CFPB Monitor News Guidance Perspectives of CFPB | Ballard Spahr Law Firm Blog

Category Archives: CFPB Rulemaking

Subscribe to CFPB Rulemaking RSS Feed

CFPB Amends ILSA Regulations to Allow Electronic Registration Filings

Posted in CFPB Rulemaking

The CFPB has announced that it is amending the Interstate Land Sales Full Disclosure Act’s implementing regulations to allow electronic registration filings. The Dodd-Frank Act transferred rulemaking authority over the ILSA from HUD to the CFPB. The ILSA requires certain developers to register their subdivisions plans and provide disclosures to consumers regarding the lots or condominiums… More >

CFPB finalizes December 2011 interim final rules

Posted in CFPB Rulemaking

The CFPB has issued a final rule that adopts as final, the interim final rules issued  by the CFPB in December 2011 in connection with the Dodd-Frank Act’s general transfer of rulemaking authority to the CFPB for the consumer financial protection laws implemented by such rules. The Dodd-Frank Act, as of July 21, 2011, transferred… 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 >

The CFPB’s report on online payday loan payments: setting the stage for limits on collection practices?

Posted in CFPB Rulemaking, Payday Lending

The CFPB has issued a new report entitled “Online Payday Loan Payments,” summarizing data on returns of ACH payments made by bank customers to repay certain online payday loans.  The latest report is the third report issued by the CFPB in connection with its payday loan rulemaking.  (The previous reports were issued in April 2013 and… 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 >

Republican Congressmen seek CFPB forum on impact of payday lending rule on state and tribal sovereignty

Posted in CFPB Rulemaking, Payday Lending

Two Republican members of the House Financial Services Committee, Randy Neugebauer and Mick Mulvaney, have sent a letter to Director Cordray asking him to convene a forum or roundtable of state and tribal officials before the CFPB proposes a payday loan rule. In the letter, the Congressmen assert that comments made by CFPB officials about… 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 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 Staff Will Present TRID Rule Webinar

Posted in CFPB Rulemaking, Mortgages, TILA / RESPA

The CFPB staff will present an informational webinar on Tuesday, April 12, 2016 to address issues with the TILA/RESPA Integrated Disclosure (TRID) rule in connection with questions that have been raised since the rule took effect on October 3, 2015. No further information has been provided with regard to the content of the webinar, titled… More >

CFPB policy priorities confirm rulemaking plans, interest in small business lending

Posted in CFPB Rulemaking

In conjunction with yesterday’s meeting of the CFPB’s Consumer Advisory Board, which included a session on the CFPB’s strategic outlook, the CFPB issued its “near-term priority goals where we hope to make substantial progress over the next two years.” The CFPB’s policy priorities over the next two years involve the following nine areas, which are listed alphabetically: … More >

CFPB invites comments on “Application Process for Designation of Rural Area under Federal Consumer Financial Law”

Posted in CFPB Rulemaking

As we previously addressed, the CFPB issued a final rule to expand the definition of “rural areas” under Regulation Z with regard to the authority of small creditors to make certain qualified mortgage loans under the ability to repay rule and avoid the escrow account requirement for certain higher priced mortgage loans. In order to… More >

CFPB releases HMDA Rule Compliance Guide

Posted in CFPB Rulemaking, Fair Lending, Mortgages, Uncategorized

The CFPB released the Home Mortgage Disclosure (Regulation C) Small Entity Compliance Guide  on December 1, 2015.  According to the CFPB, the purpose of the Compliance Guide is to provide an accessible summary of Regulation C, in light of the final rule amending the Home Mortgage Disclosure Act (HMDA) which we summarized here.  In addition,… More >

CFPB makes no change to exemption thresholds for appraisal requirement, Regs Z and M

Posted in CFPB Rulemaking

The CFPB has published notices in the Federal Register announcing that it is making no change to three exemption thresholds that are subject to annual inflation adjustments.  Effective January 1, 2016 through December 31, 2016, these exemption thresholds remain as follows: Smaller loans exempt from the appraisal requirement for “higher priced mortgage loans,” $25,500 Consumer… More >

CFPB Fall 2015 rulemaking agenda includes delays for payday loan and other rules

Posted in CFPB Rulemaking

The CFPB released its Fall 2015 rulemaking agenda last Friday.  The agenda sets the following timetables for key rulemaking initiatives: Arbitration.  The Fall 2015 agenda gives a December 2015 date for further prerule activities.  We assume that date reflects the December 19 due date for the report to be issued by the CFPB’s arbitration Small… More >

Video of October 7 CFPB arbitration field hearing now available

Posted in Arbitration, CFPB Rulemaking

On October 7, 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, at the invitation of the CFPB, presented the industry’s perspective on arbitration agreements. The CFPB recently released a video of the field hearing.  Alan’s remarks can be found at… More >

Final HMDA rule makes significant changes

Posted in CFPB Rulemaking, Mortgages

As we previously reported, the CFPB has issued a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act.  The final rule makes many significant changes, including changes to the rule’s coverage and the data that covered institutions must collect and report.  For a detailed discussion of the final rule, see our legal alert.

CFPB issues final HMDA rule

Posted in CFPB Rulemaking, Mortgages

The CFPB has issued a final rule amending Regulation C, its Home Mortgage Disclosure Act regulation.  The changes, which, in part, implement the Dodd-Frank Act’s amendments to HMDA, expand the scope of data required to be collected and reported, change the scope of HMDA’s coverage of both institutions and transactions, and adopt new processes for… More >

CFPB urged to consider “unintended consequences” of debt collection regulations

Posted in CFPB Rulemaking, Debt Collection

A new article by Todd Zywicki for the Mercatus Center at George Mason University urges the CFPB to consider the “unintended consequences” of new debt collection regulations and conduct a careful cost-benefit analysis before imposing such regulations.  Mr. Zywicki is a law professor at George Mason and Senior Scholar with the Mercatus Center. In November… More >

Arbitration SBREFA panel to convene next week

Posted in Arbitration, CFPB Rulemaking

Last week, the CFPB released an outline of the proposals it is considering for regulating the use of arbitration agreements in anticipation of convening a Small Business Regulatory Enforcement Fairness Act (SBREFA) panel.  As described in more detail in our legal alert, the proposals would ban companies from including arbitration clauses that block class action… More >

Transitional period and initial supervisory practice over TRID

Posted in CFPB Enforcement, CFPB Rulemaking, Federal Agencies, Hot Issues, Mortgages, TILA / RESPA

The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the FFIEC member agencies during the initial months following the implementation of the TILA-RESPA Integrated Disclosure (TRID) rule on October 3, 2015. In the letter, the CFPB noted that it and the other FFIEC member agencies recognized the… More >

CFPB issues final rule expanding definition of “small creditor” and “rural areas” under TILA

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

The CFPB has issued a final rule that revises the definitions of “small creditor” and “rural areas” under Regulation Z of the Truth in Lending Act (TILA). The final rule is effective January 1, 2016. We previously reported on the CFPB proposal to adopt these amendments. The CFPB believes that small creditors play an important… More >

CFPB use of behavioral economics validated by Executive Order

Posted in CFPB Rulemaking

Since opening its doors for business, behavioral economics has played a central role in the CFPB’s regulatory agenda.  Behavioral economists posit that consumers are not rational decision makers and instead have certain frailties or weaknesses that lead them to make decisions that they would later recognize as not in their own best interest. The CFPB’s… More >

CFPB Issues Compliance Bulletin on PMI Cancellation and Termination

Posted in CFPB General, CFPB Rulemaking, Mortgages

The CFPB recently issued Compliance Bulletin 2015-03, addressing the cancellation and termination requirements for private mortgage insurance (PMI) under the Homeowners Protection Act of 1998 (HPA). We note that this Bulletin does not provide much in the way of novel interpretation or expected best practices. Instead, the Bulletin outlines the basics of these requirements, and… More >