Consumer Financial Protection Bureau Truth in Lending Act

The Consumer Financial Protection Bureau is a United States federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Agency is responsible for educating... more +
The Consumer Financial Protection Bureau is a United States federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Agency is responsible for educating consumers about financial products and services, enforcing federal consumer financial laws and studying trends in consumer financial markets.     less -
News & Analysis as of

CFPB publishes guidance regarding RESPA-TILA integrated disclosure forms

The CFPB recently published guidance (the Guide) to assist mortgage originators and settlement service providers in completing the Loan Estimate and Closing Disclosure forms required under the RESPA-TILA Integrated Disclosure...more

CFPB and FTC Representatives Speak at Symposium on Fine Print

CFPB General Counsel Meredith Fuchs and CFPB Assistant General Counsel for Law and Policy Anne Zorc spoke last week at the Georgetown Consumer Law Society and Citizen Works’ symposium entitled “Making the Fine Print Fair.”...more

CFPB issues small entity compliance guide for RESPA/TILA integrated disclosure rule

The CFPB recently issued an 89-page small entity compliance guide for the TILA-RESPA Integrated Disclosure Rule (the “Guide”). As we reported previously, the CFPB issued the final rule in November 2013 to integrate the...more

CFPB Sues For-Profit Educational Institution Over Private Student Loan Origination Practices

On February 26, the CFPB filed its first enforcement action against a for-profit higher-education company, alleging that the company engaged in unfair and abusive private student loan origination practices....more

Venable CFPB Update: Getting Ready for August 2015: What Is a Mortgage Application?

On August 1, 2015, mortgage lenders will be required to provide applicants with a new, integrated disclosure, the Loan Estimate (which replaces the “Early” Truth in Lending disclosure), and the Good Faith Estimate. To...more

The CFPB Targets Mortgage Reinsurance Yet Again

The Consumer Financial Protection Bureau filed an administrative enforcement action against PHH Corporation, alleging a nearly 15-year “mortgage insurance kickback scheme” by its mortgage origination and reinsurance...more

VA Issues Statement On ATR/QM Rule

On January 9, the Department of Veterans Affairs (VA) issued Circular 26-14-1, which clarifies lender requirements for home loans guaranteed by the VA under the TILA and the CFPB’s Ability to Repay and Qualified Mortgage...more

CFPB Issues RESPA-TILA Integrated Disclosures Final Rule

On November 20, 2013, the Consumer Financial Protection Bureau (the “CFPB”) issued the RESPA-TILA Integrated Disclosures Final Rule. The 1,888 page rule will become effective for applications taken on or after August 1, 2015,...more

CFPB Amends Asset-Size Exemption under TILA and Home Mortgage Disclosure Act

The CFPB announced an increase to the asset-size exemption threshold for its rule requiring escrow accounts for higher-cost mortgage loans under Regulation Z, the implementing Regulation for the Truth in Lending Act. The...more

CFPB Increases Asset-Size Thresholds Under HMDA, TILA

On December 30, the CFPB announced final rules adjusting the asset-size thresholds under Regulation C (HMDA) and Regulation Z (TILA). Both rules take effect on January 1, 2014....more

CFPB Adjusts CARD Act, HOEPA Thresholds

On December 16, the CFPB published a final rule to review and adjust provisions of Regulation Z that implement amendments to TILA under the CARD Act and HOEPA. Specifically, the CFPB is required to adjust, as appropriate...more

CFPB Updates Mortgage Rules Readiness Guide

The Consumer Financial Protection Bureau (the “CFPB”) recently issued the 2013 CFPB Dodd-Frank Mortgage Rules Readiness Guide, Version 2.0. The guide updates the original version, published in July 2013, and summarizes the...more

CFPB adjusts HMDA data collection and TILA mortgage escrow thresholds

In notices published in yesterday’s Federal Register, the CFPB adjusted the thresholds of the asset-size exemptions for collecting HMDA data and establishing an escrow account for certain mortgage loans under TILA. ...more

CFPB sends enforcement action “early warning” to for-profit postsecondary education provider

In a Form 8-K filed with the SEC on December 27, 2013, ITT Educational Services, Inc. disclosed that it has received a CFPB “early warning” letter stating that the CFPB’s Enforcement Office is considering recommending that...more

CFPB issues annual CARD Act and HOEPA adjustments

The CFPB has issued a final rule regarding annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act and HOEPA. The adjustments made by the final rule are effective January...more

CFPB’s hand seen in student loan bill

Four Senate Democrats (Senators Boxer, Warren, Durbin and Reed) recently introduced a bill entitled the “Student Loan Borrower Bill of Rights.” On March 1, 2014, the CFPB will begin overseeing servicers of federal and private...more

The Wait is Over. The Anxiety Begins. The CFPB Issues its Final Rule to Combine RESPA and TILA Mortgage Disclosures

Well, the wait is over. After 16 months and much anticipation, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) released a 1,888-page final rule on November 20, 2013 to combine mortgage disclosures required...more

CFPB Publishes Final Rules on Dodd-Frank Requirements for Homeownership Counseling

On November 14, the Bureau of Consumer Financial Protection (the “Bureau”) published final rules in the Federal Register interpreting the homeownership counseling amendments to its Regulation Z (Truth in Lending) and...more

CFPB Amends Examination Procedures to Incorporate Amendments to Mortgage Rules

The CFPB issued updates to its examination procedures for the Real Estate Settlement Procedures Act and the Truth in Lending Act to reflect recent amendments to Regulation X and Z, the implementing regulations. For example,...more

Social Media: Consumer Compliance Risk Management Guidance

On December 11, 2013, the Federal Financial Institutions Examination Council (FFIEC) released final guidance (“Guidance”) on the applicability of consumer protection and compliance laws, regulations, and policies to...more

CFPB releases compliance costs report

The CFPB recently released a report on the operational costs of regulatory compliance. The 176-page report is entitled “Understanding the Effects of Certain Deposit Regulations on Financial Institutions’ Operations: Findings...more

Infobytes Special Alert: CFPB Finalizes Rule Combining TILA And RESPA Mortgage Disclosures

On November 20, 2013, the CFPB finalized its long-awaited rule combining the mortgage disclosures consumers receive under the Truth in Lending Act (“TILA”) and the Real Estate Settlement Procedures Act (“RESPA”). For more...more

CFPB Releases Final Mortgage Disclosure Rule and Forms

The Consumer Financial Protection Bureau (CFPB) recently released the final rule combining the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) mortgage disclosure rules and forms....more

CFPB Issues Mortgage Disclosure Forms

The CFPB announced that it finalized a rule creating mortgage disclosure forms that integrate the requirements of the Real Estate Settlement Procedures Act and the Truth in Lending Act. The final rule creates two forms: the...more

Federal Reserve and CFPB Announce New Thresholds for Exempt Consumer Credit and Lease Transactions

On November 20, the Federal Reserve Board and the Consumer Financial Protection Bureau (CFPB) announced they are increasing the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for...more

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