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

Category Archives: CFPB Rulemaking

Subscribe to CFPB Rulemaking RSS Feed

Lawmaker seeks CFPB fair lending investigation of fintech small business lenders

Posted in CFPB Rulemaking, Fair Lending, Technology

A Democratic congressman has raised concerns about potentially discriminatory lending practices used by fintech companies that extend credit to small businesses, calling on the CFPB “to vigorously investigate whether [such fintech companies] are complying with all anti-discrimination laws, including the Equal Credit Opportunity Act.” In a letter to Director Cordray dated March 15, 2017, Representative… More >

CFPB Proposes Delay in Prepaid Rule Effective Date

Posted in CFPB Rulemaking

The CFPB has proposed to delay the effective date of the final rule governing Prepaid Accounts from October 1, 2017 to April 1, 2018. The CFPB’s action is a direct response to ongoing dialogue between companies in the prepaid industry and the CFPB staff. The CFPB proposal to delay the effective date has a twenty-one… More >

House passes bill to subject CFPB rules to OIRA review

Posted in CFPB Rulemaking

On March 1,2017, by a vote of 241 to 104, the House passed the “OIRA Insight, Reform, and Accountability Act” (H.R. 1009), which would subject independent regulatory agencies such as the CFPB to the regulatory review process of the Office of Information and Regulatory Affairs (OIRA) within the Office of Management and Budget.  The bill… More >

ACA International flags shortcomings in CFPB national debt collection consumer survey

Posted in CFPB Rulemaking, Debt Collection

In a new white paper, “An Overview of the Analytical Flaws and Methodological Shortcomings of the CFPB’s Survey of Consumer Experiences with Debt Collection,” ACA International takes aim at the report released by the CFPB in January 2017 that presented the findings of the CFPB’s national debt collection consumer survey. In our blog post about… More >

Director Cordray responds to questions on proposed arbitration rule

Posted in Arbitration, CFPB Rulemaking

Director Cordray has sent a letter to Senator Jeff Flake responding to a series of questions posed by the Senator on the CFPB’s proposed arbitration rule.  The comment period on the proposed rule closed on August 22, 2016.  Senator Flake posed his questions on August 19, 2016, but Director Cordray did not respond until January… More >

OIRA guidance confirms executive order to reduce regulations does not apply to independent agencies

Posted in CFPB Rulemaking

Interim Guidance issued by the Office of Information and Regulatory Affairs (OIRA) to implement President Trump’s executive order entitled “Reducing Regulation and Controlling Regulatory Costs” confirms that the order does not apply to independent agencies.  The executive order, issued on January 30, includes the requirement for an agency that publicly proposes a new regulation for… More >

President Trump issues executive order on core principles for regulating the financial system

Posted in CFPB General, CFPB Rulemaking

On February 3, 2017, the President issued an Executive Order titled “Core Principles for Regulating the United States Financial System.”  The Executive Order is a high-level policy statement consisting of a series of Core Principles that are designed to inform the manner in which the Administration regulates the financial system. On March 6, 2017, Ballard… More >

Will Congress nullify the prepaid card rule?

Posted in CFPB Rulemaking

We have previously written about the Congressional Review Act (“CRA”), a law that establishes a procedure by which Congress can nullify a covered rule adopted by a federal agency.  According to a memorandum prepared by the Congressional Research Service (“CRS”), the CRA “was largely intended to assert control over agency rulemaking by establishing a special… More >

President Trump signs executive order to reduce regulations; application to CFPB doubtful

Posted in CFPB Rulemaking

President Trump has signed an executive order entitled “Reducing Regulation and Controlling Regulatory Costs.” Like the regulatory freeze memo issued on Inauguration Day by Reince Priebus, the President’s Chief of Staff, the executive order appears to apply only to “an executive department or agency.” Since the D.C. Circuit’s PHH decision changing the CFPB’s structure from… More >

ABA highlights error in cost of credit calculation method used in CFPB’s proposed payday loan rule

Posted in Auto Title Loans, CFPB Rulemaking, Payday Lending

At the meeting earlier this month of the American Bar Association’s Consumer Financial Services Committee in Carlsbad, CA, attention was given to an issue highlighted by the American Bankers Association in the comment letter it submitted on the CFPB’s proposed payday/auto title/high-rate installment loan rule. The CFPB’s proposal provides a method to calculate the total cost… More >

Trump Administration issues regulatory freeze; application to CFPB uncertain

Posted in CFPB Rulemaking

On Inauguration Day, Reince Priebus, Assistant to the President and Chief of Staff, issued a “Memorandum for the Heads of Executive Departments and Agencies” with the subject line “Regulatory Freeze Pending Review” that directs the recipients to “send no regulation to the Office of the Federal Register (“OFR”) until a department or agency head appointed… More >

Proposed reform measure passed by House would result in seismic change in congressional review procedure for “major rules”

Posted in CFPB Rulemaking

We have previously written about the Congressional Review Act (“CRA”), which was enacted as part of the Contract with America Advancement Act of 1996.  The CRA created a fast-track legislative process for Congress to nullify a covered federal rule by passing a joint resolution of disapproval that would then be presented to the President for… More >

Updated HMDA resources for data collected in 2017 and 2018

Posted in CFPB General, CFPB Rulemaking

As we have previously discussed, on October 15, 2015, the Consumer Financial Protection Bureau (CFPB) released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring certain data on mortgage applications and loans to be collected in 2017 by “Covered Institutions.” The 2017 HMDA institutional chart  provides guidance on how… More >

House passes proposed Congressional Review Act amendments authorizing en bloc consideration in resolutions of disapproval for “midnight rules”

Posted in CFPB Rulemaking

We have previously written about the Congressional Review Act (“CRA”), a law enacted in 1996 that establishes a procedure by which Congress can nullify a covered rule adopted by a federal agency.  According to a Congressional Research Service (“CRS”) memorandum dated January 3, 2017, the CRA “was largely intended to assert control over agency rulemaking by… More >

Trump nominee to head OMB could create hurdles for CFPB regulations

Posted in CFPB Rulemaking

It has been reported that President-elect Donald Trump has nominated South Carolina Republican Congressman Mick Mulvaney to be Director of the Office of Management and Budget (OMB).  Mr. Mulvaney has been described as a “staunch deficit hawk” and his nomination is viewed as sending a signal that federal regulations are likely to face tough scrutiny in… More >

CFPB amends commentary on adjustments to exemption thresholds; makes no changes to 2017 thresholds

Posted in CFPB Rulemaking

The CFPB has adopted changes to its Reg Z commentary to memorialize the calculation methods used each year to adjust the thresholds for exempt consumer credit transactions and for transactions exempt from the special appraisal requirements for higher-priced mortgage loans and to its Reg M commentary to memorialize the calculation method used each year to… More >

Election results portend significant changes for CFPB; Ballard Spahr to conduct Nov. 30 webinar

Posted in CFPB Enforcement, CFPB People, CFPB Rulemaking

As a result of Donald J. Trump’s election as President, coupled with the Democrats’ failure to wrest control of the House or Senate from the Republicans, the CFPB can be expected to undergo significant changes that are likely to have the effect of reducing the agency’s impact. On November 30, 2016, from 2 p.m. to 3… More >

CFPB Mortgage Servicing Rule Amendments Published in Federal Register

Posted in CFPB Rulemaking

The CFPB Mortgage Servicing Rule Amendments were published in the Federal Register yesterday, starting the clock for the effective date of the amended provisions.  Most of the provisions are effective on October 19, 2017.  The provisions related to successors in interest and periodic statements for borrowers in bankruptcy are effective on April 19, 2018.  The… More >

CFPB Deputy Enforcement Director mum on whether CFPB will seek further review of PHH decision

Posted in CFPB Rulemaking

During the “Developments at the CFPB” panel this morning at the Pennsylvania Bar Institute Consumer Financial Services & Banking Law Update program in Philadelphia, Jeffrey Ehrlich, the CFPB’s Deputy Enforcement Director, would not comment on whether the CFPB will seek further judicial review of the October 11 opinion of a 3-judge panel of the U.S…. More >

What the D.C. Circuit’s PHH decision means for CFPB rulemaking

Posted in CFPB Rulemaking

In its decision last week in PHH Corporation v. CFPB, the D.C. Circuit ruled that the CFPB’s single-director-removable-only-for-cause structure is unconstitutional.  While the D.C. Circuit (in footnote 19) noted that it “need not here consider the legal ramifications of our decision for past CFPB rules or for past agency enforcement actions,” we have determined that… More >

CFPB receives unprecedented level of comments on payday, title and high-cost installment loan proposal

Posted in CFPB Rulemaking, Payday Lending

The comment period for the CFPB’s proposed rule on Payday, Title and High-Cost Installment Loans ended Friday, October 7, 2016.  The CFPB has its work cut out for it in analyzing and responding to the comments it has received. We have submitted comments on behalf of several clients, including comments arguing that: (1) the 36%… More >