As interest rates drop, the CFPB is exploring ways to streamline mortgage rules to make the refinancing process easier and closing costs less expensive, Director Rohit Chopra said at a housing conference sponsored by the...more
9/25/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Federal Housing Administration (FHA) ,
Financial Institutions ,
Financial Services Industry ,
Homeowner's Insurance ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Refinancing
On August 26, 2024, Chief Judge Randy Crane in the E.D. Texas granted summary judgment to the CFPB, denied summary judgment to the trade groups and upheld the CFPB’s 1071 Rule (small business loan data collection rule)....more
9/17/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Collection ,
Dodd-Frank ,
Federal Funding ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Preliminary Injunctions ,
Regulatory Agenda ,
Section 1071 ,
Small Business Loans ,
Summary Judgment
The CFPB recently issued yet another final rule the agency says will help deter violations of consumer protection laws. This rule requires certain nonbank entities to register with the CFPB upon becoming subject to any order...more
As previously reported, in June 2024 the CFPB issued a final rule creating a Nonbank Enforcement Order Registry. The rule is effective on September 16, 2024, with registrations available beginning on October 16, 2024 pursuant...more
The Department of Housing and Urban Development (HUD) recently charged multiple entities with housing discrimination based on an asserted biased appraisal and denial of a mortgage refinance loan application based on the...more
On May 16, 2024, the U.S. Supreme Court ruled that the CFPB’s funding mechanism does not violate the Appropriations Clause of the U.S. Constitution. This two-part episode repurposes a recent webinar. In Part I, we first...more
As we recently reported, the CFPB issued its final rule, titled the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule on June 3, 2024. The CFPB touts the registry as something that will...more
As we recently reported, the CFPB issued its final rule, titled the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule on June 3, 2024. The CFPB touts the registry as something that will...more
The CFPB issued its final rule, titled the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule, on June 3, 2024. The rule will require certain nonbank entities to register certain covered...more
6/5/2024
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Enforcement Actions ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Nonbank Firms ,
Regulatory Agenda ,
Reporting Requirements
The CFPB recently announced the publication of the Home Mortgage Disclosure Act (HMDA) Modified Loan Application Data for 2023. The data is available on the Federal Financial Institutions Examination Council (FFIEC) website....more
The CFPB recently announced that the platform for the submission of Home Mortgage Disclosure Act (HMDA) data collected in 2023 is now available for the submission of the data. The platform may be accessed here. HMDA data for...more
1/5/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Collection ,
Data Management ,
Financial Services Industry ,
HMDA ,
Loan Applications ,
Loans ,
Mortgages ,
Online Platforms
The CFPB and Justice Department filed a joint complaint last week in a Texas federal district court against Colony Ridge Development, LLC and three related entities (collectively, “Colony Ridge”) in which the agencies allege...more
12/28/2023
/ Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
ECOA ,
Enforcement Actions ,
Financial Services Industry ,
ILSA ,
Mortgage Lenders ,
Mortgages ,
Predatory Lending ,
Statutory Violations
The CFPB recently approved an application (Application) from the Independent Community Bankers Association (ICBA) for alternative disclosures under the Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA)...more
11/29/2023
/ Construction Industry ,
Construction Loans ,
Construction Project ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Institutions ,
Financial Services Industry ,
Independent Community Bankers of America (ICBA) ,
Mortgages ,
Real Estate Development ,
RESPA ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
In September 2023, the CFPB updated its UDAAP Examination Manual to remove the changes it made in March 2022 which provided that unfair acts or practices encompassed discriminatory conduct, even in circumstances to which...more
In March 2022, the Consumer Financial Protection Bureau announced that it had revised its examination manual to instruct its examiners to apply the “unfairness” standard under the Consumer Financial Protection Act to conduct...more
On September 14th, the Federal District Court for the Eastern District of Kentucky granted the plaintiff’s motion to preliminarily enjoin the CFPB from implementing the Small Business Lending Rule (Rule) promulgated under...more
9/25/2023
/ American Bankers Association ,
Beneficiaries ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Consumer Lenders ,
Debt Collection ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
Preliminary Injunctions ,
Section 1071 ,
Small Business
The CFPB’s final rule implementing Section 1071 requires financial institutions to collect and report certain data in connection with credit applications made by small businesses, including women-, minority- or LGBTQI+-owned...more
The CFPB has filed its opening brief in its appeal to the U.S. Court of Appeals for the Seventh Circuit from the district court’s decision in the CFPB’s enforcement action against Townstone Mortgage (Townstone). In the case,...more
6/21/2023
/ Chevron Deference ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Redlining
The Federal Financial Institutions Examination Council (FFIEC) recently issued the 2020 edition of the Guide to HMDA Reporting: Getting It Right! (2020 Guide)....more
2/14/2020
/ Closed-End Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
FFIEC ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
Mortgages ,
Reporting Requirements ,
Threshold Requirements
As we previously reported, the CFPB is conducting an assessment of the TILA/RESPA Integrated Disclosure (TRID) Rule. Although the comment period associated with the Federal Register notice regarding the assessment ended on...more
2/6/2020
/ Banks ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Deadlines ,
Financial Institutions ,
Financial Regulatory Reform ,
Mortgage Loan Originators ,
Mortgages ,
RESPA ,
Rulemaking Process ,
Surveys ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
The Taxpayer First Act adopted in the summer of 2019 includes the following provision that has an effective date of December 28, 2019...more
12/20/2019
/ Applications ,
Consent ,
Consumer Financial Products ,
Consumer Lenders ,
Disclosure ,
Financial Services Industry ,
Internal Revenue Code (IRC) ,
IRS ,
Loans ,
Personal Information ,
Taxpayer First Act of 2019 (TFA)
The Federal Financial Institutions Examination Counsel (FFIEC) recently announced the release of 2018 Home Mortgage Disclosure Act (HMDA) data. Calendar year 2018 is the first year that financial institutions reported...more
The Economic Growth, Regulatory Relief, and Consumer Protection Act (Growth Act) enacted last year includes a provision to protect veterans from loan churning by providing, among other requirements, that a loan to a veteran...more
7/10/2019
/ Churning ,
Consumer Financial Products ,
Consumer Lenders ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Financial Services Industry ,
Ginnie Mae ,
Legislative Agendas ,
Pending Legislation ,
Refinancing ,
Securitization ,
Veterans ,
Veterans Administration
The CFPB recently updated the TILA/RESPA Integrated Disclosure (TRID) rule FAQs to address construction loans. The guidance falls well short of what the industry is seeking from the CFPB....more
6/3/2019
/ Closing Documents ,
Construction Industry ,
Construction Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Guidance Update ,
Real Estate Development ,
Real Estate Market ,
TILA-RESPA Integrated Disclosure Rule (TRID)
The CFPB has made available a beta version of its 2018 HMDA data platform. The platform is for the reporting of data collected in 2018 that must be reported in 2019. ...more