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Safe Harbors Dodd-Frank Wall Street Reform and Consumer Protection Act Consumer Financial Protection Bureau (CFPB)

Ballard Spahr LLP

Trade groups file lawsuit in Texas federal court challenging CFPB final credit card late fee rule and ask for preliminary...

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Just two days after the CFPB issued its final credit card late fee rule (Rule) last week, a lawsuit was filed in a Texas federal district court seeking to invalidate the Rule. The plaintiffs in the lawsuit are the Chamber of...more

McGlinchey Stafford

CFPB Issues Debt Collection Final Rule

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On October 30, 2020, the Consumer Financial Protection Bureau (CFPB) issued a final rule (the Rule) amending Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA). The Rule modernizes requirements...more

Perkins Coie

The CFPB Proposes to Create a New Category of Seasoned Qualified Mortgages

Perkins Coie on

The Consumer Financial Protection Bureau (CFPB) recently issued a proposed rule to create a new category of Seasoned Qualified Mortgages (QMs). The proposal seeks to “encourage safe and responsible innovation in the mortgage...more

Buchalter

CFPB Further Defines Abusiveness Standard; Expresses Intent to Limit Duplicative Enforcement

Buchalter on

In a Policy Statement effective on January 24, 2020, the CFPB addresses perceived uncertainty as to the scope and meaning of the abusiveness standard, and that the CFPB had in various enforcement actions asserted claims for...more

Ballard Spahr LLP

CFPB Seeks Information On Possible Changes To Remittance Transfers Rule

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The CFPB has published a notice and request for comments seeking information to inform its consideration of possible changes to its rule on remittance transfers.  Comments are due by June 28, 2019. The RFI sets forth a series...more

Holland & Knight LLP

Partial Rollback of Dodd-Frank Act: Key Changes for Residential Mortgage Lenders

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• 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

Goodwin

Financial Services Weekly News - April 2017 #4

Goodwin on

Editor's Note - State Regulators Sue OCC Over Federal FinTech Charter. On April 26, the Conference of State Bank Supervisors (CSBS) sued the Office of the Comptroller of the Currency (OCC) in the U.S. District Court for...more

Foley & Lardner LLP

CFPB Seeks Rehearing of D.C. Circuit Panel Ruling in PHH: What Now?

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The Consumer Financial Protection Bureau (Bureau) Friday filed a petition in the closely-watched PHH case, seeking to undo a ruling by a panel of judges for the D.C. Circuit Court that was highly critical of the Bureau’s...more

Bradley Arant Boult Cummings LLP

D.C. Circuit Court Finds the CFPB Misinterpreted Section 8 of RESPA and Violated Due Process with Retroactive Application

The D.C. Circuit Court issued its long-awaited opinion in PHH Corporation v. Consumer Financial Protection Bureau, No. 15-1177 (D.C. Cir., filed 2015) regarding the constitutionality of the Consumer Financial Protection...more

Ballard Spahr LLP

Bi-partisan Congressmen seek arbitration safe harbor allowing class action waivers

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Republican Congressman Randy Neugebauer, who chairs the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit, and Democratic Congressman W. Lacy Clay, the Subcommittee’s Ranking...more

BakerHostetler

CFPB Announces Dollar Threshold Adjustments to the Truth in Lending Act

BakerHostetler on

The Consumer Financial Protection Bureau (CFPB) recently released a final rule amending the dollar thresholds in Regulation Z, which implements the Truth in Lending Act (TILA). The CFPB’s final rule has two primary effects....more

Ballard Spahr LLP

CFPB publishes annual CARD Act, HOEPA and QM adjustments

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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

Bradley Arant Boult Cummings LLP

Senator Shelby Moves Forward with Major Dodd-Frank Reforms

On May 12, 2015, U.S. Senator Richard Shelby (R-Ala.), Chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, released the text of draft legislation intended to reform the regulatory framework...more

Ballard Spahr LLP

CFPB issues final trial disclosure policy

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The CFPB has finalized its policy for exempting individual companies, on a case-by-case basis, from applicable federal disclosure requirements to allow those companies to test trial disclosures. The final policy encourages...more

Burr & Forman

Burr Alert: New Qualified Mortgage Rules Released By The Consumer Finance Protection Bureau

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Few would dispute that the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act or Act) has fundamentally altered the residential mortgage industry. Although the Act was passed just over three years ago,...more

Dechert LLP

U.S. Consumer Financial Protection Bureau Issues Rules on Qualified Mortgages and Ability to Repay

Dechert LLP on

Congress in the Dodd-Frank Act responded to concerns about the quality of mortgage loans by establishing incentives for lenders to seek to ensure that borrowers had the ability to repay mortgage loans made to them. In...more

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