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CFPB proposes further changes to the Prepaid Account Rule in response to industry feedback

As we previewed earlier this year, the CFPB, on June 15, proposed substantive changes to the Prepaid Final Rule (the “Rule”). The proposed changes are generally positive for prepaid providers and incorporate feedback and...more

The Financial CHOICE Act, now closer to passage, would significantly impact the mortgage industry

On May 4 H.R. 10, the Financial CHOICE Act (the Act) introduced by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, obtained enough votes to move the bill on to the House of Representatives floor.  The Act...more

CFPB seeks comments on its plan to assess the RESPA mortgage servicing rule

On May 4, the CFPB announced that as part of its impending 5-year review of mortgage rules, it was proposing a plan to assess the effectiveness of the Real Estate Settlement Procedures Act (RESPA) mortgage servicing rule.  ...more

CFPB finalizes delay in the effective date of the Prepaid Account Final Rule

On April 20, the CFPB finalized a proposed rule to delay the effective date of the final rule governing Prepaid Accounts (Prepaid Account Final Rule) by six months, from October 1, 2017 to April 1, 2018 (Effective Date Final...more

CFPB proposes revisions to HMDA final rule

On April 13, 2017, the CFPB proposed substantive changes and technical corrections to the 2015 Home Mortgage Disclosure Act (HMDA) Final Rule (Final Rule) amending Regulation C. The proposal, which is discussed in more...more

Amid attacks, Attorney Generals from 17 states and the District of Columbia defend the CFPB’s Prepaid Account Rule

Since the CFPB issued its final rule for general purpose prepaid accounts on October 5, 2016, it has faced attacks from Congress and criticism from industry participants On April 5, in a letter to Congressional leaders,...more

CFPB’s prepaid account rule faces further attacks

Since the CFPB issued its final rule for general purpose prepaid accounts on October 5, 2016, it has faced challenges from Congress and criticism from industry participants. In recognition of the numerous compliance...more

CFPB proposes alignment of Regulation B and Regulation C requirements regarding collection of consumer ethnicity and race...

On March 24, the CFPB announced a proposal to amend Regulation B requirements related to the collection of consumer ethnicity and race information, in order to resolve the differences between Regulation B and revised...more

CFPB previews 5-year review of mortgage rules

Dovetailing with President Trump’s recent Executive Order requiring a reduction in regulatory burden, on March 21, 2017, a CFPB official remarked at the American Bankers Association Government Relations Summit that the CFPB...more

President issues executive order to enforce compliance with regulatory reform agenda

As part of his 100-day action plan, the President promised to institute a regulatory moratorium by requiring that for every new federal regulation, two existing regulations must be eliminated. On January 30, 2017, the...more

CFPB Finalizes Sweeping Expansion of Prepaid Account Regulations

The Consumer Financial Protection Bureau (CFPB) has issued its long-anticipated final rule for general purpose prepaid accounts. As expected, the new regulations expand the products covered by Regulation E, introduce...more

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