealing with data management.  Representatives of the Treasury Department and Federal Reserve will also be… More >

CFPB Posts Latest TRID Webinar

Posted in CFPB General, Mortgages, TILA / RESPA

The CFPB updated its regulatory implementation materials to incorporate the recording of its March 1st presentation titled Know Before You Owe Mortgage Disclosure Rule – Construction Lending. The presentation focused on complying with the TILA/RESPA Integrated Disclosure (TRID) rule in connection with construction-to-permanent loans. The presentation, about which we had previously written, covered loans that… More >

Director Cordray appears before House Financial Services Committee

Posted in CFPB General

Director Cordray was the sole witness at the hearing held yesterday by the House Financial Services Committee, which was entitled “The Semi-Annual Report of the Bureau of Consumer Financial Protection.”  In November 2015, the CFPB issued its eighth Semi-Annual Report to the President and Congress covering its activities from April 1, 2015 through September 30,… More >

CFPB Credit Union Advisory Council to meet on March 24

Posted in CFPB General

The CFPB will hold a meeting of its Credit Union Advisory Council on March 24, 2016 in Washington, D.C.  According to the meeting agenda, one session will be a discussion of the CFPB’s strategic outlook and the other session will be a discussion on preventing elder financial abuse. At last month’s meeting of the CFPB’s… More >