News & Analysis as of

RESPA Amendment Changes Rules, Deadlines Regarding Errors Communications

In July of 2010, the Real Estate Settlement Procedures Act (RESPA) was amended by Congress to reduce the time period from twenty days to five days for a servicer to acknowledge receipt of a qualified written request, and from...more

Proposed CFPB Rule Would Allow Online Posting of GLBA Privacy Notices

The Gramm-Leach-Bliley Act (GLBA) requires financial institutions to provide customers with initial and annual notices of their privacy policies, including whether they share consumers’ non-public information with third...more

Freddie Mac Updates MERS Requirements, Fraud Reporting, Other Selling And Servicing Policies

On June 19, Freddie Mac issued Bulletin 2014-12, which updates and revises numerous selling and servicing requirements. According to the Bulletin, Freddie Mac has determined that because sellers/servicers will have difficulty...more

CFPB extends comment period on privacy notice proposal

The CFPB is extending the comment period on its proposed rule that would amend Regulation P to allow financial institutions that satisfy certain conditions to deliver annual privacy notices to their customers using an...more

CFPB Proposal May Eliminate Requirement to Mail Annual Privacy Notice

On May 7th, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule that would allow financial institutions to post annual privacy notices online, potentially eliminating the current requirement to provide...more

CFPB Proposes New Rules on Gramm-Leach-Bliley Act Annual Privacy Notices

The Consumer Financial Protection Bureau recently published a proposed rule that would amend Regulation P to allow financial institutions, under certain circumstances, to deliver annual privacy notices to their customers...more

CFPB Proposes Rule on Privacy Disclosures

On May 6, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would allow institutions that limit their consumer data-sharing and meet other requirements to post their annual privacy notices online rather...more

CFPB Proposes Rule Allowing Online Posting Of GLB Privacy Notices

On May 6, the Consumer Financial Protection Bureau ("the CFPB" or "the Bureau") announced a proposed rule that would permit financial institutions to post annual privacy notices required by the Gramm-Leach-Bliley Act ("GLBA")...more

CFPB Proposes Rule on Privacy Notices

The CFPB moved one step closer to allowing online privacy disclosures in lieu of individually-delivered disclosures, proposing a rule to amend Regulation P, the implementing regulation for the Gramm-Leach-Bliley Act to create...more

CFPB's Promise to Ease Privacy Notice Burdens Needs Clarification

The CFPB has proposed allowing financial institutions to forgo mailing annual privacy notices by posting such notices online, if the financial institution meets certain conditions. While the proposal is welcome, it needs...more

CFPB Proposes Limited Relief From Annual Privacy Notice Delivery Requirements

On May 7, the CFPB issued a proposed rule that would provide financial institutions an alternative method for delivering annual privacy notices. The Gramm-Leach-Bliley Act (GLBA) and Regulation P require financial...more

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

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