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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Showing 136 posts in CFPB Rulemaking.

CFPB Examinations for 2015 Q1 Reveal Particular Scrutiny on Mortgage Servicers

On June 23, 2015, the Bureau issued its eighth edition of Supervisory Highlights (the “Report”) in which the CFPB shared its “recent supervisory observations in the areas of consumer reporting, debt collection, student loan servicing, mortgage origination, mortgage servicing, and fair lending.” The CFPB reported that, for the first four months of 2015, “supervisory resolutions have resulted in remediation of approximately $11.6 million to more than 80,000 consumers.” Read More ›

No Formal Grace Period for TILA-RESPA Integrated Disclosure Rule (TRID) – August 1 Implementation Effective Date Still Stands

UPDATE: On Wednesday, June 17, CFPB Director Richard Cordray issued a statement on a proposed amendment to the Truth in Lending and Real Estate Settlement Procedures Act Integrated Disclosure Rule (TRID). Citing an administrative error that violated federal law and would delay the operative date of the rule by two weeks, the amendment proposes to delay the enforcement of the rule until October 1, 2015. Read More ›

The CFPB Publishes a Final Rule Defining “Larger Participants” in the Consumer Automotive Financing Market

The Dodd-Frank Act grants the Consumer Financial Protection Bureau the authority to supervise any “larger participant of a market” for non-mortgage financial products or services. 12 U.S.C. § 5514(a)(1)(B). On June 10, 2015, the Consumer Financial Protection Bureau published a new rule granting the CFPB supervisory authority over any nonbank auto finance company that makes 10,000 or more annual originations. According to the Bureau, the purpose of the rule is to “ensure that larger auto finance companies treat consumers fairly.” Read More ›

CFPB Proposes Changes to Expand Credit in Rural and Underserved Communities

On January 29, 2015 the Consumer Finance Protection Bureau (CFPB) proposed several changes to its mortgage lending rules which would apply to small creditors who lend money to those in rural and underserved communities. The amendments are an attempt to address the collateral consequences of strict regulations enacted in January 2013 pursuant to the Dodd-Frank Act. Read More ›

Lesson Learned from CFPB’s Actions against Banks Engaging in Illegal Marketing Services Kickback Scheme

Under Section 8 of the Real Estate Settlement procedures Act (RESPA), it is illegal for anyone to give or receive a fee, kickback or anything of value in exchange for referrals of settlement service business to a particular person or organization relating to a federal mortgage loan. Violations of this section of RESPA are subject to civil and criminal penalties which could be assessed in the form of a fine, imprisonment or both. Read More ›

In Support of Revisions to Military Lending Act Rules, CFPB Issues Report on Current Practices and Outcomes

On December 29, 2014, the Consumer Financial Protection Bureau (CFPB) issued a report on the implications of certain loopholes in the current Military Lending Act rules.  The CFPB is “urging the Department of Defense to finalize” its proposed revisions to these rule.  The revisions promise to expand the scope of the rules and to close many of the most significant loopholes, subjecting lenders to additional regulatory and litigation risk. Read More ›

CFPB Reports On Credit Card Marketing To College Students

The pitch is familiar to almost everyone who has attended college: “Free pizza! Just sign up for a credit card with Bank!” or “No strings attached! Free T-shirt when you register with Bank!” Unfortunately, for many students these gimmicks lead to out of control spending and an early brush with systematic debt. On December 15, 2014, the Consumer Financial Protection Bureau (CFPB) issued its yearly report analyzing the agreements financial institutions make with colleges to market credit cards to students. Read More ›

CFPB Releases Report and Resources on Student Loan Repayment

This week, the Consumer Financial Protection Bureau (CFPB) reaffirmed its focus on the problem of intractable student loan debt.  On October 16, 2014, the CFPB Student Loan Ombudsman released his Annual Report, which described the number and nature of student loan complaints handled by the CFPB in the preceding year and issued recommendations for the coming year Read More ›

CFPB Announces Proposed No-Action Letter Program

On October 10, 2014, the Consumer Financial Protection Bureau (CFPB) announced a proposed policy under which they would issue No-Action Letters to applicants indicating that the CFPB would not initiate supervisory or enforcement action regarding innovative financial products or services.  Under this proposal, the CFPB would issue these No-Action Letters when a new financial product or service promises "substantial customer benefit where there is substantial uncertainty whether or how specific provisions of statutes or regulations implemented by the [CFPB] would be applied." Read More ›

CFPB Continues Increased Scrutiny of Auto-Lending Financers Even as Congress Attempts to Rein It In

In March 2013, the CFPB released industry guidance regarding auto financing interest rates and dealership reserves. On September 8, 2014, Congress finally took steps to nullify this guidance.  Read More ›