News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Ability-to-Repay Consumer Financial Products

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

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

Troutman Pepper

Challenges to Payday Rule’s Ability to Repay Provisions Denied

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On January 14, a D.C. federal judge granted the Consumer Financial Protection Bureau’s (CFPB) motion to dismiss a case filed by the National Association for Latino Community Asset Builders (NALCAB), after the NALCAB contested...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

Goodwin on

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

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 Proposes To Delay Mandatory Compliance Date For New General Qualified Mortgage

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The CFPB has proposed to delay the mandatory compliance date for the new general qualified mortgage (QM) rule that amends the Regulation Z ability to repay/QM rule from July 1, 2021 to October 1, 2022. As previously...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

Morgan Lewis

CFPB Finalizes Qualified Mortgage Changes

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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

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

BCLP on

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

Ballard Spahr LLP

CFPB Proposes Temporary Extension of the GSE Patch and Revised Approach to the General Qualified Mortgage

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The CFPB recently proposed a temporary extension of the qualified mortgage (QM) that is based on a loan being eligible for sale to Fannie Mae or Freddie Mac (often referred to as the “GSE Patch”). ...more

Ballard Spahr LLP

Court continues stay of litigation and compliance date in trade group lawsuit challenging CFPB payday loan rule (UPDATED)

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The Texas federal district court hearing the lawsuit filed by two trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) entered an order that once again continues the stay...more

Ballard Spahr LLP

CFPB and trade groups file status report in lawsuit challenging CFPB payday loan rule

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A new joint status report was filed this past Friday with the Texas federal district court hearing the lawsuit filed by two trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday...more

Ballard Spahr LLP

Director Kraninger to appear before Senate Banking Committee on March 10

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CFPB Director Kathy Kraninger is scheduled to appear before the Senate Banking Committee today, March 10, at hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” ...more

Ballard Spahr LLP

CFPB issues Fall 2019 Semi-Annual Report to Congress

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The CFPB has issued its Fall 2019 Semi-Annual Report to Congress covering the period April 1, 2019 through September 30, 2019. ...more

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