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Category Archives: CFPB Rulemaking

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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 >

CFPB updates TILA-RESPA implementation materials

Posted in CFPB Rulemaking, TILA / RESPA

The CFPB has updated the TILA-RESPA implementation materials and resources to make them consistent with the new October 3 effective date for the TILA-RESPA final rule. Specifically, updates have been made to the TILA-RESPA Integrated Disclosures Guide to the Loan Estimate and Closing Disclosure forms, the TILA-RESPA Integrated Disclosure Small Entity Compliance Guide, and the… More >

CFPB officially moves TRID effective date to October 3

Posted in CFPB General, CFPB Rulemaking, Federal Agencies, Richard Cordray, TILA / RESPA

The CFPB has issued a final rule postponing the effective date for all provisions of the TILA-RESPA Final Rule and Amendments to October 3, 2015.  The final rule also includes certain technical amendments to reflect the new effective date.  The provisions of the final rule related to the delay in the effective date, are effective… More >

Video of CFPB arbitration field hearing now available

Posted in Arbitration, CFPB Rulemaking

On March 10, 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, presented the industry’s perspective on arbitration agreements. (The hearing coincided with the CFPB’s release of the final results of its consumer arbitration study as mandated by Section 1028… More >

CFPB releases video of “final” webinar on TILA-RESPA Integrated Disclosure rule

Posted in CFPB General, CFPB Rulemaking, TILA / RESPA

The CFPB has posted a video of its May 26th webinar that addressed questions about the final TILA-RESPA Integrated Disclosure Rule. The webinar was the fifth in a series to address specific questions related to rule interpretation and implementation challenges that have been raised by creditors, mortgage brokers, settlement agents software developers, and other industry… More >

CFPB Spring 2015 agenda: significant rulemaking actions on the horizon

Posted in CFPB Rulemaking

Just in time for the holiday weekend, the CFPB released its Spring 2015 rulemaking agenda last Friday.  The agenda sets the following timetables: Prepaid financial products.  In November 2014, the CFPB issued a proposed rule for prepaid financial products, including general-purpose reloadable prepaid cards and certain digital and mobile wallets.  The agenda indicates that the CFPB… More >

Federal agencies issue final rule on standards for appraisal management companies

Posted in CFPB General, CFPB Rulemaking, Federal Agencies

The CFPB along with five other federal agencies have issued a final rule that establishes minimum state registration and substantive requirements for appraisal management companies (AMCs), as required by Section 1473 of the Dodd-Frank Act.  AMCs that are a subsidiary of an insured depository institution and are federally regulated (federally regulated AMCs) are subject to… More >

CFPB/Fed webinar on TILA-RESPA integrated disclosures rule scheduled for May 26

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

On May 26, 2015, the CFPB and Federal Reserve will be co-hosting the fifth and final webinar in their series on the TILA-RESPA integrated disclosures (TRID) rule.  Presumably, the reference to this webinar being the “final” webinar is intended to mean that it is the final TRID webinar before the rule becomes effective on August… More >

CFPB speaks (again) at PLI’s Annual Consumer Financial Services Institute

Posted in CFPB Enforcement, CFPB Exams, CFPB Rulemaking

Key members of the CFPB’s enforcement, regulatory and supervision offices spoke yesterday at PLI’s 20th Annual Consumer Financial Services Institute in Chicago. As was the case during the New York City version which took place on April 6, the session addressed recent developments and upcoming initiatives at the CFPB, and took the form of a… More >

How might the Supreme Court’s decision in Perez v. MBA affect the CFPB?

Posted in CFPB Rulemaking

The U.S. Supreme Court’s recent decision in Perez v. Mortgage Bankers Ass’n invalidated a significant line of  D.C. Circuit case law known, after the leading case, as the Paralyzed Veterans doctrine.  A case involving a series of contradictory Department of Labor interpretations of whether mortgage loan officers are exempt from minimum wage and overtime guarantees,… More >

CFPB speaks at PLI’s annual Consumer Financial Services Institute

Posted in CFPB Enforcement, CFPB Exams, CFPB Rulemaking

Key members of the CFPB’s enforcement, regulatory and supervision offices spoke yesterday at PLI’s 20th Annual Consumer Financial Services Institute in New York City.  The session addressed recent developments and upcoming initiatives at the CFPB, and took the form of a Q&A between the moderator and a panel of practitioners and CFPB personnel. The panelists… More >