The American Bar Association’s (ABA) Civil Rights and Social Justice Section, State and Local Government Law Section, and Commission on Homelessness and Poverty has proposed a resolution affecting automobile dealers that will...more
Security researchers and cybersecurity experts recently discovered a weakness in Fiserv’s web platform, which may have exposed the personal and financial details of customers across hundreds of internet banking sites. The...more
The Consumer Financial Protection Bureau (CFPB) issued its final rule on payday, vehicle title, and certain high-cost installment loans. The new rule is effective in 2019 and imposes stringent underwriting requirements and...more
10/16/2017
/ Ability-to-Repay ,
Automotive Loans ,
Balloon Payments ,
Car Dealerships ,
Consumer Financial Protection Bureau (CFPB) ,
Final Rules ,
Installment Agreements ,
Lenders ,
Payday Loans ,
Proposed Rules ,
Title Loans ,
Underwriting ,
Unfair or Deceptive Trade Practices
The Consumer Financial Protection Bureau (CFPB) released final amendments to its “Know Before You Owe” mortgage disclosure rule, which is also known as the TILA-RESPA Integrated Disclosure rule (TRID), on July 7, 2017. As...more
This blog is the first in a series of articles which will examine the risks, rewards, innovative uses, and changing legal landscape of social media use by financial services institutions. Future blog articles will examine...more
Last week, the CFPB issued its long-awaited final rule amending Regulation E (Electronic Funds Transfer Act) and Regulation Z (Truth in Lending Act) to create regulations for prepaid financial products (Prepaid Rule). The...more
10/14/2016
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
EFTA ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Notification Requirements ,
Payroll Cards ,
Prepaid Payment Products ,
Regulation E ,
Regulation Z ,
Truth in Lending Act (TILA)
In previous blog postings, we discussed an informal announcement from the Consumer Financial Protection Bureau (CFPB) of its intent to delay the effective date of the new integrated mortgage disclosure rule under Truth In...more
The CFPB took action against two mortgage companies for violations of the Loan Originator Compensation Rule (“LO Comp Rule”), which prohibits compensation to loan originators based on loan terms, claiming that the companies’...more
The CFPB has issued another Consent Order finding certain marketing and advertising services arrangements to violate RESPA’s prohibition on kickbacks. The CFPB required the lender, NewDay Financial, LLC (“NewDay”), to pay a...more
Electronic advertising is on the rise as companies seek to meet consumers where they live: online and on their cell phones. Advertising by electronic mail and text messaging can be tailored to the desired market segment....more
In January 2013, the Consumer Financial Protection Bureau (“CFPB”) issued a number of new final rules to implement amendments to the Truth in Lending Act (“TILA”), Real Estate Settlement Procedures Act (“RESPA”), and Equal...more
The U.S. Treasury and four other federal agencies jointly issued their final rule1requiring depository institutions to protect up to two months’ worth of their depositors’ direct deposits of Social Security and certain other...more