News & Analysis as of

CFPB Publishes Rulemaking Agenda

The CFPB published a semi-annual update of its rulemaking agenda. The rulemaking agenda includes a number of rulemakings on disclosures under the Home Mortgage Disclosure Act and its implementing regulation, Regulation C, the...more

CFPB Finalizes Clarifications to Mortgage Rules

In a continuing effort to resolve issues and answer questions "identified during the implementation process," the CFPB finalized revisions to the mortgage rules it published in January and subsequently amended in June 2013....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

Eighth Circuit Holds Borrowers Must File Suit Within TILA Three-Year Rescission Period

On July 12, the U.S. Court of Appeals for the Eighth Circuit held that a borrower seeking rescission under TILA must file suit within three years, and that merely providing the lender notice is insufficient to preserve the...more

CFPB Issues Rule for Supervising Nonbanks That Allegedly Pose Risks to Consumers

The Consumer Financial Protection Bureau has issued a new rule outlining procedures for notifying nonbanks that they are being considered for CFPB supervision. The Dodd-Frank Wall Street Reform and Consumer Protection Act of...more

Insurance Coverage for CFPB Investigations and Enforcement Actions

Many companies and individuals that are facing investigations or subsequent enforcement actions by the Consumer Financial Protection Bureau (“CFPB”) will be forced to incur substantial sums to defend such claims, to settle...more

Virginia Financial Institutions - April 2013

In This Issue: - Virginia General Assembly Concludes 2013 Session – Highlights and Considerations for Financial Institutions - Cyber Fraud: Lawsuit by Local Community Bank Demonstrates Need for Vigilance...more

CFPB Implements Change To ATM Fee Notice Requirements

On March 26, the CFPB published a final rule to conform Regulation E to an amendment to the Electronic Fund Transfer Act enacted by Congress in December 2012 that removed the requirement that ATMs have an attached placard...more

CFPB issues final rule removing ATM fee sticker requirement from Reg E

The CFPB has issued a final rule amending Regulation E to remove the requirement that a fee notice be posted on or at an automated teller machine. On December 20, 2012 , President Obama signed into law an amendment to the...more

Financial Services Legislative And Regulatory Update -- March 18‚ 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Leading the Past Week - It was another busy week on the Hill and in the Administration, but it may have...more

New Fair Credit Reporting Act Form For Employers

Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) established the Consumer Financial Protection Bureau (CFPB), and the responsibility for interpreting and enforcing the Fair...more

New Year, New FCRA Forms

Do you use a third party service to conduct background checks on job applicants or employees? If yes, then you should take note of new forms which employers are required to use for this purpose, effective January 1, 2013. ...more

CFPB Amends Requirements for Providing Appraisals to Home Loan Applicants

The Consumer Financial Protection Bureau (“CFPB”) has issued amendments to Regulation B requiring creditors to provide to applicants free copies of all appraisals and other written valuations developed in connection with an...more

New Federal Agency Rings In The New Year With New FCRA Background Check Forms

Employers that use third parties to perform background checks on applicants or employees must start using new Fair Credit Reporting Act (FCRA) forms immediately. The new Consumer Financial Protection Bureau, which is...more

Employment And Labor Insight: Year In Review - Are Your Employment Procedures, Practices And Policies In Compliance?

As we enter 2013, we would like to update you on the importance of reviewing your application, background check procedures, employment policies and employee handbook for compliance with the changing laws in these areas....more

Possible New Defenses for ATM Suits

Bankers received a Christmas present on December 20, 2012 when President Obama signed H.R. 4367, which eliminates the requirement for physical notices on ATMs regarding fees. That information is already disclosed onscreen,...more

Legal Alert: Employers Must Be Prepared To Use Revised FCRA Forms Beginning January 1, 2013

Beginning January 1, 2013, employers must use the revised forms issued by the Consumer Financial Protection Bureau (CFPB) in November 2012 to conduct background checks under the Fair Credit Reporting Act (FCRA). ...more

eTrends - By January 1, 2013, FCRA Forms Must be Updated

By January 1, 2013, employers and consumer reporting agencies must use revised, updated forms for certain notices required by the Fair Credit Reporting Act (FCRA). The revisions indicate that the recently created Consumer...more

Corrected Forms from Consumer Financial Protection Bureau

As discussed in an earlier blog post, the Consumer Financial Protection Bureau (CFPB) — which now has the responsibility of enforcing the federal Fair Credit Reporting Act (FCRA), a role previously held by the Federal Trade...more

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