Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more
A closely divided Congress will limit financial services legislation but Biden appointees in key regulatory positions will have a large impact on the financial services policy agenda. The Biden administration is likely to...more
As previously reported, the Economic Growth, Regulatory Relief, and Consumer Protection Act (Growth Act), also known as S.2155, directs the CFPB to implement an exemption from the mandatory escrow account requirement for...more
This survey summarizes several recent developments affecting bank deposits and payment systems. These include payments-related consent orders and enforcement actions by the Consumer Financial Protection Bureau (“CFPB”) and...more
In January 2020 the Federal Housing Finance Agency (FHFA) published a request for input on Property Assessed Clean Energy (PACE) transactions involving residential property. ...more
The CFPB recently published SAFE Act FAQs addressing temporary authority. The CFPB identifies the following categories of loan originators under the SAFE Act, as amended by the Economic Growth, Regulatory Relief, and...more
The CFPB recently updated two prior Home Mortgage Disclosure Act (HMDA) webinars to reflect amendments to HMDA made by the Economic Growth, Regulatory Relief, and Consumer Protection Act, and the interpretive and procedural...more
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
A new report issued by the Government Accountability Office titled, “Private Student Loans: Clarification from CFPB Could Help Ensure More Consistent opportunities and Treatment for Borrowers,” calls on the CFPB to provide...more
The CFPB announced the release of the 2019 version of A Guide to HMDA Reporting: Getting it Right. The Guide addresses the collection of data under the Home Mortgage Disclosure Act (HMDA) during 2019 that must be reported in...more
The Consumer Financial Protection Bureau (CFPB) has opened the public comment phase on its proposed rules on regulation of Property Assessed Clean Energy (PACE) loans for upfront costs of eligible energy improvements....more
In 2018, the CFPB issued multiple rules, and Congress passed legislation, to clarify, revise and update the regulatory framework applicable to the home mortgage origination and servicing market....more
U.S. Developments - Congressmen Introduce Legislation to Define “Digital Token” Under the Securities Laws - On December 20, 2018, two congressmen introduced the “Token Taxonomy Act” (H.R. 7356) before the 115th Congress...more
The CFPB recently issued a revised version of the Home Mortgage Disclosure (Regulation C) Small Entity Compliance Guide to reflect a partial exemption to Home Mortgage Disclosure Act (HMDA) requirements made by the Economic...more
If you conduct pre-hire background checks, you know you have to comply with the Fair Credit Reporting Act (FCRA) or risk trouble (called lawsuits). Part of that compliance is providing notice to the applicant if you are going...more
Amendments affecting notice requirements under the Fair Credit Reporting Act (FCRA) went into effect on September 21, 2018. These amendments were part of the Economic Growth, Regulatory Relief, and Consumer Protection Act...more
Employers must update forms in conformity with amendments to the Fair Credit Reporting Act - As of September 21, 2018, employers must begin providing employees and applicants with the updated Summary of Consumer Rights....more
Q: My company uses a third-party vendor to conduct background checks on prospective employees. We heard there is a new model for the “A Summary of Your Rights Under the Fair Credit Reporting Act” notice. Should we be using...more
Earlier this month, the Consumer Finance Protection Bureau (CFPB) issued updated model disclosure forms required under the federal Fair Credit Reporting Act (FCRA). The updated “Summary of Your Rights Under the Fair Credit...more
There is a little-known provision from a new federal law that will most likely impact your hiring practices and your standard hiring documents—and it kicked in last Friday. As of September 21, all employers must update their...more
Things are changing in FCRAland. The Economic Growth, Regulatory Relief, and Consumer Protection Act (“Act”) (full text here) has added a new section the Fair Credit Reporting Act (“FCRA”), section 605A(i), which goes into...more
On September 12, 2018, the Bureau of Consumer Financial Protection (“CFPB”) announced an interim final rule (“Rule”) to be effective September 21, 2018, that will update two model disclosure forms used when conducting...more
With the passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act earlier this year, Congress amended the Fair Credit Reporting Act (FCRA). The Act amends both consumer rights under FCRA and imposes...more
On September 12, 2018, the Bureau of Consumer Financial Protection (the “Bureau”) issued an interim rule to update two model disclosures following the recent enactment of the Economic Growth, Regulatory Relief, and Consumer...more
• The Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act) rolls back some of the provisions of the Dodd-Frank Act that were found to be overly burdensome and/or difficult to comply with, particularly for...more