Dodd-Frank Wall Street Reform and Consumer Protection Act Consumer Financial Protection Bureau Ability-to-Repay

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
News & Analysis as of

CFPB publishes annual CARD Act, HOEPA and QM adjustments, corrects 2016 error

The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more

House appropriations bill amendment would delay enforcement of CFPB payday loan rule

According to a Politico report, the House Appropriations Committee has advanced a bipartisan amendment to the FY17 Financial Services and General Government Appropriations bill that would block the CFPB from enforcing a rule...more

CFPB Proposed Rules Address Payday Loans and Impose New Customer Diligence Requirements

The Consumer Financial Protection Bureau (“CFPB”) last week announced long-awaited proposed rules governing payday loans and other high-cost credit products, including that lenders must take steps to ensure prospective...more

CFPB Seeks to Expand Its Dominion Over Consumer Lending with Strict Proposed Rules

On June 2, 2016, the Consumer Financial Protection Bureau (CFPB) released a long-anticipated proposal pursuant to its authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act to regulate the provision and...more

The CFPB Proposes Ambitious Payday Lending Regulations

On June 2, 2016, the CFPB released its long-awaited proposed regulations for payday loans, vehicle title and certain high-cost installment loans. Comments on the proposed rules must be received on or before September 14,...more

CFPB Issues Rule on Mortgage Guidelines for Special Classes of Creditors

The Consumer Financial Protection Bureau (“CFPB”) this week issued a final rule making a series of changes to its mortgage guidelines for small creditors and creditors in rural and underserved communities....more

CFPB Updates Regulation Z Thresholds

The Consumer Financial Protection Bureau (“CFPB”) has updated the inflation-adjusted loan amounts applicable to the points and fees calculations under the CFPB’s Ability-to-Repay/Qualified Mortgage rule (“ATR/QM Rule”) and...more

Locke Lord QuickStudy: CFPB Releases Spring 2015 Regulatory Agenda

On Friday, May 22, 2015, the CFPB released its Spring 2015 Rulemaking Agenda (Agenda), as mandated by the Regulatory Flexibility Act. These biannual agendas generally include details regarding rulemaking activity at the...more

Gavel to Gavel: Creative Compliance

The Dodd-Frank Wall Street Reform and Consumer Protection Act, together with subsequent Consumer Financial Protection Bureau regulations, has established a responsibility for lenders to determine and document a borrower’s...more

CFPB announces proposals for limiting activities of payday lending market participants and other lenders: 6 questions answered

The CFPB has released proposals for a future payday loan rulemaking that will have a far-reaching impact on the $46 billion payday loan industry and on other markets. Under its proposals, the CFPB is offering industry...more

Director Cordray appears before House Financial Services

On Tuesday, March 3, CFPB Director Richard Cordray appeared before the House Financial Services Committee to answer questions regarding the Bureau’s Semi-Annual Report to Congress and the President, which it published on...more

CFPB Eases Some of the Requirements Under the Dodd-Frank Act Mortgage Rules

The Consumer Financial Protection Bureau (“CFPB”) has issued a final rule easing some of the requirements on creditors under the Dodd-Frank Act mortgage rules. The most significant change for most creditors is the addition of...more

Dodd Frank Act: The Arrival of the ‘Ability to Repay’ Lending Restrictions

The days of exotic mortgage programs like “no doc” and balloon loans may be over. Earlier this month, the long awaited (and by many lenders and experts, dreaded), lending restrictions codified in the Dodd Frank Act...more

Impact of Ability-to-Repay and Qualified Mortgage Rules on Residential Mortgage Loan Purchasers, RMBS Participants and Mortgage...

Loan originators, their advisors and service providers are moving rapidly to achieve compliance by January 10, 2014 with the Consumer Financial Protection Bureau’s (“Bureau’s”) new rule, which generally imposes an affirmative...more

CFPB Continues to Finalize Elements of “Points and Fees” Test as Implementation Date Draws Closer

The CFPB’s final ability-to-repay rule (Rule), issued January 10, 2013, implements Dodd-Frank mortgage reforms requiring creditors to make good faith determination that a consumer has reasonable ability to repay his or her...more

CFPB Issues Dodd-Frank Mortgage Rules Readiness Guide

The Consumer Financial Protection Bureau has just released a new guide that attempts to summarize various new mortgage rules that were finalized by the CFPB earlier this year....more

House holds another hearing on CFPB ability to repay/QM rule

The House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit held its second hearing yesterday focused on the CFPB’s ability to repay/qualified mortgage rule. At the first hearing in...more

Financial Services Bulletin: Action At The CFPB, SEC, And CFTC

The CFPB Amends Ability-to-Repay and Qualified Mortgage Standards - On Wednesday, May 29, 2013, the Consumer Financial Protection Bureau (the “CFPB”) issued amendments to Regulation Z, which implements the Truth in Lending...more

CFPB Amends the Ability-to-Repay Rules Regarding Qualified Mortgages

On May 29, the Consumer Financial Protection Bureau (CFPB) finalized rules to facilitate access to credit by creating specific exemptions and modifications to the CFPB’s Ability-to-Repay rule for small creditors, community...more

GSEs: Ability-to-Repay and Qualified Mortgages

Yesterday, the Federal Housing Finance Agency (FHFA) announced that it is directing Fannie Mae ("Fannie") and Freddie Mac ("Freddie") to limit their future mortgage acquisitions to loans that meet the requirements for a...more

CFPB Begins To Fix Recently Adopted Rules

The CFPB has issued a proposed rule clarifying and making technical amendments to the 2013 Escrows Final Rule issued by the Bureau in January 2013. This is the first of the CFPB’s planned issuances to clarify and provide...more

CFPB Issues “Ability-To-Repay” Mortgage Requirements

The Consumer Financial Protection Bureau (“CFPB”) has issued a final rule implementing the “ability to repay” mortgage requirements of the Dodd-Frank Act. The rule requires creditors to make a reasonable, good faith...more

Consumer Financial Protection Bureau Releases Final Qualified Mortgage Rule and Proposed Amendments to Ability to Repay Rule

On January 10, the Consumer Financial Protection Bureau (CFPB) released a final rule (ATR Rule) to implement provisions related to the ability to repay (ATR) standards and the definition of a “qualified mortgage” (QM) as...more

CFPB Proposes Amendments to New Final Ability-to-Repay Rule, Solicits Comment on Calculating Loan Originator Compensation

On January 10, 2013, the CFPB issued its final ability-to-repay rule (Rule), which implements Dodd-Frank mortgage reforms requiring creditors to make a reasonable and good faith determination that a consumer will have a...more

Burr Alert: New Qualified Mortgage Rules Released By The Consumer Finance Protection Bureau

Few would dispute that the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act or Act) has fundamentally altered the residential mortgage industry. Although the Act was passed just over three years ago,...more

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