News & Analysis as of

Ability-to-Repay Consumer Financial Protection Bureau

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

by Ballard Spahr LLP on

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 Spring 2017 Supervisory Highlights focuses on mortgage origination/servicing, student loan servicing deficiencies, service...

by Ballard Spahr LLP on

The CFPB’s newly-released Spring 2017 edition of Supervisory Highlights covers supervisory activities generally completed between September and December 2016. The report indicates that supervisory resolutions resulted in...more

CFPB Begins Mortgage Rule Check-In

by Goodwin on

The five-year anniversary of some of the major financial regulations passed by the Consumer Financial Protection Bureau (CFPB) is coming up in January 2018, meaning that they will soon undergo a review to check on their...more

CFPB previews 5-year review of mortgage rules

by Ballard Spahr LLP on

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

ABA highlights error in cost of credit calculation method used in CFPB’s proposed payday loan rule

by Ballard Spahr LLP on

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

CFPB issues Fall 2016 Supervisory Highlights

by Ballard Spahr LLP on

In its Fall 2016 Supervisory Highlights, which covers supervision work generally completed between May and August 2016, the CFPB highlights violations found by its examiners involving origination and servicing of auto...more

SBA Office of Advocacy submits comment letter asking CFPB to reconsider payday loan proposal

by Ballard Spahr LLP on

The Small Business Administration’s Office of Advocacy has submitted a comment letter on the CFPB’s proposed payday loan rule that raises concerns about the proposal’s economic impact on small businesses and encourages the...more

CFPB receives unprecedented level of comments on payday, title and high-cost installment loan proposal

by Ballard Spahr LLP on

The comment period for the CFPB’s proposed rule on Payday, Title and High-Cost Installment Loans ended Friday, October 7, 2016.  The CFPB has its work cut out for it in analyzing and responding to the comments it has...more

CFPB Issues Long-Awaited Prepaid Account Products Final Rule

On October 5, 2016, the Consumer Financial Protection Bureau (the Bureau or the CFPB) issued its final rule to extend certain federal consumer protections to the prepaid market.1 Specifically, the rule extends Regulation E...more

SBA Office of Advocacy to host Sept. 14 roundtable on CFPB payday loan proposal

by Ballard Spahr LLP on

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

Financial Services Weekly News - August 2016 #4

by Goodwin on

Editor's Note - Friend the Fed! As is the case every August, our federal government and regulators are hard at work, laser focused on the important issues of the day. In this regard, on August 18, the Federal Reserve...more

CFPB Releases Guiding Principles for the Future of Loss Mitigation

The Consumer Financial Protection Bureau (CFPB) recently released new consumer protection and loss mitigation-related principles in an effort to guide mortgage servicers, investors, government housing agencies, and...more

CFPB corrects (and extends) comment deadline for payday loan RFI

by Ballard Spahr LLP on

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

CFPB extends comment deadline for payday loan proposal

by Ballard Spahr LLP on

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

Democratic Senators want stronger payday loan rule

by Ballard Spahr LLP on

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

A Closer Look at the CFPB’s Proposed Short-Term Lending Rule

by Morrison & Foerster LLP on

As we previously reported in our June 3, 2016 client alert, the Consumer Financial Protection Bureau (“CFPB”) has issued a Notice of Proposed Rulemaking for short-term loans (“Proposed Rule”). In this follow-up alert, we take...more

Community bank and credit union trade groups raise concerns about CFPB’s payday lending proposal

by Ballard Spahr LLP on

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

State Banking Regulators Issue Annual Report

What were state banking regulators focused on last year? A new report from the Conference of State Bank Supervisors (CSBS) reveals that state regulators "increased coordination and collaboration between state regulators and...more

CFPB Releases Proposed Regulation of Payday Loans

In a long anticipated move, the Consumer Financial Protection Bureau (CFPB) proposed a rule to regulate so-called "debt traps" by requiring lenders to take additional steps to ensure consumers have the ability to repay...more

CFPB publishes annual CARD Act, HOEPA and QM adjustments, corrects 2016 error

by Ballard Spahr LLP on

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

High-Cost Lending at Risk Under CFPB Proposed Rules

by Pepper Hamilton LLP on

The proposed rule raises troubling issues regarding the impact on some traditional bank products as well as some marketplace lending products. The Consumer Financial Protection Bureau (CFPB or Bureau) released its...more

CFPB Proposes Rule on Small Dollar Lending

by McGuireWoods LLP on

On June 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) released its proposed rule on small dollar lending during its scheduled field hearing in Kansas City, Missouri. The controversial proposed rule will affect...more

Short-Term Lenders Face Costly Path To Compliance

by Morrison & Foerster LLP on

On June 2, 2016, the Consumer Financial Protection Bureau released its long-anticipated notice of proposed rulemaking on short-term consumer lending. The proposed rule follows the CFPB’s March 2015 release of an outline of...more

House appropriations bill amendment would delay enforcement of CFPB payday loan rule

by Ballard Spahr LLP on

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

CFPB Proposed Rules Address Payday Loans and Impose New Customer Diligence Requirements

The Consumer Financial Protection Bureau (“CFPB”) last week announced long-awaited proposed rules governing payday loans and other high-cost credit products, including that lenders must take steps to ensure prospective...more

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