News & Analysis as of

Utah Establishes Payday Loan Ability To Repay Requirements

On March 29, Utah Governor Gary Herbert signed HB 127, which amends state law to require deferred deposit lenders, i.e. payday lenders, to assess a borrower’s ability to repay the loan “in the ordinary course, which may...more

Disparate Impact Remains Fair Lending Risk To Banks

Lenders seeking judicial relief from the Consumer Financial Protection Bureau’s heightened enforcement of the Equal Credit Opportunity Act were left disappointed by the settlement of Mt. Holly v. Mt. Holly Gardens Citizens in...more

CFPB explores HMDA changes

The CFPB announced it will begin the rulemaking process for changes to the reporting requirements under the Home Mortgage Disclosure Act (HMDA). As an initial step, the CFPB will convene a Small Business Review Panel to seek...more

CFPB Initiates Administrative Proceeding Against Mortgage Lender

Subsequent to its denial of a mortgage lender’s petition to set aside a civil investigative demand in 2012, the CFPB publicly announced that it had served Notice of Charges, initiating an administrative proceeding against the...more

CFPB settles RESPA referral fee charges against mortgage lender based on rent payments

The CFPB has announced that it has issued a Consent Order to settle charges that a mortgage lender and its principal violated RESPA Section 8 by paying illegal kickbacks to a bank in exchange for mortgage loan referrals....more

Two New CFPB Bulletins Directly Affect Your Debt Collections

On July 10, 2013, the Consumer Financial Protection Bureau (CFPB) issued two bulletins that directly affect all consumer lenders and creditors that are subject to the Dodd-Frank Act. Bulletin 2013-07 puts creditors on...more

CFPB Announces Availability Of Revised Publications To Be Provided By Lenders To Mortgage Applicants

The Consumer Financial Protection Bureau (“CFPB”) has announced the availability of three revised consumer publications that mortgage lenders are required to provide to applicants for certain residential mortgage loans. The...more

CFPB’s fact vs. fiction guide: useful information for consumers or defense planning?

With the January 10 effective date imminent, the CFPB has issued what it labels a “fact vs. fiction guide” on its ability-to-repay/qualified mortgage rule. According to the CFPB, the guide is intended “to help dispel some of...more

Former Colorado regulator and consumer advocate Laura Udis to join CFPB as manager for payday lending program

We have learned that, starting Monday, Laura Udis will join the CFPB as the Payday and Small Dollar Lending Program Manager in Research, Markets and Regulations. Ms. Udis comes to the CFPB from the Consumer Federation of...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

New Loans: Harder to Make, Easier to Keep?

The new CFPB mortgage rules are tough on lenders, beginning with the loan application process. In order to issue a mortgage, lenders must collect information about income and assets, employment status, credit history, monthly...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

Banking & Financial Services E-Note - October 30, 2013

In This Issue: - Fed Proposes Rule Requiring Banks to Stay Liquid During Crisis - Simulation Tests Banks' Survival Against Cyber Attacks - Largest Banks Close to Meeting Mortgage Settlement Obligations -...more

CFPB Denies Payday Lender’s Petition to Set Aside Civil Investigative Demand

The CFPB denied two online payday lenders’ petition to set aside a civil investigative demand. The lenders claimed they are chartered under the laws of federally recognized Indian tribes and therefore, the CFPB’s...more

Banking & Financial Services E-Note - September 30, 2013

In This Issue: - NCUA Drafts Rule Subjecting Big Credit Unions to Stress Tests Report Finds FDIC Has Filed as Least 32 D&O Lawsuits This Year - CFPB Cracks Down on "Furnishers" Giving Credit Report Information -...more

CFPB denies petition by tribal payday lenders to set aside CIDs

On September 26, the CFPB issued a 10-page order denying a petition filed jointly by three tribal payday lenders that asked the CFPB to set aside the civil investigative demands (CIDs) the lenders received from the CFPB. The...more

CFPB Snapshot: Fast Approaching Deadlines for Compliance with New Regulations

The Consumer Financial Protection Bureau is gearing up for a busy January, when new regulations directed at the residential mortgage industry are due to be implemented. While lenders scramble to comply with stringent...more

New York Continues Pressure on Force-Placed Insurance

Force-placed insurance remains in the crosshairs of New York financial regulators. Last week, the state’s Department of Financial Services (DFS) sent a warning letter to all New York-licensed insurance producers about...more

Tools to Ensure You Are Compliant With Your Compliance Check

It seems as if the Consumer Financial Protection Bureau (CFPB) has released final rules regarding consumer mortgage lending and servicing on a daily basis. There have been just as many announcements from the CFPB that is was...more

Senate Confirms CFPB Chairman — Scrutiny of Lenders' Business Practices Go Under the Microscope

Those that anticipated a dramatic Supreme Court confrontation over the legitimacy of Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB), and perhaps a nullification of all of the nascent agency's...more

Are all FDCPA violations by creditors and servicers potential UDAAPs: a difference of opinion

Jeff Sovern has written an interesting blog post about the CFPB’s recent Bulletin 2013-07 that warns creditors and servicers who are not covered by the FDCPA that their collection practices are subject to the CFPB’s authority...more

CFPB finalizes additional revisions to mortgage rules

On July 10, 2013, the CFPB issued a final version of modifications proposed in April 2013 to mortgage rules adopted in January 2013. Most of the modifications address the ability to repay/qualified mortgage rule, and...more

What to Know about CFPB Supervision and Examination

The Consumer Financial Protection Bureau (“CFPB”) recently issued its final rule that establishes procedures to bring under its supervisory authority nonbanks whose activities it has reasonable cause to determine pose risks...more

CFPB Finalizes Procedures for Supervising Nonbanks Engaged in Risky Conduct

The Consumer Financial Protection Bureau has adopted a final rule setting forth the procedures it will use to supervise nonbanks engaged in conduct that poses risk to consumers....more

Uncertainty Remains Under CFPB's Proposed Changes to Prohibition on Financing Credit Insurance Premiums

The CFPB has proposed changes to the Regulation Z prohibition on financing credit insurance premiums (Section 1026.36(i)) as part of several new proposed amendments to the mortgage rules it adopted in January 2013....more

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