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Category Archives: CFPB General

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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 >

Survey Says: TRID Extends Processing Times and Limits Products Offered

Posted in CFPB General, Mortgages, TILA / RESPA

The American Bankers Association (ABA) has released findings from its recent 2016 ABA TRID Survey focusing on the TILA/RESPA Integrated Disclosure (TRID) rule’s effect on the residential mortgage lending market. The findings, which can be found here, tell the story of increased processing times, fewer products, and substantial closing delays. The survey of 548 banker… More >

A CFPB matrix for assessing civil money penalties?

Posted in CFPB General

The Office of the Comptroller of the Currency recently issued a revised Policies and Procedures Manual (PPM) for assessing civil money penalties (CMP).  The PPM applies to CMPs assessed against all national banks, federal savings associations, federal branches and agencies licensed by the OCC, and institution-affiliated parties.  It also applies to bank service companies and… More >

CFPB Staff Presents TRID Rule Webinar

Posted in CFPB General, Mortgages, TILA / RESPA

The CFPB staff presented an informational webinar on Tuesday, March 1, 2016 to address several issues with the TILA/RESPA Integrated Disclosure (TRID) rule in connection with construction-to-permanent loans. These are loans that have a single closing and include a construction phase and a permanent phase. The presentation on construction lending follows a rather lackluster “fact… More >

CFPB representatives to be featured at 21st Annual PLI Consumer Financial Services Institute

Posted in CFPB General

The 21st Annual Consumer Financial Services Institute, sponsored by the Practicing Law Institute, will take place on April 4-5, 2016 in New York City (and by live webcast and groupcast in Cincinnati, Cleveland, Philadelphia, Pittsburgh, Mechanicsburg, PA) and on May 12-13, 2016 in Chicago. As I have done for the past 20 years, I will… More >

CFPB finalizes no-action policy for innovative financial products

Posted in CFPB General

Ballard Spahr to conduct webinar on March 24, 2016 entitled “CFPB Regulatory Certainty or Uncertainty? Consent Orders, Informal Guidance, and the New No-Action Letter Policy” Register here The CFPB has issued a final policy statement on issuing “no-action” letters (NAL) for innovative financial products or services.  The CFPB’s statement that the final policy was released… More >

CFPB Consumer Advisory Board to meet on Feb. 25

Posted in CFPB General

The CFPB will hold a meeting of its Consumer Advisory Board in Washington, D.C. on February 25, 2016.  According to the meeting agenda, there will be morning session on the CFPB’s strategic outlook, with the speaker to be Chris D’Angelo, Chief of Staff, Office of the Director. The topic for the afternoon session is measuring… More >

CFPB Jan. 2016 complaint report highlights “other financial service” complaints, complaints from NY State/NY metro area consumers

Posted in CFPB General

The CFPB has issued its January 2016 complaint report which highlights “other financial service” complaints and complaints from consumers in New York State and the New York metro area.  In addition to the major complaint categories consumers can use when submitting online complaints to the CFPB, there is a miscellaneous category labeled “other financial service.” … More >