News & Analysis as of

CFPB publishes annual CARD Act, HOEPA and QM adjustments

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

Dodd-Frank News: July 2014 Dodd Frank Wall Street Reform and Consumer Protection Act Update

In This Issue: - Recent Cases ..RESPA ..FDCPA ..TCPA ..FCCPA & FDCPA ..TILA - In The News ..CFPB to Begin Collecting Complaints Regarding Prepaid Cards ..CFPB Proposes Letting...more

Mainebiz Real Estate Insider – Lender Liability in Real Estate Closings; Know Your Closer Well

The general phrase “lender liability” usually refers to cases where a lender does not live up to its own loan agreement, or where a loan officer promises more than the loan documents provide, or where the lender sells...more

Mortgage Servicers Face Consumer Lawsuits Under CFPB “Periodic Statement” Final Rule

The CFPB’s final rule amending Regulation Z, which implements the Truth in Lending Act (TILA) as amended by Dodd-Frank, became effective January 10. Among other things, the new rule requires mortgage servicers to provide...more

CFPB Provides Guidance on Ability-To-Repay Rule Application to Assumptions of Residential Mortgage Loans

The CFPB recently provided guidance on the application of the Regulation Z ability-to-repay rule (Section 1026.43) to assumptions of residential mortgage loans for purposes of clarifying the application of the rule in cases...more

The Strange Case of the Shrinking Mini-Correspondent: A Primer on Forensics

A characteristic feature of a predictable event is that it often becomes inevitable. When that happens, no manner of pleadings or remonstrations will undo the already done! It is not as if we did not know that the predictable...more

InfoBytes Special Alert: CFPB Guidance States That Successors Are Not Subject To The ATR/QM Rule

On July 8, 2014, the CFPB issued an interpretive rule stating that the addition of a successor as an obligor on a mortgage does not trigger the Ability-to-Repay/Qualified Mortgage Rule (“ATR/QM Rule”) requirements if the...more

U.S. District Court rules that FTC can regulate payday lenders regardless of American Indian Tribal affiliation, finds lender...

Generally speaking, those who wish to engage in payday lending will find that the industry is heavily regulated. In addition to regulation at the state level, payday lenders must comply with a wide variety of federal laws...more

Illinois Federal Court Rules on Dodd-Frank’s Truth in Lending Act Amendment

The United States District Court for the Northern District of Illinois granted summary judgment denying a putative class action suit against a mortgage servicer for alleged violations of the Truth in Lending Act concerning...more

Dodd-Frank News: May 2014: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

In This Issue: - RECENT CASES ..Preemption ..CFPB Involvement in Litigation ..CFTC Regulation of Retail Commodity Transactions ..Durbin Amendment ..Appraiser Disclosure Requirements Under...more

Utah Federal Court Rules on “Clear and Conspicuous” Requirement under the Truth-in-Lending Act

The United States District Court for the District of Utah partially granted summary judgment for borrowers alleging that their mortgage lender violated the Truth in Lending Act, and its implementing regulation, Regulation Z. ...more

FTC Settles Nine Auto Dealer Deceptive Advertising Cases

The Federal Trade Commission announced last week that it had entered into proposed consent orders with nine auto dealers in six states that were charged with deceptive advertising in violation of Section 5 of the FTC Act....more

CFPB Amends Asset-Size Exemption under TILA and Home Mortgage Disclosure Act

The CFPB announced an increase to the asset-size exemption threshold for its rule requiring escrow accounts for higher-cost mortgage loans under Regulation Z, the implementing Regulation for the Truth in Lending Act. The...more

CFPB Increases Asset-Size Thresholds Under HMDA, TILA

On December 30, the CFPB announced final rules adjusting the asset-size thresholds under Regulation C (HMDA) and Regulation Z (TILA). Both rules take effect on January 1, 2014....more

CFPB Adjusts CARD Act, HOEPA Thresholds

On December 16, the CFPB published a final rule to review and adjust provisions of Regulation Z that implement amendments to TILA under the CARD Act and HOEPA. Specifically, the CFPB is required to adjust, as appropriate...more

Banking Agencies Publish Supplemental Final Rules on Dodd-Frank Requirements for Appraisals for Higher-Risk Mortgage Loans

On Thursday, December 26, 2013, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, National Credit Union Administration, Bureau of Consumer Financial Protection (the “Bureau”),...more

CFPB adjusts HMDA data collection and TILA mortgage escrow thresholds

In notices published in yesterday’s Federal Register, the CFPB adjusted the thresholds of the asset-size exemptions for collecting HMDA data and establishing an escrow account for certain mortgage loans under TILA. ...more

CFPB sends enforcement action “early warning” to for-profit postsecondary education provider

In a Form 8-K filed with the SEC on December 27, 2013, ITT Educational Services, Inc. disclosed that it has received a CFPB “early warning” letter stating that the CFPB’s Enforcement Office is considering recommending that...more

Federal Reserve and CFPB Announce New Thresholds for Exempt Consumer Credit and Lease Transactions

On November 20, the Federal Reserve Board and the Consumer Financial Protection Bureau (CFPB) announced they are increasing the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for...more

Federal Reserve, CFPB Announce Increased Consumer Credit, Lease Transaction Thresholds

On November 20, the Federal Reserve Board and the CFPB announced an increase in the dollar thresholds in Regulation Z (TILA) and Regulation M (Consumer Leasing) for exempt consumer credit and lease transactions. Transactions...more

S.D.N.Y. Holds TILA Short-Form Credit Card Notice Violations Subject To Statutory Damages

On November 4, the U.S. District Court for the Southern District of New York held that credit card holders may pursue statutory damages for alleged violations of Regulation Z’s short-form credit card notice requirement, even...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

Federal Regulators Issue Proposal to Revise Qualified Residential Mortgage Rule

Collectively, the FDIC, the OCC, FRB, SEC, FHFA, and HUD issued a second proposal Notice of Proposed Rulemaking to implement the risk retention requirements of the Dodd-Frank Act. Section 941 of the Dodd-Frank Act amended...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 delays effective date of Reg Z prohibition on financing credit insurance premiums

The CFPB has issued a final rule delaying the June 1, 2013 effective date of the Regulation Z prohibition on financing credit insurance premiums (Section 1026.36(i)). The final rule sets January 10, 2014 as the prohibition’s...more

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