The federal banking regulators (The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation) issued on July 25 a lengthy joint statement...more
8/1/2024
/ Banking Regulators ,
Banks ,
Comment Period ,
Consumer Financial Products ,
FDIC ,
Federal Reserve ,
Financial Crimes ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
OCC ,
Public Comment ,
Request For Information ,
Risk Management ,
Third-Party Relationships
On July 18, 2024, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) proposed an interpretive rule that states (1) EWA products fall under the definition of “credit” under the Truth in Lending Act (“TILA”) and...more
7/25/2024
/ Buy Now Pay Later (BNPL) ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interpretive Rule ,
Loans ,
Payday Loans ,
Regulation Z ,
Truth in Lending Act (TILA) ,
Wage and Hour ,
Wages
The FTC has extended by 30 days the deadline for submitting comments on its proposed “Rule on Unfair or Deceptive Fees” targeting what the FTC refers to as “junk fees.” The new comment deadline is February 7, 2024....more
The CFPB has published a notice in the Federal Register seeking comment on its request for approval by the Office of Management and Budget of a new one-time survey of student loan borrowers. Comments must be received by...more
We suspected something was afoot when December 2022 came and went without the CFPB announcing its annual inflation adjustments to the credit card late fee safe harbor amounts set forth in Regulation Z (which implements the...more
On September 9, 2022, the California Department of Financial Protection and Innovation (DFPI) proposed to amend its student loan servicing regulations, which we previously covered here. After reviewing public comments, on...more
The CFPB is seeking comments on changes to its semi-annual Terms of Credit Card Plans (TCCP) Survey. Comments must be submitted by October 17, 2022....more
The CFPB has issued a request for information (RFI) that seeks comments from the public “on what customer service obstacles consumers face in the banking market, and specifically what information would be helpful for...more
The Federal Trade Commission issued two notices this week concerning the Telemarketing Sales Rule (TSR)—an advance notice of proposed rulemaking (ANPR) and a notice of proposed rulemaking (NPR). Both notices address the...more
The California Department of Financial Protection and Innovation (DFPI) is seeking comments on a proposed rulemaking under the California Consumer Financial Protection Law (CCFPL). The proposal would implement the authority...more
The CFPB has issued a new request for information about the credit card market that seeks comment on two related, but separate, reviews. One review is a review of CARD Act rules pursuant to Section 610 of the Regulatory...more
8/28/2020
/ CARD Act ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Federal Reserve ,
Financial Regulatory Reform ,
Financial Services Industry ,
FTC Act ,
Regulation AA ,
Regulation Z ,
Regulatory Flexibility Act ,
Request For Information ,
Unfair or Deceptive Trade Practices
HUD’s proposed revisions to its disparate impact rule were published in today’s Federal Register. Comments on the proposal are due on or before October 18, 2019. ...more
8/19/2019
/ Affordable Housing ,
Burden-Shifting ,
Comment Period ,
Disparate Impact ,
ECOA ,
Fair Housing Act (FHA) ,
Federal Register ,
Housing Discrimination ,
Housing Market ,
HUD ,
Proposed Regulation ,
Race Discrimination ,
Rulemaking Process ,
Texas Dept of Housing v Inclusive Communities
The New York Department of Financial Services (NYDFS) has issued proposed regulations to implement the legislation enacted in April 2019 that requires servicers of student loans to be licensed, imposes servicing standards,...more
8/13/2019
/ Comment Period ,
Consumer Financial Products ,
Cybersecurity ,
Financial Services Industry ,
Licensing Rules ,
Loan Servicer ,
NYDFS ,
Popular ,
Proposed Regulation ,
Regulatory Agenda ,
Regulatory Requirements ,
Rulemaking Process ,
Student Loans ,
Unfair or Deceptive Trade Practices
The FCC announced that it has approved the declaratory ruling previously circulated by Chairman Pai that would allow voice service providers to start offering default call-blocking programs that are based on reasonable...more
The CFPB has published its long-awaited notice of proposed rulemaking under the Fair Debt Collection Practices Act (FDCPA). ...more
5/8/2019
/ Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Dodd-Frank ,
FDCPA ,
Financial Services Industry ,
NPRM ,
Proposed Rules ,
Rulemaking Process ,
Title X ,
UDAAP
The CFPB published a request for information in yesterday’s Federal Register seeking information to inform its next review of the credit card market. The CARD Act requires the Bureau to conduct such a review every two...more
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 CFPB has issued a request for information that seeks comment on potential changes to the CFPB’s practices for the public reporting of consumer complaint information. ...more
The CFPB has published a notice in the Federal Register that it has submitted to OMB its request to conduct an online survey of 8,000 individuals as part of its research on debt collection disclosures. Comments must be...more
11/20/2017
/ Banking Sector ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Disclosure Requirements ,
Federal Register ,
Financial Services Industry ,
OMB ,
SBREFA ,
Surveys ,
Time-Barred Debt
The Federal Housing Finance Agency has announced that it has reopened and extended until September 1, 2017 the comment period on its Request for Input on improving language access in mortgage lending and servicing. The FHFA...more
The Federal Housing Finance Agency has announced that it has extended until July 31, 2017 the comment period on its Request for Input on improving language access in mortgage lending and servicing....more
A group of eight trade associations has sent a letter to the Federal Housing Finance Agency (FHFA) asking the FHFA to extend by at least 45 days the comment period on the FHFA’s Request for Input (RFI) on improving language...more
In a notice published in today’s Federal Register, the Dept. of Education announced that it is postponing “until further notice” the July 1, 2017 effective date of various provisions of the “borrower defense” final rule...more
The Bipartisan Budget Act of 2015 (Act) amended the Telephone Consumer Protection Act (TCPA) to remove the prior express consent requirement for calls ''made solely to collect a debt owed to or guaranteed by the United...more
5/13/2016
/ ATDS ,
Banking Sector ,
Bipartisan Budget ,
Cell Phones ,
Comment Period ,
Debt Collection ,
FCC ,
Federal Loans ,
Mortgages ,
NPRM ,
Prior Express Consent ,
TCPA
The CFPB has issued a Request for Information (RFI) seeking comment on a set of prototype disclosures to assist federal student loan borrowers in selecting between alternative repayment plans. Comments are due on or before...more