News & Analysis as of

Dodd-Frank Wall Street Reform and Consumer Protection Act Consumer Financial Protection Bureau (CFPB) Regulation Z

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
Ballard Spahr LLP

CFPB files and prosecutes yet another enforcement lawsuit using funds obtained in violation of the CFPB’s enabling statute...

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The Introduction to the Complaint which was filed by the CFPB on May 17, 2024 against Solo Funding, Inc. in the United States District Court for the Central District of California – Western Division Los Angeles (Judge R. Gary...more

Ballard Spahr LLP

Another target of CFPB enforcement action argues that lawsuit filed on August 23, 2023 must be dismissed because the CFPB lacked...

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We have recently blogged about two other actions in which this issue has been raised (one being a declaratory judgment action filed against the CFPB on July 23, 2024 in the E.D. Tex. and the other being an enforcement action...more

Goodwin

CFPB Issues New Rule on Use of Artificial Intelligence Models in Mortgage Lending

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​​​​​​​On June 24, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it had approved a new rule about the use of algorithms and artificial intelligence (AI) for home appraisals and valuations....more

Ballard Spahr LLP

FTC provides annual report to CFPB regarding activities in 2023 under consumer financial services laws

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On May 20, 2004, the Federal Trade Commission (“FTC”) sent its annual report to the Consumer Financial Protection Bureau (“CFPB”) highlighting its enforcement actions and initiatives in 2023 under the Truth in Lending Act...more

Troutman Pepper

CFPB Report Highlights Consumer Experiences with Overdraft and NSF Fees

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On December 19th, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a report highlighting consumers’ experiences with overdraft and nonsufficient funds (NSF) fees. The report found that roughly a quarter of...more

Ballard Spahr LLP

CFPB Fall 2023 rulemaking agenda indicates imminent issuance of final credit card late fees rule and proposed rules on overdraft...

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The CFPB has released its Fall 2023 rulemaking agenda as part of the Fall 2023 Unified Agenda of Federal Regulatory and Deregulatory Actions.  The agenda’s preamble indicates that “[t]he Bureau reasonably anticipates having...more

Troutman Pepper

Federal Agencies Announce Increased Regulations Z and M Dollar Thresholds for Exempt Consumer Credit and Lease Transactions, and...

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On November 13, the Consumer Financial Protection Bureau (CFPB) and the Federal Reserve Board (Fed) announced increased dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are...more

BCLP

Open Banking: When You Build It, Will They Come? CFPB Proposes Rules Requiring Banks to Share Consumer Data

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The federal consumer protection agency’s proposed rule would give consumers greater control over access to their personal financial information held by banks and credit unions. The CFPB’s stated goal is to increase...more

Ballard Spahr LLP

CFPB annual CARD Act, HOEPA, QM adjustments do not include credit card penalty fees safe harbors (UPDATED)

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The CFPB recently posted on its website a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified...more

Ballard Spahr LLP

CFPB Spring 2023 rulemaking agenda includes proposed larger participant rule for nonbanks in consumer payments market

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The CFPB has released its Spring 2023 rulemaking agenda as part of the Spring 2023 Unified Agenda of Federal Regulatory and Deregulatory Actions.  The agenda’s preamble indicates that “[t]he Bureau reasonably anticipates...more

Orrick, Herrington & Sutcliffe LLP

CFPB reports on Section 1033 rulemaking

The CFPB recently released a final report issued by the Small Business Review Panel (Panel), which examines the impact of the Bureau’s proposals to address consumers’ personal financial data rights. Section 1033 of Dodd-Frank...more

Goodwin

Financial Services Weekly News Roundup - February 2023

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Federal Reserve Issues Policy Statement on Section 9(13) of the Federal Reserve Act - On January 27, the Federal Reserve issued a policy statement interpreting section 9(13) of the Federal Reserve Act, which authorizes...more

Manatt, Phelps & Phillips, LLP

CFPB Publishes Latest Regulatory Agenda

The Consumer Financial Protection Bureau (CFPB) published its latest semi-annual regulatory agenda in the Federal Register on January 31, 2022. As expected, the CFPB will continue to focus on various statutorily mandated...more

McGlinchey Stafford

What Institutional Student Lenders Need to Know About Changes to the CFPB’s Exam Manual

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The Dodd-Frank Act gave the Consumer Financial Protection Bureau (CFPB) direct supervisory authority over any institution that engages in private education lending, regardless of whether the lender is a depository institution...more

Wiley Rein LLP

Wiley Consumer Protection Download (December 13, 2021)

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Thank you for your interest in the Wiley Consumer Protection Download! This will be our last publication of 2021, with our bi-weekly newsletter returning in January 2022. Welcome to Wiley’s update on recent developments...more

Nutter McClennen & Fish LLP

Nutter Bank Report: March 2021

Federal Reserve Issues New Guidance on Managing the LIBOR Transition - The Federal Reserve has issued guidance on how examiners will assess a banking organization’s progress in preparing to transition to a replacement rate...more

Nutter McClennen & Fish LLP

Nutter Bank Report: November 2020

Federal Banking Agencies Issue New Guidance on Managing the LIBOR Transition - The member agencies of the Federal Financial Institutions Examination Council (“FFIEC”) have issued joint guidance for banking organizations...more

Perkins Coie

The CFPB Proposes to Create a New Category of Seasoned Qualified Mortgages

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The Consumer Financial Protection Bureau (CFPB) recently issued a proposed rule to create a new category of Seasoned Qualified Mortgages (QMs). The proposal seeks to “encourage safe and responsible innovation in the mortgage...more

Perkins Coie

The CFPB Proposes Amendments to the Qualified Mortgage Definition in Regulation Z and Extends the GSE Patch

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The Consumer Financial Protection Bureau (CFPB) recently proposed certain amendments to the General Qualified Mortgage (QM) definition in Regulation Z and issued a filing rule extending the expiration of the...more

Morgan Lewis - All Things FinReg

CFPB Issues Final Rule Extending the Qualified Mortgage ‘GSE Patch’

The Consumer Financial Protection Bureau (CFPB or Bureau) on October 20 issued a final rule to extend the government-sponsored enterprises patch (GSE Patch), i.e., the “temporary qualified mortgage” exemption within the...more

Ballard Spahr LLP

CFPB Issues Additional Consent Orders for False and Misleading Mortgage Advertising

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Since late July, the CFPB has issued seven consent orders against mortgage companies in which the CFPB asserts that the companies engaged in false and misleading advertising to service members and veterans. ...more

Morrison & Foerster LLP

CFPB Issues RFI Seeking Information On The Impact Of The CARD Act Regulations On Small Entities And On The Consumer Credit Card...

On August 28, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) published a request for information (RFI) to gather feedback on two related, but separate, inquiries: (1) the economic impact on small entities of...more

Ballard Spahr LLP

CFPB Issues Additional Consent Order for False and Misleading Mortgage Advertising

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On August 21, 2020, the CFPB announced the issuance of a consent order against Go Direct Lenders, Inc. (Go Direct). This follows consent orders discussed in a previous blog post, that were announced on July 24, 2020 against...more

Goodwin

CFPB Proposes New “Seasoned” Qualified Mortgage Category

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On August 18, 2020, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule to create a new category of loans known as “seasoned” qualified mortgages (Seasoned QMs). This new category of qualified mortgages...more

Ballard Spahr LLP

CFPB Issues Consent Orders for False and Misleading Advertising for VA Mortgages

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On July 24, 2020, the CFPB announced the issuance of consent orders against Sovereign Lending Group, Inc. (Sovereign) and Prime Choice Funding, Inc. (Prime Choice). The CFPB indicated in their announcement that these consent...more

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