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Category Archives: CFPB Rulemaking

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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 >

CFPB finalizes sweeping expansion of prepaid account regulations; Ballard to host Nov. 17 webinar

Posted in CFPB Rulemaking, Prepaid Cards

The CFPB has issued its long-anticipated final rule for general purpose prepaid accounts.  As expected, the new regulations expand the products covered by Regulation E, introduce significant new disclosure requirements, extend consumer liability protections to prepaid accounts and add onerous requirements for accounts with overdraft or credit features.  Many industry participants have already expressed disappointment… More >

Director Cordray responds to letter from Senators seeking tailored rulemaking for community banks and credit unions

Posted in CFPB Rulemaking

Last month, a bipartisan group of 70 Senators were signatories to a letter sent to Director Cordray urging the CFPB to “carefully tailor its regulations to match the unique nature of community banks and credit unions.”  In their letter, the Senators referenced Dodd Frank Section 1022(b)(3)(A) which allows the CFPB to create exemptions from its… More >

GAO issues report on CFPB SBREFA panels

Posted in CFPB Rulemaking

The Government Accountability Office has issued a report on the CFPB’s use of Small Business Regulatory Enforcement Fairness Act (SBREFA) panels in its rulemaking process.  The report, “Observations from Small Business Review Panels,” addresses the extent to which the CFPB solicited, considered, and incorporated small entity inputs into rulemakings, and the views of small entity… More >

CFPB issues final rule amending mortgage servicing regulations

Posted in CFPB General, CFPB Rulemaking

The CFPB issued its final rule amending the mortgage servicing rules under Regulations X and Z.  The proposal for these amendments was issued in November 2014.  The amended provisions cover a wide range of topics, including the following: Tailored periodic statements and early intervention notices for borrowers in bankruptcy; Additional procedures for communicating with, and… More >

CFPB proposes changes to higher-priced mortgage loan exemption threshold

Posted in CFPB General, CFPB Rulemaking, Mortgages

On August 4, 2016, the CFPB published for comment proposed substantive and organizational changes to the Regulation Z Commentary regarding the calculation of the annual exemption threshold  amount for the special appraisal requirements for higher-priced mortgage loans under section 129H of the Truth in Lending Act (TILA).  Both the Office of Comptroller of Currency and… More >

CFPB Releases Amendments to TRID Rule

Posted in CFPB General, CFPB Rulemaking, Mortgages

The CFPB has issued a proposed rule with request for public comment containing both substantive amendments and technical corrections (collectively, Proposed Amendments) to the final TILA-RESPA Integrated Disclosure (TRID) rule that became effective on October 3, 2015.  In a press release the CFPB advised that the Proposed Amendments are “intended to formalize guidance in the… More >

CFPB and Fed propose new Regs Z and M commentary on adjustments to exemption thresholds

Posted in CFPB Rulemaking

The CFPB and Federal Reserve Board have proposed amendments to their official Regulations Z and M staff commentaries to memorialize the calculation method used by the agencies each year to adjust the thresholds for exempt consumer credit transactions and consumer leases. Both the CFPB’s and Fed’s Regulations Z and M and their accompanying commentaries provide that… More >

CFPB Proposes Amendments to GLBA Rules to Permit Exemption from Annual Notice Requirement

Posted in CFPB Rulemaking, Privacy

On July 1st, the CFPB proposed to amend Regulation P under the Gramm-Leach-Bliley Act (GLBA) to implement the statutory changes made by the Fixing America’s Surface Transportation Act (see prior post) that provided financial institutions that meet certain conditions with an exemption from the GLBA requirement to deliver annual privacy notices to customers.  The proposed… More >

Community bank and credit union trade groups raise concerns about CFPB’s payday lending proposal

Posted in CFPB Rulemaking, Payday Lending

The Independent Community Bankers of America and the Credit Union National Association have sent a letter to Director Cordray “to express serious concerns” about the CFPB’s proposed rule covering single-payment payday and auto title loans, deposit advance products, and certain high-rate installment and open-end loans. ICBA and CUNA state that the proposal “if finalized in… More >

CFPB issues proposed payday/auto title/high-rate installment loan rule

Posted in Auto Title Loans, CFPB Rulemaking, Deposit Advance Loans, Payday Lending

As expected, the CFPB issued its proposed payday loan rule, in a release running 1,334 pages.  The CFPB also issued a fact sheet summarizing the proposal.  On June 15, 2016, from 12 p.m. to 1 p.m. ET, we will hold a webinar on the proposal: The CFPB’s Proposed Payday/Auto Title/High-Rate Installment Loan Rule: Can Industry Adapt to… More >