Loans Consumer Financial Protection Bureau

News & Analysis as of

Treasury Department Seeks Information on Online Marketplace Lending

The U.S. Department of the Treasury has issued a request for information (RFI) regarding online marketplace lending. The RFI reflects the Treasury Department’s recognition that online marketplace lending “is a rapidly...more

CFPB Releases First Monthly Consumer Complaint Report

The CFPB has released its first in a series of new monthly reports on consumer complaints. The CFPB says that the purpose of these reports is to identify trends with respect to volume, product type, and geographic region....more

CFPB Issues New Manual for Company Responses to Detailed Consumer Complaints

On May 15, the Consumer Financial Protection Bureau ("the Bureau") issued an updated Company Portal Manual (“the Manual”) containing new guidance and instructions for companies to respond to consumer complaints filed with the...more

CFPB increases appraisal requirement exemption threshold

The CFPB, Fed, and OCC have adjusted the threshold for smaller loans that are exempt from the appraisal requirement for “higher priced mortgage loans.” The appraisal requirement became effective January 18, 2014, and the...more

CFPB Proposes Federal Oversight of Auto Financing Companies

On September 17, 2014, noting the auto lending discrimination it has uncovered at banks, the Consumer Financial Protection Bureau (Bureau or CFPB) announced its plan to further extend its reach under the Dodd-Frank Act by...more

Webinar Recap: The CFPB’s Expanding Oversight of Auto Finance, Part I

On October 1, 2014, BuckleySandler hosted a webinar, The CFPB’s Expanding Oversight of Auto Finance, Part One. Through an examination of the Consumer Financial Protection Bureau’s (CFPB) authority, recent enforcement...more

CFPB Report Analyzes Private Student Loan Borrowers’ Complaints

On October 16, the CFPB announced the findings of its annual student loan ombudsman report. Analyzing over 5,000 private student loan complaints that the CFPB received from October 1, 2013 through September 30, 2014, the...more

Special Alert: Proposed Amendments to the TILA-RESPA Integrated Disclosure (“TRID”) Rule, Transcript of CFPB Webinar on the Loan...

BuckleySandler is pleased to announce our new TILA-RESPA Integrated Disclosure (“TRID”) Resource Center. The TRID Resource Center is a one-stop shop for TRID issues, providing access to BuckleySandler’s analysis of the TRID...more

Trade groups take aim at NY Times call for CFPB action on subprime auto loans

Two leading industry trade groups have disputed a recent New York Times editorial entitled “When a Car Loan Means Bankruptcy,” which attempted to draw parallels between subprime auto loans and subprime mortgage loans. The...more

Banking & Financial Services E-Note - July 2014

In This Issue: - New Rule Will Require Banks to Provision for Bad Loans Earlier - Four Years After Dodd-Frank, Law Still Unfinished - Senate Panel to Review Borrowing of 'Too Big to Fail' Banks - Community...more

CFPB, State AGs Weigh In On TILA Rescission

This week, the CFPB and 25 states filed amicus briefs in Jesinoski v. Countrywide Home Loans, Inc., No. 13-684, a case pending before the U.S. Supreme Court that may resolve a circuit split over whether a borrower seeking to...more

CFPB Clarifies Heirs, Divorcees and Estate Planning Transferees Are Not Subject to Ability-to-Repay Rules

The CFPB issued an interpretive rule to clarify that when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without triggering the Bureau’s Ability-to-Repay rule. This clarification will...more

The Consumer Financial Protection Bureau (CFPB): The New Federal Landscape For Lenders and Servicers

Following the recession and financial crisis of the late 2000s, the “Bureau of Consumer Financial Protection”—commonly known as the Consumer Financial Protection Bureau (CFPB)—was created. Aimed at promoting “fairness and...more

Orrick's Financial Industry Week in Review

EU Commission Sends Statement of Objections to Three Banks in Cartel Investigation - On May 20, the European Commission announced that it has sent a statement of objections to Credit Agricole, HSBC and JP Morgan for...more

Heard at the Country Music Hall of Fame: CFPB Director Performs in Nashville

Among the displays offering tribute to Reba and The Man in Black, Richard Cordray and some of his fans at the CFPB held a public hearing at the Country Music Hall of Fame in Nashville on March 25, 2014. Rather than the...more

Financial Services Law

D.C. Circuit Court Upholds Fed’s Debit Card Fee Cap, Antiexclusivity Rules - Dealing a blow to merchants nationwide, the D.C. Circuit Court of Appeals reversed a lower court and upheld the rules promulgated by the...more

CFPB Filed Complaint Against Debt Collector Alleging UDAAP Violations

The CFPB filed a complaint in the United States District Court for the District of Massachusetts against a debt collector alleged to have engaged in unfair, deceptive and abusive acts or practices in violation of the Consumer...more

CFPB Action Against Payday Lender to be Followed by New Military Lending Act Regulations

On November 20, 3013, the Consumer Financial Protection Bureau announced its first enforcement action against a payday lender. Cash America International was fined $5 million and was ordered to refund $14 million to its...more

CFPB To Oversee Nonbank Student Loan Servicers

The CFPB has issued a rule that allows the CFPB to supervise certain nonbank student loan servicers for the first time. The CFPB currently oversees student loan servicing at the largest banks. ...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

Senators raise concerns about CFPB auto fair lending guidance

A bipartisan group of 22 U.S. Senators –11 Republicans and 11 Democrats–sent a letter to the CFPB yesterday raising concerns about the fair lending auto finance bulletin issued by the CFPB this past March. In particular, the...more

CFPB HMDA Data Tool Launches With Banking Regulators’ Release Of 2012 HMDA Data

On September 18, the CFPB launched a new web-based tool for use in analyzing HMDA data. The CFPB explains that its new HMDA tool focuses on the number of mortgage applications and originations, in addition to loan purposes...more

Rulemaking Dictating Loan Terms Is Coalescing Around the CFPB’s Qualified Mortgage Standard, but the Future of Loans Outside of...

Since the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) government regulation has been pushing the mortgage banking industry toward homogenized residential mortgage loans...more

Eighth Circuit Reaffirms that Notice Alone is Insufficient to Effectuate TILA Rescission

The United States Court of Appeals for the Eighth Circuit affirmed a lower court’s opinion rejecting plaintiffs’ attempt to rescind a loan agreement after the loan had already been foreclosed, ruling that the foreclosure...more

August Beach Read Series: Increasing Scrutiny Of Short-Term, Small-Dollar Credit Products

The interest of regulators and enforcement authorities in short-term, small-dollar credit products – including payday loans, advance deposit products, installment loans, and more – has intensified in 2013. State and federal...more

78 Results
|
View per page
Page: of 4

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×