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 Proposes Electronic Posting of Annual Privacy Notices

On May 6, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule that would amend the annual privacy notice requirement under the Gramm-Leach-Bliley Act (GLBA). Under the proposal, financial institutions would be granted the option to deliver the annually-required privacy disclosure electronically, if they meet certain other requirements. Read More ›

CFPB Proposes Changes to QM Rules

The Consumer Financial Protection Bureau (CFPB) recently announced proposed amendments to Regulation Z. Significantly, one of the three proposed amendments affects qualified mortgages (QM), which are entitled to a presumption under the Dodd-Frank Act that the creditor making the loan has satisfied the ability-to-repay requirements.    Read More ›

CFPB Issues Consumer Advisory and Sample Letters in Response to Mid-Year Report on Student Loan Complaints

The Consumer Financial Protection Bureau (CFPB) recently released a report on student loan complaints. Specifically, the report highlights complaints concerning co-signer issues on student loans. Many private student lenders advertised that their loans contained an option to release a borrower’s co-signer after a certain period of on-time payments. The complaints describe the bureaucratic obstacles borrowers are facing when seeking to obtain these releases. In addition, complaints reveal that borrowers often have to apply for a release but they are generally not provided with the criteria for co-signer release from the lenders and servicers.  Read More ›

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 ›