News & Analysis as of

Regulation Z

US Consumer Financial Protection Bureau Releases Semi-Annual Report

by Shearman & Sterling LLP on

The U.S. Consumer Financial Protection Bureau published its semi-annual report. The report, which is mandated by the Dodd-Frank Act, highlights and summarizes various topics the CFPB is working on, including a list of rules,...more

FDIC Enters into Settlement Agreement with State Bank

by Weiner Brodsky Kider PC on

Recently, the FDIC announced a settlement agreement with a depository institution loan originator (Bank) for alleged unfair and deceptive practices in violation of the Federal Trade Commission Act (FTCA) related to the...more

The CFPB is About to Enact New Requirements for Mortgage Servicers – Is Your Organization Prepared?

On April 19th, changes made by the Consumer Financial Protection Bureau (CFPB) via the Mortgage Servicing Final Rule to Regulation Z will take effect, and mortgage servicers will be required to make changes to the periodic...more

FDIC Enters Into $20 Million Consent Order With Debt Settlement Entities

by Goodwin on

On March 28, 2018, the Federal Deposit Insurance Corporation (“FDIC”) annou?nced settlements with a bank and an affiliated lender (“Defendants”) relating to allegations of deceptive lending practices. According to the FDIC,...more

Do Servicers Have to Monitor Whether a Successor in Interest is in Bankruptcy? CFPB’s FAQ Suggests the Answer is “Yes”

As the effective date for the CFPB’s successor in interest and bankruptcy billing statement requirements quickly approaches, one question we’ve heard multiple times is whether a mortgage servicer is required to know when a...more

Nutter Bank Report, March 2018

Headlines: ...Lawsuits Challenging Overdraft Fees Continue Against Depository Institutions ...Broad Regulatory Relief Bill Passes Senate and Is Sent to House for Consideration ..FFIEC Issues Revised Guidance...more

CFPB Issues Implementation Guidance for Mortgage Servicing Rule Amendments

On March 29, 2018, the Consumer Financial Protection Bureau (CFPB) released two important implementation tools that may help mortgage servicers ensure compliance with recent amendments to the mortgage servicing rules in...more

CFPB Issues FAQs on Bankruptcy Issues Under the 2016 Mortgage Servicing Final Rule

by Weiner Brodsky Kider PC on

The CFPB has issued Frequently Asked Questions (FAQs) concerning certain provisions of its 2016 Mortgage Servicing Final Rules that become effective on April 19, 2018. The FAQs pertain to certain issues regarding borrowers...more

CFPB Issues FAQs on Mortgage Servicing Rules on the Eve of Compliance Deadline

by Dorsey & Whitney LLP on

With less than one month remaining until the April 19, 2018 effective date of bankruptcy-related amendments to Regulation X and Regulation Z, the Consumer Financial Protection Bureau (“CFPB”) has issued “Mortgage Servicing...more

CFPB Updates Prepaid Rule Small Entity Compliance Guide and Guide to Preparing the Short Form Disclosure for Prepaid Accounts

by Weiner Brodsky Kider PC on

The CFPB updated its Prepaid Rule Small Entity Compliance Guide and the Guide to Preparing the Short Form Disclosure for Prepaid Accounts to reflect changes made to the Prepaid Rule earlier this year. The recent amendments...more

CFPB Finalizes Further Changes to Mortgage Servicing Rules

On March 8, 2018, the Consumer Financial Protection Bureau (CFPB or Bureau) finalized certain changes to its mortgage servicing rules. The Bureau issued a final rule1 to provide mortgage servicers with more flexibility and...more

CFPB Enacts Final Prepaid Accounts Rule

by Goodwin on

On January 25, 2018, the Consumer Financial Protection Bureau (CFPB) issued the final prepaid accounts rule (which we wrote about here and here) under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending...more

House Again Passes Legislation to Review Points and Fees

by Ballard Spahr LLP on

On February 8, 2018 the United States House of Representatives passed The Mortgage Choice Act, H.R. 1153, to revise the definition of “points and fees” for purposes of the Regulation Z ability to repay/qualified mortgage...more

CFPB Finalizes Changes to Prepaid Accounts Rule and Extends Effective Date to April 2019

by Weiner Brodsky Kider PC on

The CFPB recently finalized changes to the Rules Concerning Prepaid Accounts (“Prepaid Accounts Rule”) under the Electronic Fund Transfer Act, implemented by Regulation E, and the Truth in Lending Act, implemented by...more

US Consumer Financial Protection Bureau Issues Final Rule Regarding Prepaid Accounts

by Shearman & Sterling LLP on

The US Consumer Financial Protection Bureau published a final rule that amends the regulations implementing the Electronic Funds Transfer Act (Regulation E), and the Truth in Lending Act (Regulation Z), and corresponding...more

CFPB’s Relaxed ‘Prepaid Accounts Rule’ Fixes Key Problems

Mick Mulvaney’s CFPB has now issued final changes to its Prepaid Rule, and the payments industry receives a huge reprieve from some of the more draconian elements of the original rule as issued in 2016....more

CFPB Finalizes Changes to Prepaid Accounts Rule

On January 25, 2017, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) finalized amendments to its Prepaid Accounts Rule. The Bureau has amended Regulation E, which implements the Electronic Fund Transfer Act, and...more

CFPB adjusts HMDA data collection, TILA mortgage escrow thresholds

by Ballard Spahr LLP on

In notices published in today’s Federal Register, the CFPB adjusted the thresholds of the asset-size exemptions for collecting HMDA data and establishing an escrow account for certain mortgage loans under TILA....more

Financial Services Weekly News - November 2017 #3

by Goodwin on

Editor's Note - A Rare Example of Common Sense From Washington. On November 13, Senate Banking Committee Chairman Mike Crapo (R-Idaho) and four Democratic members of the committee announced an agreement on legislative...more

CFPB/Fed/OCC increase exemption thresholds for appraisal requirement, Regs Z and M

by Ballard Spahr LLP on

The CFPB, Fed, and OCC have published notices in the Federal Register announcing that they are increasing three exemption thresholds that are subject to annual inflation adjustments. Effective January 1, 2018 through...more

CFPB Highlights Supervisory Findings Related to Credit Cards

by Davis Wright Tremaine LLP on

The Consumer Financial Protection Bureau’s (CFPB) most recent Supervisory Highlights report identified a number of areas of non-compliance by credit card issuers that were confidentially resolved in the supervisory process....more

Orrick's Financial Industry Week In Review

France Welcomes Foreign and Alternative Capital Providers with Latest Reform of Finance Sector - Long a cornerstone of the French banking system, the "French banking monopoly" largely prevents non-bank entities from...more

CFPB updates TRID Rule small entity compliance guide

by Ballard Spahr LLP on

The CFPB recently released a revised version of the TILA-RESPA Integrated Disclosure Rule Small Entity Compliance Guide. The revised version incorporates the recent amendments to the rule that became effective on October...more

CFPB Amends Mortgage Servicing Rule to Facilitate Communications with Borrowers

by Goodwin on

On October 4, 2017, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule amending a provision of Regulation X relating to the timing servicers must observe when communicating with borrowers about...more

CFPB publishes annual CARD Act, HOEPA, QM adjustments

by Ballard Spahr LLP on

The CFPB has published 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 mortgage...more

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