News & Analysis as of

CFPB Proposes No-Action Letter Policy for Innovators

The CFPB published for comment in today’s Federal Register a proposed policy on issuing “no-action” letters for innovative financial products or services. Like those issued by the SEC and CFTC, the no-action letters would...more

CFPB issues final trial disclosure policy

The CFPB has finalized its policy for exempting individual companies, on a case-by-case basis, from applicable federal disclosure requirements to allow those companies to test trial disclosures. The final policy encourages...more

California Court Denies Defendant's Challenge to CFPB Enforcement Authority

A California district court judge has denied a defendant's challenge to the authority of the Consumer Financial Protection Bureau to bring a civil enforcement action against the defendant in federal court. Judge Percy...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - June 14, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY - CRIMINAL...more

TILA Prohibition on Mandatory Arbitration Provisions in Mortgage Agreements Takes Effect June 1, 2013

The Consumer Financial Protection Bureau has enacted a new rule that will prohibit the inclusion of mandatory arbitration provisions and waivers of federal statutory causes of action in consumer mortgage and home equity loan...more

More Paper? CFPB Revamps Disclosure and Delivery Requirements for Valuations under ECOA

Come January 2014, creditors will be required to equip borrowers with more information on how the value of the borrower’s home is determined, even if the creditor doesn’t use that information in making its lending decision....more

New Legislation Prevents Privilege Waiver When Providing Information To CFPB

A new bill has been signed into law which prevents a waiver of attorney-client privilege when a regulated entity submits information to the CFPB. ...more

Mortgage Banking Update - December 14, 2012

In This Issue: - CFPB Monitor Named to the ABA Journal Annual Blawg 100 List - Temporary CONGRESS PASSES LEGISLATION TO FIX CFPB PRIVILEGE WAIVER PROBLEM - CFPB DESCRIBES PLANS FOR COORDINATING WITH STATE...more

Legislation to fix CFPB privilege waiver problem passes Congress

The U.S. Senate, by unanimous consent, has passed a bill previously approved by the House of Representatives (H.R. 4014) that amends the Federal Deposit Insurance Act to provide protection against waiver of the...more

Congress Passes Legislation To Fix CFPB Privilege Waiver Problem

The U.S. Senate, by unanimous consent, has passed a bill (H.R. 4014) that amends the Federal Deposit Insurance Act to provide protection against waiver of the attorney-client privilege when privileged information is shared...more

Special Alert: Congress Passes Bill Extending Privilege Waiver Protections To CFPB

Yesterday, the Senate passed H.R. 4014, an important bill that clarifies that privileged materials produced to the Consumer Financial Protection Bureau (CFPB) retain their privileged character as to third parties. Because the...more

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