News & Analysis as of

Rulemaking Process Public Comment Consumer Financial Protection Bureau (CFPB)

Troutman Pepper Locke

CFPB Initiates FCRA Rulemaking to Address Coerced Debt

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On December 9, the Consumer Financial Protection Bureau (CFPB or Bureau) announced the launch of a rulemaking process addressing credit reporting on survivors of domestic violence, elder abuse, and other forms of financial...more

Sheppard Mullin Richter & Hampton LLP

California DFPI Poised to Fill Potential Regulatory Gap Amid Anticipated CFPB Leadership Shift

Starting in February 2025, providers of (1) debt settlement services, (2) student debt relief services, (3) private postsecondary education financing, and (4) income-based advances (a/k/a earned wage access (EWA) products)...more

Ballard Spahr LLP

FTC requests comment on consumer advocate petition regarding auto “yo-yo financing”

Ballard Spahr LLP on

On May 31, 2023, the Federal Trade Commission (“FTC”) requested public comment on a petition for rulemaking it received from six national consumer advocate groups regarding “yo-yo sales,” a term the groups use to refer to...more

Goodwin

Stress Test Scenarios Released for 2022

Goodwin on

In This Issue. The Federal Reserve Board of Governors (Federal Reserve), the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) released stress test scenarios to assess...more

Adams & Reese

CFPB Solicits Feedback on “Junk Fees” – Are New Regulations Coming?

Adams & Reese on

On January 26, 2022, the Consumer Financial Protection Bureau (CFPB) issued a request for public comment relating to “junk fees” consumers may be subjected to when engaging in financial services. So what exactly is a...more

Goodwin

SEC Proposes Changes to Private Fund Regulation

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed changes to private fund regulation; the Office of the Comptroller of the Currency (OCC) succeeded in validating its “valid-when-made” rulemaking; the...more

Miles & Stockbridge P.C.

Comments Are In: CFPB Proposed Rule for Small Business Lending Data Collection Under the Equal Credit Opportunity Act

As we reported last year, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), among other things, required the Consumer Financial Protection Bureau (CFPB) to adopt regulations governing the...more

Goodwin

SEC Proposes New Round of Money Market Fund Reforms

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) voted to propose money market fund reforms; the SEC also proposed amendments to Rule 10b5-1 trading plans and to modernize and improve share repurchase...more

Kaufman & Canoles

Credit Union/Consumer Finance Client Alert

Kaufman & Canoles on

The Consumer Finance Protection Bureau (“CFPB”) issued a long-awaited proposed rule that could significantly impact credit union operations and their third-party loan operating system vendors. The proposed rule, pursuant...more

Goodwin

Tenth Circuit Upholds District Court’s Ruling Finding No Breach of Fiduciary Duties in Section 36(b) Case

Goodwin on

In This Issue. The federal bank regulators published frequently asked questions concerning the London Interbank Offered Rate transition; the Consumer Financial Protection Bureau (CFPB) confirmed an effective date for two...more

White & Case LLP

CFPB Seeks Comments on Highly Anticipated Consumer Access to Financial Information Rulemaking

White & Case LLP on

The Bureau of Consumer Financial Protection (CFPB or Bureau) has formally commenced its long-awaited rulemaking process to implement section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank...more

Womble Bond Dickinson

FTC Seeks Comment on Proposed Changes to Five FCRA Rules

Womble Bond Dickinson on

The Federal Trade Commission (“FTC”) is seeking comment on proposed changes that would clarify that five FCRA rules promulgated by the FTC apply only to motor vehicle dealers. The FTC’s proposed changes would bring several...more

Goodwin

Financial Services Weekly Roundup: Madden Fix/Valid When Made Rule Faces New Challengers

Goodwin on

In the News. On the heels of a lawsuit challenging the Office of the Comptroller of the Currency’s (OCC) recently issued Madden fix/valid when made rule, eight state attorneys general filed suit challenging a similar rule...more

Hudson Cook, LLP

Clear Skies Ahead? CFPB Launches Pilot Advisory Opinion Program

Hudson Cook, LLP on

On June 22, the CFPB formally launched a pilot advisory opinion (AO) program (Pilot AO Program) that would allow entities seeking to comply with regulatory requirements to submit a request to the Bureau for an opinion where...more

ArentFox Schiff

Payments From America, With Love: Industry and CFPB Approach to Amending the Remittance Rule

ArentFox Schiff on

According to the World Bank and the Bureau, of the $613.5 billion worldwide dollar amount of remittance transfers in 2017, $148.5 billion was sent from the US in over 325 million remittance transfers, and $6.6 billion was...more

Ballard Spahr LLP

CFPB Seeks Comment on Replacing Temporary GSE Patch Under Ability to Repay Rule

Ballard Spahr LLP on

The CFPB recently issued an advance notice of proposed rulemaking (ANPR) requesting comments on how to revise the qualified mortgage (QM) provisions of the Regulation Z ability to repay rule in view of the impending...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

CFPB Issues New Background Check Summary of Rights Form With Imminent Effective Date

On September 12, 2018, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule updating its A Summary of Your Rights Under the Fair Credit Reporting Act form, (“Summary of Rights”) which is required to be...more

Vedder Price

A New Era: The CFPB to Reconsider How it Fulfills Its Purpose

Vedder Price on

On January 17, 2018, the Consumer Financial Protection Bureau (the “CFPB”) announced that it will issue a call for “evidence” to ensure the CFPB is “fulfilling its proper and appropriate functions to best protect consumers.”...more

Goodwin

CFPB Considering Debt Collection Reform Proposals

Goodwin on

On July 28, the Consumer Financial Protection Bureau (the CFPB) released a summary of proposals it is considering to reform debt collection practices. At the same time, it released a Study of Third Party Debt Collection...more

Morgan Lewis

CFPB Proposes Sweeping New Regulations for Prepaid Products

Morgan Lewis on

CFPB proposes to regulate a wide variety of prepaid access devices (card-based, electronic, or virtual) as equivalent to credit cards. The Consumer Financial Protection Bureau (CFPB) recently proposed extensive new...more

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