On April 26, the South Carolina Servicemembers Civil Relief Act (the “Act”) was signed into law and went into immediate effect. The Act seeks to “expand and supplement” the federal Servicemembers Civil Relief Act (“SCRA”),...more
The CFPB has published its 2019 final lists of "rural" and "rural or underserved" counties on its website. The CFPB has previously posted lists of such counties for calendar years 2011-2018....more
2/25/2019
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Exemptions ,
Financial Services Industry ,
High-Priced Mortgage Loans (HPML) ,
HOEPA ,
Mortgages ,
Regulatory Requirements ,
Rural Areas ,
Rural Development ,
Rural Housing Services ,
Truth in Lending Act (TILA)
The CFPB has published its 2019 final lists of Rural and Rural or Underserved Counties on its website. The CFPB has previously posted lists of such counties for calendar years 2011-2018....more
The U.S. Supreme Court announced on June 28 that it had granted a petition for a writ of certiorari to review the judgment of the U.S. Court of Appeals for the 10th Circuit in Obduskey v. McCarthy & Holthus LLP, et al.,...more
We have learned from a reliable industry source that Brian Johnson, Senior Advisor to CFPB Acting Director Mulvaney, has invited companies and other stakeholders in the prepaid industry to address the Bureau’s prepaid rule,...more
On February 1, the CFPB announced the launch of the 2018 HMDA LAR Formatting Tool (the “Tool”). The Tool will help financial institutions create an electronic file to submit HMDA data collected in 2018 and reported in 2019. ...more
On January 25, the CFPB finalized certain changes to the original Final Prepaid Rule (the “Rule”) proposed last summer. The amended Rule still contains onerous restrictions on credit features and complicated disclosure...more
On September 21, the CFPB finalized its proposal to amend Regulation B requirements related to collection of consumer ethnicity and race information, in order to resolve the differences between Regulation B and revised...more
10/2/2017
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Fair Lending ,
Financial Services Industry ,
HELOC ,
HMDA ,
Mortgages ,
Regulation B ,
Regulation C
On September 21, the CFPB finalized its proposal to amend Regulation B requirements related to the collection of consumer ethnicity and race information, in order to resolve the differences between Regulation B and revised...more
9/22/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Ethnicity ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
Mortgages ,
Regulation B ,
Regulation C ,
Reporting Requirements
Congress is back in session and this Thursday, September 7, the House Subcommittee on Financial Institutions and Consumer Credit will hold a one-panel hearing entitled “Legislative Proposals for a More Efficient Federal...more
9/6/2017
/ Banking Sector ,
Congressional Investigations & Hearings ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
CROA ,
Dodd-Frank ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Global Systemically Important Banks (G-SIBs) ,
Mortgages ,
Regulatory Oversight ,
RESPA ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
On September 5, the Consumer Financial Protection Bureau (CFPB) published a blog post regarding what to do in the event of a natural disaster like Hurricane Harvey. The CFPB recommends that affected consumers consolidate...more
9/6/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Disaster Aid ,
Disaster Preparedness ,
FEMA ,
Financial Fraud ,
Financial Records ,
Financial Services Industry ,
Hurricane Harvey ,
Natural Disasters ,
Risk Mitigation ,
Severe Weather
On Monday, August 28, HUD announced that it was committed to “speed federal disaster assistance to the State of Texas and provide support to homeowners and low-income renters forced from their homes due to Hurricane Harvey.”...more
8/31/2017
/ Banking Sector ,
Disaster Aid ,
Fannie Mae ,
Financial Services Industry ,
Foreclosure Relief Companies ,
Freddie Mac ,
HUD ,
Hurricane Harvey ,
Mortgage Lenders ,
Mortgages ,
Natural Disasters ,
Severe Weather ,
Veterans Administration
On August 21, 2017, the Office of the Comptroller of the Currency (OCC) published Bulletin 2017-28 regarding higher-loan-to-value (LTV) lending programs (the “Bulletin”). Recognizing the need for further revitalization...more
On May 4 H.R. 10, the Financial CHOICE Act (the Act) introduced by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, obtained enough votes to move the bill on to the House of Representatives floor. The Act...more
5/15/2017
/ Ability-to-Repay ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Escrow Accounts ,
Financial Services Industry ,
HMDA ,
Mortgage Loan Originators ,
Mortgages ,
Popular ,
Proposed Legislation ,
Regulation Z ,
Regulatory Oversight ,
Reporting Requirements
Since the CFPB issued its final rule for general purpose prepaid accounts on October 5, 2016, it has faced attacks from Congress and criticism from industry participants
On April 5, in a letter to Congressional leaders,...more
The Consumer Financial Protection Bureau (CFPB) has issued its long-anticipated final rule for general purpose prepaid accounts. As expected, the new regulations expand the products covered by Regulation E, introduce...more