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Challenge to CFPB’s Auto Lending Guidance

A bipartisan bill, House Resolution 1737, which the U.S. House of Representatives will be voting on this week, seeks to nullify the Consumer Financial Protection Bureau’s (CFPB’s) guidance to indirect auto lenders....more

House Votes to Nix Indirect Auto Bulletin and Expand QM

The U.S. House of Representatives passed legislation on November 18, 2015, that would revoke the CFPB’s guidance on indirect auto lending and expand the qualified mortgage rule’s safe harbor. The Reforming CFPB Indirect Auto...more

House passes bill to nullify CFPB indirect auto finance guidance

Wednesday, by a vote of 332-96, the House of Representatives passed H.R. 1737, the “Reforming CFPB Indirect Auto Financing Guidance Act,” which would nullify the CFPB’s indirect auto finance guidance issued in March 2013 and...more

Ben Indek on The SEC's Record-Setting Year [Video]

Ben A. Indek, Co-Managing Partner of the New York office, looks back on the year in securities regulation and talks about some of the things the SEC and FINRA will focus on going forward....more

New Federal Budget Deal Provides TCPA Relief for Federal Loan Servicers

For years now, the federal Telephone Consumer Protection Act (TCPA) has been a looming threat to U.S. businesses. Although the TCPA was initially passed “to develop the necessary ground rules for cost-effective protection of...more

One More Reason the New Budget Act Is Good for the Government, and Here’s a Hint: It Relates to the TCPA!

Anyone paying attention to goings-on in Washington last week might have heard a loud, bipartisan sigh of relief when both the House and the Senate passed a budget deal that temporarily averted another government shutdown or...more

Significant Exception to TCPA Likely to Pass

Congress is about to pass the Bipartisan Budget Agreement of 2015. The budget agreement includes significant amendments to the Telephone Consumer Protection Act. As proposed, the TCPA will soon permit autodialed calls to cell...more

U.S. House of Representatives Passes Several Financial Regulatory Relief Bills, Including TRID Safe Harbor

On October 7, the U.S. House of Representatives (U.S. House) passed several pieces of bipartisan legislation aimed at providing regulatory relief to lenders and strengthening consumer protection. This legislation included...more

TRID Legislation and GSA Grace Period

Last week, the House passed H.R. 3192 the “Homebuyers Assistance Act.” On the same day, the Senate read a similar Bill, S. 1711, twice, and referred their Bill to the Committee on Banking, Housing, and Urban Affairs. In...more

Members of Congress Recommend Changes to the CFPB’s Proposed Prepaid Account Rule

The comment period to the CFPB’s Notice of Proposed Rulemaking for Prepaid Accounts (the “Proposed Rule”) closed in March, but 43 Members of Congress (42 Republicans and 1 Democrat) recently sent a letter to Director Cordray...more

CFPB use of behavioral economics validated by Executive Order

Since opening its doors for business, behavioral economics has played a central role in the CFPB’s regulatory agenda. Behavioral economists posit that consumers are not rational decision makers and instead have certain...more

S. 682 Offers Possible Relief for Consumers Stranded by CFPB

Recent history has shown that the regulations designed to implement the Dodd-Frank Act thresholds for High-Cost Mortgages under the Home Ownership and Equity Protections Act (HOEPA) for personal property loans are having a...more

Cordray’s Appearance Before Senate Banking Committee Renews Debate on CFPB Restructuring Proposals

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray appeared before the U.S. Senate Committee on Banking, Housing and Urban Affairs on Wednesday, July 15, 2015....more

U.S. Senators urge expedited CFPB action on small business lending data collection rules

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

U.S. House Appropriations Committee Approves Amendment to Delay CFPB Arbitration Rule

On June 17, the U.S. House Appropriations Committee approved an amendment that would require the CFPB to conduct a peer-reviewed cost-benefit analysis of the use of arbitration agreements prior to issuing a final rule....more

Lawmakers urge CFPB to reopen arbitration study

A group of more than 80 House and Senate Republicans have sent a letter to Director Cordray asking the CFPB to reopen its arbitration study. The CFPB released the final results of its empirical study of consumer arbitration...more

Nevada Senate Passes Bill Affecting Super-Priority Liens in Foreclosure

The Nevada Legislature recently passed a bill intended, in part, to address issues resulting from the Nevada Supreme Court’s decision that a homeowners association lien is a true super-priority lien that, if foreclosed,...more

Nevada Enacts Payday Lender Best Practices Act

On May 27, Nevada Governor Brian Sandoval signed into law S.B. 242, enacting the Payday Lender Best Practices Act. The legislation requires payday and similar lenders to use various specified best practices – advocated by the...more

Oklahoma Amends SAFE Act

Governor Mary Fallin signed SB-377 on May 12, amending provisions relating to the Oklahoma SAFE Act (the Act). The amendment clarifies the Act by adding references to “mortgage lenders” and “servicing” throughout the Act and...more

The Trend Toward Payroll Cards

Last month, Georgia became the latest state to pass legislation governing the payment of wages via “payroll cards.” Gov. Nathan Deal signed the new law on May 5, 2015. Prior to the passing of this bill, the payment of wages...more

Banking Committee Chairman Introduces the Financial Regulatory Improvement Act of 2015

For more than two decades, each and every Congress has considered and adopted wide-ranging financial services legislation that has significantly altered the legal and regulatory landscape governing financial institutions in...more

255 members of Congress seek TILA/RESPA integrated disclosure rule grace period

A bipartisan group of 255 members of Congress have sent a letter to the CFPB seeking a grace period for enforcement of the TILA-RESPA Integrated Disclosure (TRID) rule which becomes effective on August 1, 2015. They ask for...more

Senator Shelby Speaks to Baker Donelson; Releases Financial Regulatory Proposal

U.S. Senator Richard Shelby (R-Alabama), chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, last week released the text of the discussion draft of "The Financial Regulatory Improvement Act...more

58 members of Congress urge CFPB to ban consumer arbitration

Senator Al Franken and 57 other members of Congress signed a letter sent to Director Cordray last week urging the CFPB “to move forward quickly to use its authority under the Dodd-Frank Act to issue strong rules to prohibit...more

Senator Perdue renews attempt to change CFPB funding

Republican Senator David Perdue has introduced a bill, S.1383 entitled the ‘‘Consumer Financial Protection Bureau Accountability Act of 2015,” that would make the CFPB subject to the congressional appropriations process....more

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