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Category Archives: CFPB Rulemaking

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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 >

Academics challenge data used in CFPB auto title loan report

Posted in Auto Title Loans, CFPB Rulemaking

Tomorrow, in conjunction with a field hearing on small dollar loans, the CFPB is expected to issue its proposed rule addressing single-payment payday and auto title loans, deposit advance products, and certain “high cost” installment and open-end loans.  On May 18, 2016, as its final step before issuing the proposal, the CFPB released a report… More >

House Financial Services Committee Scrutinizes Basis of Proposed CFPB Arbitration Rule

Posted in Arbitration, CFPB Rulemaking

On Wednesday May 18, 2016, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the Public Interest and for the Protection of Consumers?” The Committee questioned the panel members on whether the CFPB’s proposed rule meets the mandate… More >

CFPB Publishes New Annotated Loan Disclosures

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

In emails sent to CFPB email subscription holders, the CFPB announced the publication of new annotated versions of the Loan Estimate and Closing Disclosure that include citations to sections in Chapter 2 of the Truth in Lending Act (TILA). The CFPB sent an original email on May 12, and then an updated email on May… More >

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.