On October 5, 2017 the Consumer Financial Protection Bureau (CFPB) revealed its final rule regulating payday lending. For the past five years, the CFPB had been doing research and seeking comments from the industry on how to address its concerns with what it calls “lending traps” associated with small-dollar lending….
On August 23, 2017, the Office of the Comptroller of the Currency (OCC) published guidance on filings required by national banks and federal savings associations (collectively referred to here as “banks”) pertaining to “substantial asset changes.” The guidance lists various events that are considered substantial asset changes for which banks must…
On July 20, 2017, the CFPB announced that updates to its Spring 2017 rulemaking agenda have been posted online on the Office of Management and Budget’s webpage. The amended agenda highlights both areas of anticipated regulatory focus as well as recent rule changes that the CFPB is already in the process…
On June 12, 2017, the U.S. Department of the Treasury issued a 150-page report called for by President Trump’s Executive Order 13772 on Core Principles for Regulating the United States Financial System. The Report, entitled “A Financial System that Creates Economic Opportunities: Banks and Credit Unions,” is the first in a…
On April 13, 2017, the Consumer Financial Protection Bureau (CFPB) issued proposed amendments to clarify certain requirements of the Home Mortgage Disclosure Act (HMDA). HMDA requires that financial institutions collect and report certain information regarding their mortgage lending activities. The information that financial institutions are required to collect and report includes…
The five-year anniversary of some of the major financial regulations passed by the Consumer Financial Protection Bureau (CFPB) is coming up in January 2018, meaning that they will soon undergo a review to check on their effectiveness. The Dodd-Frank Act requires the CFPB to review its rules five years after their effective date to…
On February 21, 2017, the United States District Court for the Central District of California issued a stipulated order as to the final defendant in an alleged mortgage-relief scam. The court had entered judgment against the other co-defendants in the case, Federal Trade Comm’n v. CD Capital Investments, LLC, No….
Goodwin, a leading Global 50 law firm, announced today the release of the 2016 Consumer Finance Year in Review, a detailed report that highlights the major litigation, enforcement and regulations that impacted the consumer finance industry in 2016. The second annual report, produced by the firm’s Financial Industry and Consumer…
On December 21, 2016, the ranking member of the U.S. Senate Banking, Housing and Urban Affairs Committee, Senator Sherrod Brown (D-OH), sent a pointed letter to President-elect Trump’s nominee for Treasury Secretary, Steven Mnuchin. The letter is an attempt to gain an understanding of Mr. Mnuchin’s views on topics over which…
The Consumer Financial Protection Bureau’s (CFPB) recently-released Request for Information Regarding Consumer Access to Financial Records (RFI) suggests that the agency is considering making a new rule to set requirements and protections for the use of consumers’ financial information. In publishing the RFI, the CFPB notes that the Dodd-Frank Act “provides…
On November 18, 2016, the FCC issued an enforcement advisory clarifying its position that autodialed text messages, known as “robotexts,” are subject to the TCPA. As we reported last year, the FCC issued a package of declaratory rulings expanding the TCPA’s scope in July 2015, and this enforcement advisory is…
*Editor’s Note: This post originally appeared on our firm site as a client alert. Summary On July 28, the Consumer Financial Protection Bureau (the CFPB) released a summary of proposals it is considering to reform debt collection practices. At the same time, it released a Study of Third Party Debt…
On July 29, 2016, the CFPB issued a new proposed rule, which is intended to clarify and ease compliance with certain provisions of the TILA-RESPA Integrated Disclosure (TRID) rule. The proposed rule tweaks TRID in many minor ways, but the CFPB highlighted four major changes in the proposed rule, which…
On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced its Spring 2016 Rulemaking Agenda, setting forth its current initiatives. In its latest installment of the semi-annual update, the Bureau highlighted its recent (or imminent) activity in several high-profile areas, including arbitration and payday lending. Below are highlights of…
On May 10, 2016, the U.S. Treasury Department released a white paper entitled, “Opportunities and Challenges in Online Marketplace Lending.” The white paper is the result of a request for information that elicited more than 100 industry responses, and it reviews the benefits and risks of online marketplace lending before making…
On November 6, 2015, State National Bank (SNB) filed a summary judgment motion in the United States District Court for the District of D.C., seeking a declaratory judgment holding that the CFPB is unconstitutional and invalidating the actions taken by Director Cordray during his 18-month recess appointment. See State National…
In a March 23, 2016 proposal titled “A More Promising Road to GSE Reform“, several prominent policy commentators recently outlined their suggested plan for reforming the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae), which—according to these analysts—are “two enormously important yet flawed institutions”…
On February 23, 2016, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray delivered prepared remarks (click link for full text) regarding CFPB regulation of credit unions to the Credit Union National Association. The crux of Director Cordray’s remarks was that the CFPB has affirmatively decided not to exclude credit unions from CFPB…
On February 18, 2016, the CFPB released its final policy regarding the issuance of No-Action Letters (NALs). While some in the industry question the efficacy of the new policy, lenders and other consumer financial service providers should be aware of the policy so they can utilize it if and when…
On February 3, 2016, in conjunction with a Field Hearing held the same day concerning deposit accounts, the Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin on the duties of furnishers of information to maintain adequate policies and procedures that comply with the Fair Credit Reporting Act (FCRA) (15…