News & Analysis as of

Ability-to-Repay Financial Services Industry

Troutman Pepper

South Carolina Proposes Legislation to Impose Ability-to-Repay Analysis for Installment and Payday Loans

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On January 9, a group of five bi-partisan South Carolina Senators introduced Bill 910, which would, among other things, require persons (non-bank lenders) providing “consumer installment loans” or “deferred presentment loans”...more

Ballard Spahr LLP

CFPB and DOJ issue joint statement on consideration of immigration status under ECOA but omit clear guidance

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The Consumer Financial Protection Bureau and Department of Justice have issued a joint statement regarding “the potential civil rights implications of a creditor’s consideration of an individual’s immigration status under the...more

Spilman Thomas & Battle, PLLC

Auto Loan Delinquencies – The Rise and Reasons Why

With inflation cutting into the budgets of Americans, a growing percentage of people with auto loans are struggling to make their monthly payments...more

Ballard Spahr LLP

CFPB Issues RFI on Mortgage Refinances and Forbearances

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The CFPB recently issued a Request for Information Regarding Mortgage Refinances and Forbearances (RFI) Comments on the RFI will be due 60 days after publication in the Federal Register....more

Ballard Spahr LLP

D.C. federal court dismisses NALCAB lawsuit challenging CFPB’s rescission of payday loan rule underwriting provisions

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The D.C. federal district court has granted the motions filed by the CFPB and the Consumer Financial Services Association (CFSA) to dismiss the lawsuit brought by the National Association for Latino Community Asset Builders...more

Goodwin

CFPB Overcomes Challenge to PayDay Lending Rule

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On August 31, 2021, the United States District Court for the Western District of Texas issued an opinion upholding the Consumer Financial Protection Bureau’s (CFPB) Rule regulating payday lending.  Community Financial...more

Cooley LLP

Alert: CFPB Files Motion to Lift Stay of Payment Provisions in 2017 Payday Rule

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The Consumer Financial Protection Bureau (CFPB) recently filed a motion to lift the stay of the compliance date for the “payment provisions” in the Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule (CFPB...more

Ballard Spahr LLP

Plaintiff in lawsuit challenging CFPB’s rescission of ability-to-repay provisions of 2017 payday loan rule files opposition to...

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The National Association for Latino Community Asset Builders (NALCAB) has filed its combined opposition to the motions of the CFPB and the Consumer Financial Services Association (CFSA) to dismiss NALCAB’s lawsuit challenging...more

Morgan Lewis - All Things FinReg

CFPB Finalizes Delay of Mandatory Compliance Date for General Qualified Mortgage Final Rule

On April 27, 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule formally delaying the mandatory compliance date for the rule defining a “qualified mortgage” (QM) (the General QM Final Rule)...more

Manatt, Phelps & Phillips, LLP

Regulation by Blog or Press Release?

CFPB Acting Director Warns of Enforcement on ‘Ability to Repay’ and Residential Evictions - In two recent communications, the Consumer Financial Protection Bureau (CFPB or Bureau) acting director is signaling that the...more

Ballard Spahr LLP

CFPB Moves To Dismiss Lawsuit Challenging Its Rescission Of Mandatory Underwriting Provisions Of 2017 Payday/Auto Title/High-Rate...

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The CFPB has filed a motion to dismiss the federal district court lawsuit brought by the National Association for Latino Community Asset Builders (NALCAB). That lawsuit seeks to overturn the CFPB’s July 2020 final rule (2020...more

Ballard Spahr LLP

CFPB Likely to Delay Mandatory Compliance Date of New General QM Rule and May Reconsider Seasoned QM Rule

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The CFPB recently issued a policy statement addressing the rules finalized near the end of former Director Kraninger’s tenure that amend the Regulation Z ability to repay rule/qualified mortgage (QM) requirements to replace...more

Morgan Lewis - All Things FinReg

CFPB Provides Status Update Concerning Recently Finalized Qualified Mortgage Rules

We previously reported on recent mortgage rulemakings that were finalized by the Consumer Financial Protection Bureau (CFPB or Bureau) late last year. Of the two final rules from the Bureau, one drastically simplifies the...more

Dechert LLP

CFPB Issues Two Final Rules: A Change to the General Qualified Mortgage Rule and the Seasoned Qualified Mortgage Rule

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The Consumer Financial Protection Bureau (“CFPB”) recently issued two final rules aimed at bolstering the Qualified Mortgage (“QMs”) market. The first final rule amends the general eligibility category of QMs (“General QMs”)...more

Mayer Brown

CFPB Issues New QM Definition and Seasoning Provisions

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The Consumer Financial Protection Bureau (“CFPB”) issued two relatively welcome surprises yesterday. First, along with ditching a debt-to-income ratio (“DTI”) ceiling, the agency expanded its proposed general Qualified...more

Ballard Spahr LLP

CFPB Finalizes Ability to Repay/Qualified Mortgage Rules

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The CFPB recently issued a final rule amending Regulation Z ability to repay rule/qualified mortgage (QM) requirements to replace the strict 43% debt-to-income (DTI) ratio basis for the general QM with an annual percentage...more

Morgan Lewis

CFPB Finalizes Qualified Mortgage Changes

Morgan Lewis on

The Consumer Financial Protection Bureau (Bureau or CFPB) issued two final rules on December 10 with significant implications for the mortgage marketplace. Of the two final rules from the Bureau, one drastically simplifies...more

Morgan Lewis

Consumer Financial Protection Outlook

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With only weeks until the US presidential administration changes hands, companies and consumers alike are anticipating what a Biden presidency will mean for consumer financial protection and for the Consumer Financial...more

Ballard Spahr LLP

Community group files lawsuit in D.C. federal district court to restore CFPB payday loan rule ability-to-repay provisions

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The National Association for Latino Community Asset Builders, represented by Public Citizen and the Center for Responsible Lending, filed a lawsuit against the CFPB in D.C. federal district court seeking to overturn the...more

Morgan Lewis - All Things FinReg

CFPB Issues Final Rule Extending the Qualified Mortgage ‘GSE Patch’

The Consumer Financial Protection Bureau (CFPB or Bureau) on October 20 issued a final rule to extend the government-sponsored enterprises patch (GSE Patch), i.e., the “temporary qualified mortgage” exemption within the...more

Morgan Lewis

CFPB Proposes New ‘Seasoned’ Qualified Mortgage Category

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The Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed rule on August 18 to create a new category of seasoned qualified mortgages (Seasoned QMs) that, if finalized as written, would carry significant...more

Ballard Spahr LLP

CFPB and trade groups ask Texas federal court to lift stay of lawsuit challenging payday loan rule but disagree over next steps

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The CFPB and the two trade groups challenging the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule) have filed a joint motion asking the Texas federal district court hearing the trade groups’...more

BCLP

CFPB Issues Final Rule on Small-Dollar Lending

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On Tuesday, July 7, 2020, the Consumer Financial Protection Bureau (“CFPB”) formally rescinded rules implemented under former CFPB Director Richard Cordray aimed at determining a consumer’s ability to repay small-dollar...more

Troutman Pepper

CFPB Relaxes Underwriting Requirement for Small Dollar Lending

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The Consumer Financial Protection Bureau (CFPB) issued a final rule on July 7, 2020 rescinding the mandatory ability to repay underwriting provisions on small dollar loans that it had previously announced under 12 C.F.R. §...more

Morgan Lewis

CFPB Proposes Substantial Amendments to Qualified Mortgage Definition, Addresses GSE Patch

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The Consumer Financial Protection Bureau on June 22 issued two proposed rules with significant implications for the mortgage marketplace....more

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