Regulation Z

News & Analysis as of

CFPB proposes temporary suspension of TILA requirement for credit card issuers to submit card agreements quarterly

The CFPB has issued a proposal to suspend for one year the Truth in Lending Act/Regulation Z requirement for issuers of open-end credit cards to send their credit card agreements to the CFPB quarterly for posting in a public...more

Candid remarks from Director Cordray

Last week, Director Cordray spoke at a National Credit Union Administration town hall webinar. While his prepared remarks were not particularly revealing, the American Banker reported that Director Cordray was unusually...more

Special Alert: OCC Guidance Applies Consumer Protection Requirements to Overdraft Lines and Protection Services

On February 11, 2015, the OCC issued the “Deposit-Related Consumer Credit” booklet of the Comptroller’s Handbook, which replaced the “Check Credit” booklet. The booklet provides updated guidance and examination procedures...more

Supreme Court’s Jesinoski Ruling Provides Clarity on TILA Rescission While Creating Many Questions

On January 13, 2015, the U.S. Supreme Court settled a circuit court split regarding how and when a mortgage borrower may exercise the right of rescission under the Truth-in-Lending-Act (“TILA”) and the CFPB’s implementing...more

FTC Announces Settlement of First Actions against Auto Title Lenders

The Federal Trade Commission recently announced that it has entered into proposed settlements with two auto title lenders that were charged with deceptive advertising in violation of Section 5 of the FTC Act and the Truth in...more

CFPB proposes amendments to “small creditor,” “rural” exemptions

On January 29, the CFPB proposed amendments to the portions of Regulation Z governing mortgages made by small creditors. In the same notice, the CFPB also proposed amendments to Regulation Z’s definition of the term “rural,”...more

Truth In Lending Act Requires Notice, Not Suit

In a unanimous and brief five page opinion, both rarities for the U.S. Supreme Court, the decision in Jesinoski v. Countrywide Home Loans (Docket 13-684, Jan. 13, 2015) made clear that the Federal Truth in Lending Act...more

Rescission of Home Mortgage Loans

The Truth-in-Lending Act (“Act”) was adopted in 1969. It has spawned dozens of lawsuits and hundreds of administrative rules and interpretations. Recently, the United States Supreme Court had an opportunity to address the...more

Supreme Court Rules Written Notice Is Sufficient to Rescind under TILA

Action Item: In light of the United States Supreme Court’s decision in Jesinoski, lenders should be aware that written notice provided by the borrower, within three years of the loan consummation, is sufficient to exercise...more

Supreme Court Eases Requirements for Homeowners Rescinding Mortgages

The U.S. Supreme Court recently held in Jesinoski v. Countrywide Home Loans, Inc. that borrowers exercising their right to rescind mortgages under the Truth in Lending Act (“TILA”) only need to provide written notice to...more

No Lawsuit Required to Rescind: U.S. Supreme Court Clarifies Mortgage Rescission Notification Requirements for Borrowers under...

Background of Notice versus Lawsuit Issue - The Truth in Lending Act (“TILA”), as implemented by Regulation Z, provides borrowers with a powerful tool: the right to rescind certain mortgage loan transactions. This...more

Observation 2.0: The Anti-Evasion Provision of the Volcker Rule

Overview This Client Alert continues Pepper’s observations on the Volcker Rule. Critical attention should be paid to the Volcker Rule’s anti-evasion provision, a powerful tool granted by Congress to the regulatory agencies to...more

The CFPB issues proposed rules on prepaid products

After issuing an advanced notice of proposed rulemaking regarding general purpose reloadable cards in May 2012, the US Consumer Financial Protection Bureau (‘CFPB’) issued proposed rules on prepaid products in November 2014....more

An Overview of the CFPB’s Proposed Prepaid Account Rule

The CFPB’s proposed prepaid account rule was published in the Federal Register today, kicking off a 90-day comment period for the public to voice their support or objections to the Bureau’s proposed revisions to Regulation E...more

Financial Regulatory Developments Focus - December 2014 #4

In this issue: - Bank Prudential Regulation & Regulatory Capital - Derivatives - Enforcement - Financial Market Infrastructure - Funds - Recovery and Resolution - People...more

CFPB Proposes Amendments to Mortgage Servicing Rules

On November 20, the CFPB announced the issuance of a proposed rule to amend RESPA (Reg. X) and TILA (Reg.Z). The proposed rule changes primarily focus on clarifying, revising or amending (i) Regulation X’s servicing...more

Comment Period is Closing for U.S. Department of Defense’s Proposed Military Lending Act Rules Expansion

On September 29, 2014, DOD proposed expanding its regulation implementing the Military Lending Act (“MLA”) and the comment period for the proposed amendment is November 28, 2014. The MLA provides consumer protections for...more

CFPB Issues Proposed Rules for Prepaid Products

On November 13, 2014, the Consumer Financial Protection Bureau (“CFPB”) proposed new rules for prepaid accounts, to be effectuated through amendments to the regulations implementing the Electronic Fund Transfer Act and the...more

CFPB Issues Proposal to Amend Mortgage Servicing Rules

Yesterday, the Consumer Financial Protection Bureau (CFPB) proposed additional amendments to Regulation X, which implements the Real Estate Settlement Procedures Act (RESPA), and Regulation Z, which implements the Truth in...more

Overview of the CFPB Prepaid Account Proposed Rule

On November 13, 2014, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule to regulate prepaid accounts (the “Proposed Rule”). The Proposed Rule follows the CFPB’s May 2012 advance notice of proposed...more

Right of Rescission Not Unlimited, Maryland Court of Appeals Holds

The timing and mechanics of rescinding a loan under the Truth and Lending Act (TILA) has been a hotly contested legal issue. As highlighted during the recent oral argument in Jesinoski v. Countrywide Home Loans, Inc. before...more

CFPB Holds Field Hearing On Prepaid Products, Proposes New Rule

On November 13, the CFPB held a field hearing in Delaware to discuss its proposed rule regarding prepaid products. The proposal, which would amend Regulation E and Regulation Z, requires prepaid companies to provide certain...more

Changes to Mortgage Servicing Rules - Blog: Consumer Financial Protection Bureau

Armed with some background on what the Consumer Financial Protection Bureau (“CFPB”) is and does (from my 11-11-14 blog entry), let’s dive directly into the issue of rules. For starters, let’s look into the CFPB’s new rules...more

Strike Two for Alleged L.O. Comp. Violations

Last week, the Bureau announced a $730,000 settlement with Franklin Loan Corporation (Franklin) based on alleged violations of the loan originator compensation rule in Regulation Z. That rule prohibits mortgage lenders from...more

A Cure for What Ails You – Or At Least One Thing That Does: CFPB’s Cure for “Points and Fees” Mistakes

In a recent amendment to Regulation Z, the CFPB offers a tonic to mortgage lenders and their assignees that have struggled with the “points and fees” calculation for Qualified Mortgages (QMs). The CFPB’s cure allows lenders...more

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