The CFPB has released an update to the Filing Instructions Guide for Small Business Lending Data. The Guide is intended to serve as a set of resources for entities who will be required to file small business lending data with...more
8/18/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Data Collection ,
Data Reporting ,
Filing Requirements ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
SCOTUS ,
Small Business ,
Small Business Loans
The CFPB announced today that it will hold a symposium on Dodd-Frank Act Section 1071 on November 6, 2019. Section 1071 amended the ECOA to require financial institutions to collect and report certain data in connection with...more
10/25/2019
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Applicants ,
Data Collection ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Equal Opportunities ,
Financial Regulatory Reform ,
Financial Services Industry ,
Gender Discrimination ,
Minority-Owned Businesses ,
Race Discrimination ,
Rulemaking Process ,
Small Business ,
Symposium ,
Women-Owned Businesses
The California Reinvestment Coalition has filed a lawsuit against the CFPB in a California federal district court seeking a declaration that the CFPB’s failure to issue regulations implementing Section 1071 of the Dodd-Frank...more
5/23/2019
/ Administrative Procedure Act ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Data Management ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Regulatory Reform ,
HMDA ,
Minority-Owned Businesses ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process ,
Small Business ,
Women-Owned Businesses
In a letter to Leandra English and Mick Mulvaney, Senator Elizabeth Warren calls the freeze imposed by Mr. Mulvaney on the CFPB’s collection of personally identifiable information (PII) “unjustified.” (Not surprisingly,...more
In notices published in today’s Federal Register, the CFPB adjusted the thresholds of the asset-size exemptions for collecting HMDA data and establishing an escrow account for certain mortgage loans under TILA....more
12/27/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
HMDA ,
Mortgage Escrow Account ,
Mortgages ,
Regulation C ,
Regulation Z ,
Regulatory Standards ,
Threshold Requirements ,
Truth in Lending Act (TILA)
We have previously blogged about reports that Mick Mulvaney, President Trump’s designee as CFPB Acting Director, has put a 30-day freeze on all regulatory action, CFPB hiring, and new enforcement cases. ...more
12/7/2017
/ Administrative Agencies ,
Administrative Appointments ,
Banking Sector ,
Civil Penalty Fund ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Enforcement Actions ,
Financial Regulatory Reform ,
Payday Loans ,
Personally Identifiable Information ,
Presidential Appointments ,
Regulatory Freeze ,
Trump Administration
Among the more than 20 bills that the House Financial Services Committee was scheduled to mark up Wednesday, October 11, was a bill to provide a "Madden fix" as well as several others relevant to consumer financial services...more
10/13/2017
/ Banking Sector ,
Consumer Bankruptcy ,
Data Collection ,
Depository Institutions ,
Disclosure Requirements ,
Financial Services Committee ,
Financial Services Industry ,
Gramm-Leach-Blilely Act ,
HMDA ,
Interest Rates ,
Legislative Agendas ,
Madden v Midland Funding ,
Manufactured Housing ,
Mortgage Loan Originators ,
Non-Bank Lenders ,
Online Marketplace Lending ,
Operation Choke Point ,
Payday Loans ,
Privacy Notice Rule ,
Proposed Legislation ,
Risk Management ,
Truth in Lending Act (TILA)
Among the more than 20 bills that the House Financial Services Committee is scheduled to mark-up this Wednesday, October 11, is a bill to provide a “Madden fix” as well as several others relevant to consumer financial...more
10/10/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Collection ,
Disclosure Requirements ,
Financial Services Committee ,
Financial Services Industry ,
HMDA ,
Interest Rates ,
Loans ,
Madden v Midland Funding ,
Manufactured Housing ,
Mortgage Loan Originators ,
Mortgages ,
National Bank Act ,
Online Marketplace Lending ,
Payday Loans ,
Proposed Legislation ,
Regulatory Oversight ,
Threshold Requirements ,
Truth in Lending Act (TILA) ,
U.S. House
Last Thursday, by a party-line vote of 34-26, the House Financial Services Committee approved the Financial CHOICE Act (H.R. 10) proposed by Committee Chairman Jeb Hensarling....more
5/9/2017
/ Chevron Deference ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
ECOA ,
Financial Services Industry ,
Madden v Midland Funding ,
Minority-Owned Businesses ,
OIRA ,
Proposed Legislation ,
Rulemaking Process ,
Small Business ,
UDAAP ,
Valid When Made Doctrine ,
Women-Owned Businesses
Earlier yesterday, at the Practicing Law Institute’s (“PLI”) 22nd Annual Consumer Financial Services Institute in New York City, Alan Kaplinsky (who is co-chairing the event) moderated a panel entitled “The CFPB Speaks,” that...more
3/28/2017
/ Administrative Law Judge (ALJ) ,
Automotive Loans ,
Banking Sector ,
CashCall ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Enforcement Actions ,
Financial Services Industry ,
PHH Corp. v CFPB ,
Removal For-Cause ,
Single Director ,
Tribal Loans ,
True Lender
The CFPB’s Fall 2016 rulemaking agenda has been published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions. The preamble indicates that the information in the agenda is current as of...more
12/2/2016
/ Advances ,
Arbitration ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Debt Collection ,
Debt Collectors ,
ECOA ,
FDCPA ,
Financial Institutions ,
Minority-Owned Businesses ,
Mortgages ,
Overdraft Fees ,
Payday Loans ,
Regulation C ,
Regulatory Agenda ,
SBREFA ,
Small Business ,
Small Entity Representatives (SERs) ,
Student Loans ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Title Loans ,
Trump Administration ,
Women-Owned Businesses
The American Bankers Association and the Consumer Bankers Association (the Associations) have sent a letter to the Office of Information and Regulatory Affairs (OIRA) (part of the Office of Management and Budget (OMB)) urging...more
Earlier this week, the CFPB announced the addition of several new members to its senior leadership team.
The announcement included the news that the CFPB has filled the position of Assistant Director for the Office of...more
4/14/2016
/ Administrative Appointments ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Financial Institutions ,
Lending ,
Minority-Owned Businesses ,
Small Business ,
Women-Owned Businesses
The House Financial Service Committee’s Subcommittee on Oversight and Investigations has scheduled a hearing for December 16, 2015 on “Examining the Consumer Financial Protection Bureau’s Mass Data Collection Program.”...more
The CFPB’s Division of Research, Markets & Regulations recently posted a job opening for an individual to serve as the “Assistant Director for Small Business Lending Markets.” According to the job posting, the Assistant...more
84 House members recently wrote to the CFPB to urge it to expedite rulemaking to implement the small business lending data requirements of Dodd-Frank Section 1071. Section 1071 amended the ECOA to require financial...more
9/1/2015
/ Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Creditors ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Committee ,
Lenders ,
Minority-Owned Businesses ,
Public Entities ,
Public-Private Entities ,
Regulation B ,
Rulemaking Process ,
Small Business ,
Women-Owned Businesses
We recently blogged about an American Banker article written by officials of three community groups that urged President Obama to publicly denounce Director Cordray for failing to issue regulations implementing the small...more
A recent American Banker article written by officials of three community groups urges President Obama to publicly denounce Director Cordray for failing to issue regulations implementing the small business lending data...more
The CFPB has published notices in today’s Federal Register seeking comments on the following information collections: “Consumer Response Government and Congressional Boarding Forms.” The notice states that the CFPB has...more
In a memo to state banking associations, the American Bankers Association raises concerns about the costs to industry of the CFPB’s use of its expansive authority to gather information under Section 1022 of the Dodd-Frank...more
The CFPB has published two Federal Register notices seeking comments on its plans to request approval from the Office of Management and Budget for two new generic information collection plans. Comments on both plans are due...more
A new report from the Government Accountability Office on the CFPB’s data collection efforts finds that the CFPB needs to do more to reduce the risk of improper collection, use or release of such data. The CFPB’s data...more
The National Community Reinvestment Coalition (NCRC) has issued a white paper that urges the CFPB to take an expansive approach in developing regulations on the collection of small business lending data to implement Section...more
Section 1071 of Dodd-Frank amended the Equal Credit Opportunity Act to require financial institutions to collect and maintain certain data in connection with credit applications made by women- or minority-owned businesses and...more
The CFPB has republished in yesterday's Federal Register a proposed new information collection titled “Development of Metrics to Measure Financial Well-being of Working-age and Older American Consumers.” The proposed...more