The Office of the Comptroller of the Currency (OCC) has issued an advance notice of proposed rulemaking (ANPR) on which it invites public comment “to solicit ideas for building a new framework to transform or on ways to...more
8/31/2018
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Comment Period ,
Community Reinvestment Act ,
Consumer Lenders ,
Economic Development ,
Financial Regulatory Reform ,
Financial Services Industry ,
Low-Income Issues ,
OCC ,
Regulatory Oversight ,
Regulatory Standards ,
Rulemaking Process
The four consumer advocacy groups that filed an amicus brief opposing the joint motion filed by the CFPB and two trade groups seeking a stay of the compliance date for the CFPB’s final payday/auto title/high-rate installment...more
6/26/2018
/ Administrative Procedure Act ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Internet Lenders ,
Motion for Leave ,
Motion for Reconsideration ,
Online Marketplace Lending ,
Payday Loans ,
Regulatory Oversight ,
Title Loans
Four consumer advocacy groups have filed a motion seeking leave to file an amicus memorandum opposing the joint motion filed by the CFPB and two trade groups that seeks a stay of the compliance date for the CFPB’s final...more
6/7/2018
/ Amicus Briefs ,
Automotive Loans ,
Compliance Dates ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Financial Regulatory Reform ,
Financial Services Industry ,
Motion for Leave ,
Motion To Stay ,
Online Marketplace Lending ,
Payday Loans ,
Regulatory Oversight ,
Title Loans
The end of the 210-day period during which Mick Mulvaney can serve as CFPB Acting Director under the Federal Vacancies Reform Act (FVRA) in the absence of President Trump’s nomination of a permanent Director is drawing...more
The bulletin issued this week by the OCC encouraging the banks it supervises “to offer responsible short-term, small-dollar installment loans” quickly met with mixed reviews from consumer advocates....more
5/25/2018
/ Annual Percentage Rate (APR) ,
Consumer Financial Products ,
Consumer Lenders ,
Deregulation ,
Financial Regulatory Reform ,
Financial Services Industry ,
OCC ,
Regulatory Oversight ,
Regulatory Standards ,
Subprime Loans ,
Usury
The U.S. House of Representatives on Tuesday passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 258 to 159. ...more
Yesterday afternoon, President Trump signed into law S.J. Res. 57, the joint resolution under the Congressional Review Act (CRA) that disapproves the CFPB’s Bulletin 2013-2 regarding “Indirect Auto Lending and Compliance with...more
We previously reported that Congress might have the opportunity to disapprove the CFPB’s disparate impact theory of assignee liability for so-called auto dealer “markup” disparities because the CFPB Bulletin describing its...more
The CFPB has issued its twelfth Semi-Annual Report to the President and Congress covering the period April 1, 2017 through September 1, 2017....more
4/5/2018
/ Administrative Authority ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
FDCPA ,
Financial Regulatory Reform ,
HMDA ,
Payday Loans ,
Proposed Rules ,
Regulation CC ,
Regulatory Oversight ,
Restructuring ,
Single Director ,
Title Loans
In a blog post Wednesday, Professor Sovern referenced Politico’s report that at the Consumer Bankers Association’s annual conference this week, unlike from 2012-2016, the “regulatory environment” was not identified as a “top...more
The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. ...more
3/16/2018
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Regulatory Reform ,
Financial Services Industry ,
FSOC ,
Orderly Liquidation Authority ,
Proposed Legislation ,
Regulatory Burden ,
Regulatory Oversight
The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. Although the Act would not make the sweeping changes to the Dodd-Frank Act found...more
3/16/2018
/ Appraisal ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
FIRREA ,
FSOC ,
HMDA ,
Legislative Agendas ,
Mortgages ,
Online Marketplace Lending ,
Orderly Liquidation Authority ,
PACE ,
Proposed Legislation ,
Regulatory Oversight ,
Student Loans ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
On February 6, House Financial Services Committee Chairman Hensarling circulated a memorandum to the House Financial Services Committee Leadership Team describing key revisions to the Financial Choice Act. Last week, he...more
The U.S. Department of the Treasury has extended the deadline for submitting comments in response to its request for information (RFI) regarding online marketplace lending. Initially set to close on August 31, 2015, the...more
President Obama recently signed an executive order requiring federal agencies to improve the security of payment card transactions by upgrading to chip-and-PIN payment systems, which enable payments to be processed using an...more
Last week, the five agencies that jointly issued the final regulation implementing the Volcker Rule (the Final Rule) in December issued an interim final rule (the Interim Rule) that exempts collateralized debt obligations...more
A subcommittee of the House Financial Services Committee is scheduled to hold a hearing entitled “Examining Legislative Proposals to Reform the Consumer Financial Protection Bureau” on Thursday, October 24, 2013. The hearing...more