CFPB Director Kathy Kraninger is scheduled to appear before the Senate Banking Committee today, March 10, at hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” ...more
3/10/2020
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Director Kraninger ,
Financial Services Industry ,
Payday Lending Rule ,
Payday Loans ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Oversight
The CFPB has issued its Fall 2019 Semi-Annual Report to Congress covering the period April 1, 2019 through September 30, 2019. ...more
2/6/2020
/ Ability-to-Repay ,
Annual Reports ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Director Kraninger ,
ECOA ,
Enforcement Actions ,
Fair Lending ,
Financial Services Committee ,
Financial Services Industry ,
Regulatory Agencies ,
Regulatory Oversight ,
Senate Banking Committee
On Wednesday, February 5, the House Financial Services Committee will hold the first part of a two-part hearing on “rent-a-bank” structures. The hearing is titled “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to...more
2/3/2020
/ Ability-to-Repay ,
Banks ,
Congressional Investigations & Hearings ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Protection Laws ,
Director Kraninger ,
Fair Lending ,
FDIC ,
Financial Regulatory Reform ,
Financial Services Committee ,
Financial Services Industry ,
Interest Rate Caps ,
Loans ,
Madden v Midland Funding ,
OCC ,
Payday Loans ,
Popular ,
Testimony
CFPB Director Kraninger was the sole witness at a House Financial Services Committee hearing thsi week on the Bureau’s Spring 2019 semi-annual report and at a Senate Banking Committee hearing yesterday on the report.
...more
10/18/2019
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Director Kraninger ,
Dodd-Frank ,
Enforcement Actions ,
Financial Regulatory Agencies ,
Financial Services Committee ,
Financial Services Industry ,
Payday Loans ,
Regulatory Oversight ,
Rulemaking Process ,
Senate Banking Committee ,
UDAAP
The CFPB has published its Spring 2019 rulemaking agenda as part of the Spring 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget (OMB). ...more
5/24/2019
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Deregulation ,
Director Kraninger ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Regulatory Reform ,
Financial Services Industry ,
HMDA ,
Minority-Owned Businesses ,
OMB ,
PACE ,
Payday Lending Rule ,
Regulatory Agenda ,
Rulemaking Process ,
Women-Owned Businesses
A group of 24 Democratic state attorneys general and the D.C. attorney general have submitted a comment letter to the CFPB setting forth their opposition to the CFPB’s proposal to delay the compliance date for the...more
3/22/2019
/ Ability-to-Repay ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Services Industry ,
Online Marketplace Lending ,
Payday Lending Rule ,
Payday Loans ,
Regulatory Agenda ,
Rulemaking Process ,
Title Loans ,
UDAAP
Director Kraninger was sharply criticized by Democrats at today’s hearing on the Bureau’s semi-annual report held by the Senate Banking Committee....more
3/13/2019
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Director Kraninger ,
Dodd-Frank ,
Financial Regulatory Agencies ,
Financial Services Committee ,
Financial Services Industry ,
Military Lending Act ,
Regulatory Oversight ,
Rulemaking Process ,
Senate Banking Committee
Yesterday’s hearing on the CFPB held by the House Financial Services Committee highlighted the continuing partisan divide over the CFPB’s implementation of its consumer protection mission but with Democratic and Republican...more
3/8/2019
/ Ability-to-Repay ,
Administrative Authority ,
Congressional Investigations & Hearings ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Services Committee ,
Financial Services Industry ,
Military Lending Act ,
Payday Loans ,
Regulatory Agenda ,
Rulemaking Process
The CFPB’s proposal to revise its final payday/auto title/high-rate installment loan rule to rescind the rule’s ability-to-repay (ATR) provisions in their entirety and its proposal to delay the compliance date for the ATR...more
2/14/2019
/ Ability-to-Repay ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Federal Register ,
Online Marketplace Lending ,
Payday Loans ,
Regulatory Agenda ,
Rulemaking Process ,
Title Loans
The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more
8/28/2018
/ Ability-to-Repay ,
CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Final Rules ,
HOEPA ,
Mortgages ,
Qualified Mortgage Rule ,
Regulation Z ,
Regulatory Oversight ,
Regulatory Requirements ,
Threshold Requirements ,
Truth in Lending Act (TILA)
The American Banker has reported that last week, Senator Lindsey Graham introduced a joint resolution under the Congressional Review Act (CRA) to override the CFPB’s final payday/auto title/high-rate installment loan rule...more
3/27/2018
/ Ability-to-Repay ,
Administrative Procedure Act ,
Automotive Loans ,
Banking Sector ,
Congressional Review Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Joint Resolutions ,
Legislative Agendas ,
Legislative Committees ,
Online Marketplace Lending ,
Payday Loans ,
Regulatory Oversight ,
Title Loans
The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more
8/31/2017
/ Ability-to-Repay ,
Banking Sector ,
CARD Act ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
HOEPA ,
Mortgage Lenders ,
Mortgages ,
Qualified Mortgage Rule ,
Regulation Z ,
Truth in Lending Act (TILA)
At the meeting earlier this month of the American Bar Association’s Consumer Financial Services Committee in Carlsbad, CA, attention was given to an issue highlighted by the American Bankers Association in the comment letter...more
1/23/2017
/ Ability-to-Repay ,
American Bankers Association ,
American Bar Association (ABA) ,
Annual Percentage Rate (APR) ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Online Marketplace Lending ,
Payday Loans ,
Regulation Z ,
Title Loans
The Small Business Administration’s Office of Advocacy will host a roundtable in London, Kentucky on September 14, 2016 on the CFPB’s proposed payday loan rule. As the Office of Advocacy is an independent office within the...more
9/1/2016
/ Ability-to-Repay ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Online Marketplace Lending ,
Payday Loans ,
Roundtable ,
SBA ,
SBREFA ,
Small Business ,
Small Entity Representatives (SERs)
The CFPB is publishing a notice in tomorrow’s Federal Register to correct the comment deadline for its payday loan Request for Information (RFI). The corrected deadline will be November 7, 2016.
The RFI seeks feedback...more
The CFPB’s proposed payday loan rule and related Request for Information (RFI) were published in this past Friday’s Federal Register. The RFI seeks feedback regarding consumer protection concerns pertaining to (1) loan...more
A group of 27 Democratic Senators joined by Independent Senator Bernie Sanders have sent a letter to Director Cordray urging the CFPB to “strengthen” its proposed payday loan rule.
The Senators take aim at the proposal’s...more
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...more
6/30/2016
/ Ability-to-Repay ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Unions ,
Independent Community Bankers of America (ICBA) ,
Online Marketplace Lending ,
Payday Loans ,
Title Loans
According to a Politico report, the House Appropriations Committee has advanced a bipartisan amendment to the FY17 Financial Services and General Government Appropriations bill that would block the CFPB from enforcing a rule...more
6/9/2016
/ Ability-to-Repay ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Legislative Committees ,
Online Marketplace Lending ,
Payday Loans ,
Title Loans
The House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit held its second hearing yesterday focused on the CFPB’s ability to repay/qualified mortgage rule. At the first hearing in...more
The House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit has scheduled a hearing for tomorrow, May 21, on “Qualified Mortgages: Examining the Impact of the Ability to Repay Rule.”...more
The CFPB has issued several more Small Entity Compliance Guides on its mortgage-related rules. In addition to its guide on the ability-to-repay and qualified mortgage rule, the CFPB has now issued Small Entity Compliance...more
The FDIC has scheduled the following three free teleconferences on the CFPB’s new mortgage-related rules for officers and employees of FDIC-supervised institutions...
...more