The CFPB issued a new report on September 29, 2015, making clear that it is targeting student loan servicing for a set of industry-wide reforms. Servicers should be on notice that the CFPB is reviewing new standards for them to follow. The CFPB report is the result of a public inquiry…
Arguably the most pressing topic at this year’s Mortgage Bankers Association’s (MBA) Regulatory Compliance Conference (held on September 20-22, 2015 in Washington, D.C.) was the implementation of the TILA-RESPA Integrated Disclosure (TRID) Rule, which will take effect on October 3, 2015. While industry leaders at the conference generally seemed to accept…
For the second time in recent weeks, the Consumer Financial Protection Bureau (CFPB) delayed the launch of the new integrated disclosures for residential mortgage loans under the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA). The launch date, now set for Saturday, October 3, was announced…
On June 10, 2015, the CFPB issued a Final Rule amending the scope of its regulatory authority to include “larger participants” of the automobile financing industry. Under the Final Rule, the CFPB will supervise certain nonbank auto finance companies that (1) originate loans for the purchase of automobiles; (2) refinance…
On May 4, 2015, Comptroller of the Currency Thomas Curry, Federal Reserve Board (FRB) Governor Daniel Tarullo, and Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg held the third in a series of outreach meetings to discuss with the public their efforts to reduce the regulatory burden on community banks…
One of the most persistent and insidious threats to companies is cyber attacks. Whether these attacks involve theft of intellectual property, installation of malware, or denial of service, they pose a significant risk to businesses and their customers. For many companies, especially financial services companies, the risk is heightened by…
On Monday, November 17, we briefly discussed the CFPB’s newly proposed prepaid card rules. Today we elaborate on these newly proposed rules, and their effect on issuers if these new rules are implemented by the CFPB. Scope: The CFPB explained what it considers to be a prepaid card for purposes of…
On October 22, the CFPB issued amendments to the Dodd-Frank Act mortgage rules that took effect in January 2014. The amendments include: ATR/QM Cure Provision: Under the Ability-to-Repay/Qualified Mortgage Rule, a mortgage loan must meet certain requirements to be considered a “qualified mortgage”. One such requirement is that the points and fees…