News & Analysis as of

Notice Requirements Consumer Financial Protection Bureau

CFPB Makes Last-Minute Changes to 2016 Mortgage Servicing Final Rule

On October 4, 2017, the CFPB released an interim final rule and a proposed rule to amend certain provisions of its 2016 Mortgage Servicing Final Rule. While the changes will not drastically change the 2016 Mortgage Servicing...more

CFPB Imposes Hefty Fine on Mortgage Servicer for Alleged Violations of Servicing Rules

by Goodwin on

On June 7, 2017, the Consumer Financial Protection Bureau (CFPB) issued a Consent Order against mortgage servicer Fay Servicing, LLC (Fay), requiring Fay Servicing to pay $1.15 million to borrowers and to cease activities...more

CFPB Finalizes Prepaid Card Rule …and the Clock is Ticking

by White & Case LLP on

On October 5, 2016, the Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) released its long-awaited final rule on prepaid cards (the “Final Rule”). The 1689-page Final Rule will fundamentally change how...more

Subsequent debt collectors must send FDCPA validation notice, Ninth Circuit rules

by Ballard Spahr LLP on

The Ninth Circuit has ruled that the FDCPA requirement in 15 U.S.C. §1692g(a) for “a debt collector” to send a validation notice either in “the initial communication” or “[w]ithin five days after the initial communication...more

CFPB Issues Proposed Revisions to GLBA Annual Privacy Notice Requirement

by McGuireWoods LLP on

Earlier this month, the Consumer Financial Services Bureau issued its proposed rule amending the Gramm-Leach-Bliley Act’s annual privacy notice requirement set forth in Regulation P....more

New York Court Finds Borrower Must Strictly Comply with Notice Requirements to Hold Servicer Liable Under Regulation X

by Ballard Spahr LLP on

In an issue of first impression, the Supreme Court of New York refused to find a loan servicer violated Regulation X by initiating foreclosure when a borrower failed to strictly comply with the servicer’s instructions for...more

FTC Follows in CFPB Footsteps with GLBA Privacy Notices

by Ballard Spahr LLP on

The Federal Trade Commission (FTC) recently proposed amendments to its Gramm-Leach-Bliley Act (GLBA) rules requiring motor vehicle dealers to send their customers an annual privacy notice. The amendments would allow motor...more

Banking & Financial Services E -Note - March 2015

by Burr & Forman on

In This issue: - 6 Things You Need to Know Before Filing Chapter 11 Bankruptcy - Don’t Get Left in the Dark: Pre-eviction Noticing Requirements Following Sunset on the Protecting Tenants at Foreclosure...more

CFPB Issues Final Privacy Notice Rule

by Morrison & Foerster LLP on

The CFPB has finalized its proposal allowing financial institutions to forgo mailing annual privacy notices by posting such notices online. Unfortunately, despite numerous pleas from the industry that the proposal would do...more

Some Gramm-Leach-Bliley Notices Can Now Be Posted Online

by Foley & Lardner LLP on

Some banks and other organizations covered under the Gramm-Leach-Bliley Act (GLBA) may now post their privacy policies online rather than having to mail them annually. Earlier this week, the Consumer Financial Protection...more

CFPB issues final rule allowing alternative online delivery method for annual privacy notices

by Ballard Spahr LLP on

Nearly three years after identifying the Gramm-Leach-Bliley Act (GLBA) annual privacy notice requirement as a candidate for streamlining, the CFPB issued a final rule earlier this week to allow financial institutions that...more

RESPA Amendment Changes Rules, Deadlines Regarding Errors Communications

by Baker Donelson on

In July of 2010, the Real Estate Settlement Procedures Act (RESPA) was amended by Congress to reduce the time period from twenty days to five days for a servicer to acknowledge receipt of a qualified written request, and from...more

Proposed CFPB Rule Would Allow Online Posting of GLBA Privacy Notices

by Carlton Fields on

The Gramm-Leach-Bliley Act (GLBA) requires financial institutions to provide customers with initial and annual notices of their privacy policies, including whether they share consumers’ non-public information with third...more

CFPB extends comment period on privacy notice proposal

by Ballard Spahr LLP on

The CFPB is extending the comment period on its proposed rule that would amend Regulation P to allow financial institutions that satisfy certain conditions to deliver annual privacy notices to their customers using an...more

CFPB Proposal May Eliminate Requirement to Mail Annual Privacy Notice

by Williams Mullen on

On May 7th, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule that would allow financial institutions to post annual privacy notices online, potentially eliminating the current requirement to provide...more

CFPB Proposes New Rules on Gramm-Leach-Bliley Act Annual Privacy Notices

by Ballard Spahr LLP on

The Consumer Financial Protection Bureau recently published a proposed rule that would amend Regulation P to allow financial institutions, under certain circumstances, to deliver annual privacy notices to their customers...more

CFPB Proposes Rule on Privacy Disclosures

On May 6, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would allow institutions that limit their consumer data-sharing and meet other requirements to post their annual privacy notices online rather...more

CFPB Proposes Rule Allowing Online Posting Of GLB Privacy Notices

by Carlton Fields on

On May 6, the Consumer Financial Protection Bureau ("the CFPB" or "the Bureau") announced a proposed rule that would permit financial institutions to post annual privacy notices required by the Gramm-Leach-Bliley Act ("GLBA")...more

CFPB Proposes Rule on Privacy Notices

by Goodwin on

The CFPB moved one step closer to allowing online privacy disclosures in lieu of individually-delivered disclosures, proposing a rule to amend Regulation P, the implementing regulation for the Gramm-Leach-Bliley Act to create...more

CFPB's Promise to Ease Privacy Notice Burdens Needs Clarification

by Morrison & Foerster LLP on

The CFPB has proposed allowing financial institutions to forgo mailing annual privacy notices by posting such notices online, if the financial institution meets certain conditions. While the proposal is welcome, it needs...more

CFPB Publishes Rulemaking Agenda

by Goodwin on

The CFPB published a semi-annual update of its rulemaking agenda. The rulemaking agenda includes a number of rulemakings on disclosures under the Home Mortgage Disclosure Act and its implementing regulation, Regulation C, the...more

CFPB Finalizes Clarifications to Mortgage Rules

by Goodwin on

In a continuing effort to resolve issues and answer questions "identified during the implementation process," the CFPB finalized revisions to the mortgage rules it published in January and subsequently amended in June 2013....more

Eighth Circuit Reaffirms that Notice Alone is Insufficient to Effectuate TILA Rescission

by Goodwin on

The United States Court of Appeals for the Eighth Circuit affirmed a lower court’s opinion rejecting plaintiffs’ attempt to rescind a loan agreement after the loan had already been foreclosed, ruling that the foreclosure...more

Insurance Coverage for CFPB Investigations and Enforcement Actions

by K&L Gates LLP on

Many companies and individuals that are facing investigations or subsequent enforcement actions by the Consumer Financial Protection Bureau (“CFPB”) will be forced to incur substantial sums to defend such claims, to settle...more

Virginia Financial Institutions - April 2013

by Reed Smith on

In This Issue: - Virginia General Assembly Concludes 2013 Session – Highlights and Considerations for Financial Institutions - Cyber Fraud: Lawsuit by Local Community Bank Demonstrates Need for Vigilance...more

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