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 Files Amicus Brief Regarding TILA’s Definition of “Consumer Credit”

In its most recent amicus brief, filed with the Fifth Circuit on April 9, 2015 in Billings v. Propel Financial Services, LLC, the Consumer Financial Protection Bureau (CFPB) argues that entities who lend consumers money to...more

CFPB Updates Mortgage Origination Examination Procedures to Include Requirements of TILA-RESPA Integrated Disclosure Rule

On May 4, the CFPB updated its Supervision and Examination Manual’s Mortgage Origination examination procedures to include guidance on how its compliance examiners will examine loan disclosures and terms of closed-end...more

Shelby Draft Regulatory Relief Bill Addresses Various Residential Mortgage Issues

On May 12, 2015 Senator Richard Shelby (R-AL) released a draft of a regulatory reform bill entitled the Financial Regulatory Improvement Act of 2015. The draft bill addresses various residential mortgage lending issues, a...more

Does Director Cordray fully appreciate the implications of the TRID rule?

Statements made by CFPB Director Cordray to the National Association of Realtors on May 12, 2015 suggest that the Director may not fully appreciate the implications of the TILA/RESPA Integrated Disclosure (TRID) rule that is...more

OCC updates consumer compliance examination manual to incorporate integrated disclosures

The Office of the Comptroller of the Currency has released revised TILA and RESPA chapters of its examination manual for consumer compliance exams. The revised chapters incorporate the detailed procedural and substantive...more

Bipartisan House bill introduced to create temporary safe harbor from enforcement of TILA-RESPA integrated disclosure rule

Republican Congressman Steve Pearce and Democratic Congressman Brad Sherman have introduced a bill in the House of Representatives (H.R. 2213) that would provide lenders with a temporary safe harbor from enforcement of the...more

CFPB Issues Final Rule on Homeownership Counseling Requirements

The CFPB has issued a final rule to assist lender compliance with RESPA and TILA homeownership counseling requirements. Under RESPA, a lender must provide applicants for a federally related mortgage loan with a list of...more

CFPB Remains Noncommittal Regarding Restrained Enforcement Period for TILA/RESPA Integrated Disclosures Rule

The TILA/RESPA integrated disclosures (TRID) rule issued by the Consumer Financial Protection Bureau (CFPB) under the Dodd-Frank Wall Street Reform and Consumer Protection Act takes effect on August 1, 2015. ...more

CFPB Grants Credit Card Issuers One-Year Suspension From Filing Card Agreements

On April 15, the CFPB issued a final rule temporarily suspending credit card issuers’ obligation to submit their card agreements to the CFPB, as required by the Credit Card Accontability, Responsibility, and Disclosure Act...more

CFPB files amicus brief in Fifth Circuit TILA case

The CFPB has filed an amicus brief in Billings v. Propel Financial Services, LLC, a case on appeal to the U.S. Court of Appeals for the Fifth Circuit. The issue in the case is whether a private lender extends“consumer credit”...more

CFPB Targets Another Mortgage Lender for Deceptive Advertising

The CFPB has announced the settlement of an enforcement action against a California-based mortgage lender for alleged deceptive advertising practices, including the use of advertisements that the CFPB claimed falsely led...more

CFPB Finalizes Rule Suspending Quarterly Submission of Credit Card Agreements

On April 15, 2015, the Consumer Financial Protection Bureau (“CFPB”) announced a final rule (“Final Rule”) that suspends for one year the requirement under the Truth in Lending Act and implemented by Regulation Z that credit...more

CFPB Revises TILA, RESPA Exam Procedures To Incorporate Integrated Disclosures Rule

The CFPB has revised the chapters of its Supervision and Examination Manual specific to TILA and RESPA, incorporating the TILA/RESPA integrated disclosures (TRID) requirements that are set to take effect on August 1, 2015....more

CFPB finalizes temporary suspension of TILA requirement for quarterly submission of credit card agreements

The CFPB has issued a final rule adopting its proposal to suspend for one year the Truth in Lending Act/Regulation Z requirement for issuers of open-end credit cards to send their credit card agreements to the CFPB quarterly...more

CFPB issues final rule on homeownership counseling requirements

The CFPB has issued a final rule to assist lender compliance with RESPA and TILA homeownership counseling requirements. Under RESPA, a lender must provide applicants for a federally related mortgage loan with a list of...more

April Fool’s – Not

On April 1st, the Bureau issued updated exam procedures on the new TILA and RESPA rules. They cover TILA RESPA Integrated Disclosures (applicable for exams after the August 2015 effective date), Higher-Priced Mortgage Loan...more

CFPB Releases New Mortgage Toolkit in Anticipation of New Mortgage Disclosure Rule

On March 31, the CFPB announced a new toolkit as part of its “Know Before You Owe” mortgage initiative. Designed to “help customers understand the nature and costs of real estate settlement services,” the step-by-step guide...more

CFPB targets another mortgage lender for deceptive advertising

The CFPB has announced the settlement of an enforcement action against a California-based mortgage lender for alleged deceptive advertising practices, including the use of advertisements that the CFPB claimed falsely led...more

The CFPB Goes Mobile

The plastic credit card will one day go the way of the flip phone as consumers increasingly adopt innovative digital payment methods, such as Apple Pay, already available to them on their mobile devices. As a result of this...more

New Regulations Likely to Yield New Theories

The plaintiffs’ bar, drawing inspiration from the Consumer Financial Protection Bureau (CFPB) regulations that took effect in early 2014, have begun to pursue new theories of liability under old causes of action. The new...more

CFPB revises TILA, RESPA exam procedures to incorporate integrated disclosures rule

The CFPB has revised the chapters of its Supervision and Examination Manual specific to TILA and RESPA, incorporating the TILA/RESPA integrated disclosures (TRID) requirements that are set to take effect on August 1, 2015....more

U.S. Appeals Court Rules That Mortgage Company Wrongfully Imposed Late Fees Based On Delay In Crediting Payments

In This Issue: - U.S. Appeals Court Rules that Mortgage Company Wrongfully Imposed Late Fees Based on Delay in Crediting Payments - Virginia Attorney General Joins Consumer Financial Protection Bureau in...more

TILA-RESPA Integrated Mortgage Disclosure Rule

For more than 30 years, lenders have been required under federal law to provide consumers with two different disclosure forms when applying for a mortgage and two more different disclosure forms at the time of closing. ...more

CFPB updates home buying information booklet

The CFPB has issued an updated version of the home buying information booklet (also known as the special information or settlement cost booklet) required under RESPA and TILA. The new booklet is entitled “Your home loan...more

Trade groups seek grace period for TILA/RESPA integrated disclosure rule

A group of 17 trade associations and organizations have written to the CFPB seeking a grace period for enforcement of the TILA-RESPA Integrated Disclosure (TRID) rule which becomes effective on August 1, 2015. In their...more

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