Dykema Gossett PLLC
Dykema Gossett PLLC

Consumer Financial Protection Bureau Law Blog

CFPB Law Blog

News and analysisi of the priorities, initiatives and regulatory actions and proceedings of the Consumer Financial Protection Bureau

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CFPB Publishes Guide to the TILA-RESPA Loan Estimate and Closing Disclosure Forms

The Consumer Financial Protection Bureau (CFPB) on April 17, 2014 announced the release of a Guide to Completing TILA-RESPA Integrated Disclosure Forms (the Forms Guide). The CFPB states that the purpose of the Forms Guide is to provide instructions for completing the two new integrated TILA-RESPA disclosure forms, the Loan Estimate and Closing Disclosure, and to highlight common situations that may arise when completing the forms. Additionally, as the changes related to the TILA-RESPA Integrated Disclosure Rule may take time, resources, and planning to execute, the CFPB hopes the Forms Guide will help identify some of the necessary changes that may need to be implemented by organizations involved in the origination of closed-end residential mortgage loans. Settlement service providers, software providers, and other companies that serve as business partners to creditors may also find the Forms Guide helpful  Read More ›

Proposed Legislation Would Require CFPB to Create An Advisory Board for Small Financial Services Companies

On April 3, 2014, the Bureau of Consumer Financial Protection Small Business Advisory Board Act was introduced into the U.S. House of Representatives.    The bill would require the Consumer Financial Protection Bureau (CFPB) to create an advisory panel of small financial services companies.  The bill would further require the CFPB to meet regularly with small-business owners that work in the consumer finance industry and must comply with the CFPB’s regulations.  Read More ›

New Bill Would Change CFPB Information Gathering Process for Smaller Financial Institutions

A new bill, introduced on April 10th by Senator Dan Coates of Indiana, could provide smaller financial institutions relief from financial regulations enacted after the 2008 financial crisis. Read More ›

CFPB Releases Small Entity Compliance Guide for TILA-RESPA Integrated Disclosure Rule

In late March, the Consumer Financial Protection Bureau (CFPB) issued a  Small Entity Compliance Guide (Guide) for the TILA-RESPA Integrated Disclosure Rule (TILA-RESPA Rule). In compliance with Section 212 of the Small Business Regulatory Enforcement Fairness Act of 1996, the CFPB has issued the guide to help small businesses comply with the TILA-RESPA Rule, which is effective August 1, 2015. Read More ›

CFPB Releases Annual Report on Fair Debt Collection Practices Act

On March 20, 2014, as mandated in the Dodd Frank Act, the CFPB released its annual report to Congress concerning the Fair Debt Collection Practices Act (FDCPA).  The CFPB reported on more than 30,000 consumer complaints concerning the debt collection market. The three most frequent complaints were collectors forcefully following up with consumers about a debt they do not owe, aggressive communication tactics used by debt collectors, and taking or threatening illegal actions.   Read More ›

Congress Presses the CFPB on Auto Finance Oversight

On March 7, 2014, the House Financial Services Committee sent the CFPB a terse letter demanding an explanation of the CFPB’s methodology for determining discriminatory practices in the automotive finance industry. The CFPB was asked to respond by March 13, but the Committee reports that no response has been received. The Committee’s interaction with the CFPB comes in the wake of an increase in the number of automotive finance lenders under review since the beginning of 2013. Read More ›

CFPB To Survey Consumers on Debt Collection Experiences

In considering new rulemaking for the debt collection industry, the CFPB has decided to turn directly to consumers for input.  As set forth in the notice issued March 6, 2014, the CFPB plans to send out a survey in order to learn more about consumers' interactions with debt collection agencies. Read More ›

CFPB Sues ITT Educational Services for Predatory Lending Practices

On February 26, 2014, the Consumer Financial Protection Bureau (CFPB) filed a four-count complaint in the U.S. District Court for the Southern District of Indiana against for-profit college chain, ITT Educational Services, Inc. (ITT), alleging that ITT engaged in predatory student lending.  The CFPB asserts that ITT exploited its students by encouraging them to take on high-cost private student loans that they knew were destined to end in default.  As relief, the CFPB is seeking restitution for victims, a civil fine, and an injunction against ITT for its deceptive lending practices. Read More ›

CFPB Deputy Director Remarks Warn of Harsher Enforcement

Mortgage servicers expecting temperate enforcement of the new mortgage servicing rules received a wake-up call from Consumer Financial Protection Bureau (CFPB) Deputy Director Steven Antonakes during his February 19, 2014 remarks to the Mortgage Bankers Association. Read More ›

CFPB Announces Potential Changes in Home Mortgage Disclosure Act Data Collection

On February 7, 2014, the Consumer Financial Protection Bureau (CFPB) announced that it will consider changes to improve data collection under the Home Mortgage Disclosure Act (HMDA), which was enacted in 1975 to gather information on whether financial institutions were serving the housing needs of their communities and providing access to residential mortgage credit. Read More ›