News & Analysis as of

FDIC regional offices issue UDAP guidance on continuous overdraft fees

Based on the CFPB’s rulemaking agenda issued in December 2013, we continue to expect overdraft programs to be the subject of another CFPB white paper and/or an advance notice of proposed rulemaking this year. (In June 2013,...more

The CFPB May Propose Standard Prepaid Card Fee Disclosure Rules

Earlier this week, the Consumer Financial Protection Bureau (CFPB) announced that it is working on potential new consumer disclosure requirements for prepaid cards to standardize fee disclosures. The new disclosure...more

CFPB testing prepaid card disclosures

Yesterday, the CFPB unveiled two model forms of prepaid card packaging disclosures that it is testing with consumers in Los Angeles. According to its blog post, the CFPB is developing the disclosures in connection with a...more

CFPB Updates Mandatory Mortgage Publications

On January 10, 2014, the CFPB published a notice in the Federal Register that three mortgage publications lenders are required to provide to borrowers have been revised to reflect certain mortgage rules that went into effect...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’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 Brings First Enforcement Action Involving Deferred Interest Products, Imposes Novel and Burdensome Application Requirements...

Yesterday, the Consumer Financial Protection Bureau (“CFPB”) announced a consent order with GE Capital Retail Bank and its subsidiary CareCredit (collectively “CareCredit”) related to what the CFPB alleges were unfair and...more

CFPB Issues Fall 2013 Regulatory Agenda

On December 3, 2013, the Consumer Financial Protection Bureau (“CFPB”) released its semi-annual update to its rulemaking agenda. The fall 2013 agenda covers rulemaking that the CFPB is continuing to work that are mandated by...more

Financial Services Law -- Dec 09, 2013

#Badidea: JPMorgan Chase Stumbles on Twitter - JPMorgan Chase’s recent activity on Twitter provides an example of the need for financial institutions to use caution when using social media....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

Financial Services Bulletin: Action At The CFTC And CFPB

CFTC Proposes Registered Futures Association Membership Rules - On Friday, November 8, 2013, the Commodity Futures Trading Commission (the "CFTC") proposed amending its regulations to require that all persons...more

More on the final RESPA-TILA integrated disclosures rule

As we previously reported, the Consumer Financial Protection Bureau released the nearly 1,900-page final RESPA-TILA Integrated Disclosures Rule on November 20. The rule will be effective for applications received on or after...more

CFPB Examinations Of Card Rewards Program Underway

On November 15, Bloomberg reported that the CFPB is examining credit card issuers’ rewards programs. The article quotes CFPB Director Cordray stating that rewards programs can involve “detailed and confusing rules” and that...more

CFPB's New Regulations Will Affect Local Banks and Small Servicers

While the new regulations implemented by the Consumer Financial Protection Bureau (CFBP) are designed to apply primarily to big banks and loan servicers, the regulatory environment for small and community banks will also be...more

CFPB Implements New Mortgage Disclosure Rules and Forms

The CFPB issued its "Know Before You Owe" rule on November 20, 2013. The center pieces of the rule are the Loan Estimate form, which replaces the early Truth in Lending statement; and the Good Faith Estimate and the Closing...more

Director Cordray confirms CFPB plans to examine credit card rewards programs

According to a Bloomberg report by Carter Dougherty, Director Cordray confirmed last week that the CFPB will be looking at credit card rewards programs. Director Cordray is reported to have indicated that the CFPB will be...more

CFPB Unveils New Integrated Disclosures Under RESPA and TILA

Today, in a broadcast streamed live on the internet, the CFPB unveiled the long awaited final rule that contains the Integrated Mortgage Disclosures under the Real Estate Settlement Procedures Act (“RESPA”), Regulation X, and...more

CFPB’s Remittance Transfer Rule

The Consumer Financial Protection Bureau’s (“CFPB”) Remittance Transfer Rule, also known as Regulation E, became effective on October 28, 2013. The Rule established the basic rights, liabilities, and responsibilities of...more

CFPB Mortgage Disclosure Rule Now Expected On November 20, 2013

On November 1, the CFPB announced a field hearing on “Know Before You Owe: Mortgages,” to be held on Wednesday, November 20 at 11 a.m. EST in Boston. In conjunction with the hearing, the Bureau is expected to release its...more

Innovative Financial Disclosures

Do you represent twenty-first century clients that offer consumer financial products or services? Perhaps their offerings are available online and via mobile. Or perhaps your clients have been around for decades and prefer...more

CFPB Releases Examination Procedures for Remittance Transfer Rule

The CFPB issued examination procedures to incorporate the remittance transfer rule finalized and amended several times. The focus of the examination procedures reportedly will be in 3 areas: (1) providing required disclosures...more

CFPB Releases Money Transfer Exam Procedures, Launches New e-Regulations Tool

On October 22, the CFPB released the procedures its examiners will use in assessing financial institutions’ compliance with the remittance transfer requirements of Regulation E. Amendments to those regulations, finalized by...more

Freddie Mac Updates Tools And Policies Regarding Disclosure Of Property Valuation

On October 8, Freddie Mac issued Bulletin 2013-20, which (i) announces tools and systems that provide estimates of property value generated by Freddie Mac’s proprietary automated property valuation model and (ii) updates...more

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