News & Analysis as of

New Rules Consumer Financial Products

Sheppard Mullin Richter & Hampton LLP

New CFPB Rule Applies Mortgage Standards to Residential PACE Financing

On December 17, 2024, the Consumer Financial Protection Bureau (CFPB) finalized a rule applying standard mortgage protections to Residential Property Assessed Clean Energy (PACE) loans. The rule amends Regulation Z to clarify...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFPB Releases Final ‘Open Banking’ Rule on Personal Financial Data Rights

On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule (Rule) on personal financial data rights under Section 1033 of the Dodd-Frank Act. The Rule imposes significant new obligations on...more

Perkins Coie

CFPB Finalizes Proposed Open Banking Rule on Personal Financial Data Rights

Perkins Coie on

Background on Open Banking and the CFPB - The Consumer Financial Protection Bureau (CFPB) recently finalized a rule on personal financial data rights (Rule), implementing Section 1033 of the Consumer Financial Protection Act...more

Ballard Spahr LLP

Federal District Court in Texas which recently validated CFPB’s small business data collection rule might entertain “new” funding...

Ballard Spahr LLP on

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 validity of the CFPB’s small business data collection rule....more

Ballard Spahr LLP

Federal Agencies Issue Final Automated Valuation Model Quality Control Rule

Ballard Spahr LLP on

Federal banking regulators recently began adopting a final rule that requires, among other things, supervised mortgage originators and secondary market issuers to ensure that automated valuation models they use follow quality...more

Ballard Spahr LLP

CFPB issues new rule for recognizing open banking standards

Ballard Spahr LLP on

The CFPB has launched the process for independent standard-setting bodies to receive formal recognition, as part of its efforts to shift towards open banking in the United States....more

Troutman Pepper Locke

Navigating Mass Arbitration: New Rules and Strategies — The Consumer Finance Podcast

Troutman Pepper Locke on

In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Partner Jeremy Rosenblum and Neil Currie, vice president at the American Arbitration Association (AAA). They discuss the phenomenon of...more

Hudson Cook, LLP

CFPB Updates Supervision Designation Procedures for Nonbanks Posing Risks

Hudson Cook, LLP on

On April 16, 2024, the Consumer Financial Protection Bureau ("CFPB" or "Bureau") issued a rule to update its procedures for designating nonbank covered persons for supervision. Section 1024(a)(1)(C) of the Consumer Financial...more

Hudson Cook, LLP

CFPB Issues First Risk-Based Supervision Order

Hudson Cook, LLP on

On February 23, the Consumer Financial Protection Bureau announced its first decision designating a nonbank lender for supervision based on potential risk to consumers. As the CFPB emphasized in its press release, however,...more

GeoDataVision

The New CRA Rule: Another Surprise – for Banks and maybe for the Regulators too (part of a series taking a critical look at the...

GeoDataVision on

The new CRA Rule has a number of surprises for banks and maybe a surprise or two for the regulators themselves. One of those surprises involves the transition rules in §__.51 as they pertain to the April 1, 2024, the...more

Cadwalader, Wickersham & Taft LLP

The UK Introduces Repayment Concessions for Residential Mortgages

In June of this year, the UK’s Financial Conduct Authority (“FCA”) introduced rules to allow mortgage lenders to more easily vary contracts in order to allow borrowers to make reduced capital payments or switch to an...more

Spilman Thomas & Battle, PLLC

Plaintiffs Pursuing Increased Class Action Claims for Overdraft Fees and Charges Against Customers

With plaintiff attorneys seeing potential large dollar settlements and verdicts, along with increased regulatory scrutiny, banks need to review their overdraft practices. As noted by the American Bankers Association, banks...more

Jenner & Block

CFPB Warns Digital Marketers, Loops In State AGs

Jenner & Block on

In a recent interpretive rule announced on August 10, 2022,—and unveiled at a summit of the National Association of Attorneys General—the CFPB stated that digital marketers are subject to the CFPB’s jurisdiction, and...more

Hudson Cook, LLP

Refunds of GAP and Other Voluntary Protection Products—a Federal UDAAP Issue?

Hudson Cook, LLP on

If you thought that a finance company's obligation to automatically credit a consumer's account for prorated fees for GAP or any other voluntary protection product depended on the product's contract or even the applicable...more

Sheppard Mullin Richter & Hampton LLP

CFPB Affirms that ECOA Protects Consumers After Receiving Credit

On May 9, the CFPB released an advisory opinion affirming that ECOA and its implementing rule, Regulation B, protect not only those persons actively seeking credit, but also those who have sought and received credit. The...more

Goodwin

CFPB to Supervise Fintechs Based on Consumer Risk

Goodwin on

Continuing a trend of expanding its supervisory scope, the Consumer Financial Protection Bureau (CFPB) announced on April 25, 2022 that it will examine fintechs and other nonbank financial enterprises, based on reasonably...more

Goodwin

SEC Proposes Rules to Include Certain Significant Market Participants as “Dealers” or “Government Securities Dealers”

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed rules to include certain significant market participants as “dealers” or “government securities dealers” to essentially eliminate the trader exclusion...more

Goodwin

Biden Administration Issues Regulatory Freeze On New Agency Rules

Goodwin on

In this Issue. In one of its first acts after being installed on January 20, the Biden Administration issued a regulatory freeze on new agency rules that have been adopted but are not yet effective; in one of its final acts...more

Ballard Spahr LLP

NYC Department of Consumer Affairs Releases Glossary and Translations of Commonly Used Terms Just Before Expiration of Enforcement...

Ballard Spahr LLP on

The enforcement grace period for the New York City Department of Consumer Affairs’ (DCA) new debt collection rules, ended October 1, 2020....more

Ballard Spahr LLP

New York City Department of Consumer Affairs issues formal guidance on its new limited English proficiency debt collection rules

Ballard Spahr LLP on

As discussed in our June 12th post, the New York City Department of Consumer Affairs (“DCA”) issued new debt collection rules related to limited English proficiency servicing. These rules took effect June 27, 2020, but due to...more

Goodwin

COVID-19 and Consumer Financial Services: Navigating New U.S. and State Orders, Rules, Laws, Guidance, and Pleas

Goodwin on

Over the past several weeks, the coronavirus (COVID-19) pandemic has sparked a litany of new orders, rules, laws, guidance, and plain asks from federal and state leaders, agencies, and courts. The President and federal and...more

Bradley Arant Boult Cummings LLP

FHA Rule Reduces Barriers to Reverse Mortgages for Condominium Owners

After a nearly three-year delay, the U.S. Department of Housing and Urban Development (HUD) has finally released an update to its FHA condominium rules. The new rules, which take effect October 15, 2019, allow for FHA...more

Holland & Knight LLP

Controversial CFPB Rule Exposes Financial Services Companies to Greater Class Action Risk

Holland & Knight LLP on

Under a controversial new final rule issued by the Consumer Financial Protection Bureau (CFPB) on July 10, 2017, banks and credit card companies are prohibited from forcing consumers into arbitration to avoid class action...more

23 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide