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Tag Archives: CFPB Rulemaking

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 >

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 >

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 Releases Debt Collection Industry Study

Posted in Debt Collection

On July 28, the CFPB held a field hearing about debt collection in Sacramento, California coinciding with the release of an outline of the proposals it is considering in connection with its debt collection rulemaking. Together with its release of the outline, the CFPB issued a report, “Study of Third-Party Debt Collection Operations.” In the… More >

CFPB Proposes Additional Servicing Rule Amendments

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

The CFPB issued a proposed rulemaking last week to amend various provisions of the mortgage servicing rules under Regulation X and Regulation Z. Comments are due 90 days from the date of publication in the Federal Register. Ballard Spahr’s Mortgage Banking Group will continue to analyze the proposal and work with our clients and industry… More >

CFPB gives guidance and answers FAQ on the new Closing Disclosure

Posted in CFPB General, CFPB Rulemaking, TILA / RESPA

On November 18, 2014, the CFPB staff and Federal Reserve Board co-hosted a webinar that addressed questions about the Final TILA-RESPA Integrated Disclosure Rule that will be effective for applications received by creditors or mortgage brokers on or after August 1, 2015.  The webinar focused on the Closing Disclosure and addressed specific questions regarding the… More >

CFPB’s Rulemaking Process Gets Good Report Card from OIG Report with Only Minor Criticisms

Posted in CFPB Rulemaking

A September 29, 2014 Report of the Joint Federal Reserve/CFPB Office of the Inspector General (OIG) concluded that the CFPB’s rulemaking process generally complies with the requirements of Section 1100G of the Dodd-Frank legislation and offered only minor criticisms identifying potential improvements. Section 1100G amended the Regulatory Flexibility Act to require the Bureau to (A)… More >

CFPB Answers FAQ on the TILA-RESPA Integrated Disclosures Rule

Posted in CFPB General, CFPB Rulemaking

On August 26, 2014, the CFPB staff and Federal Reserve Board co-hosted a webinar and addressed questions about the final TILA-RESPA Integrated Disclosures Rule that will be effective for applications received by creditors or mortgage brokers on or after August 1, 2015.  The webinar is the second in a planned series intended to address the… More >

CFPB Provides Guidance on the TILA-RESPA Integrated Disclosures Rule

Posted in CFPB General, CFPB Rulemaking, Federal Agencies, Hot Issues

On June 17, 2014, the CFPB staff and Federal Reserve co-hosted a webinar on the final TILA-RESPA Integrated Disclosures Rule that will be effective for applications received by creditors or mortgage brokers on or after August 1, 2015.  The webinar is the first in a planned series intended to help creditors, mortgage brokers, settlement agents,… More >

Federal regulators issue joint proposed rule regarding appraisal management companies

Posted in CFPB Rulemaking, Federal Agencies, Mortgages

On March 24, 2014, the CFPB along with five other federal agencies issued a joint proposed rule (“Proposed Rule”) regarding Appraisal Management Companies (“AMC”) as required by section 1473 of the Dodd-Frank Act (“Dodd-Frank”).  Under Dodd-Frank, Congress tasked federal regulators with establishing minimum requirements regarding AMC registration and supervision.  The other regulators are the federal… More >