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 111 posts in CFPB Rulemaking.

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 ›

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 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 ›

New CFPB Guidance on Higher-Priced Mortgage Loan Appraisal Rules under the Truth in Lending Act

On December 12, 2013, six federal financial regulatory agencies (the Federal Reserve, CFPB, FDIC, FHFA, NCUA, and OCC) issued a final rule amending the Dodd-Frank Act appraisal requirements for “higher-risk” mortgages to create exemptions from appraisal requirements for manufactured homes; loans of $25,000 or less (indexed each year for inflation); and certain “streamlined” refinancing transactions.  These exemptions are just in time, as the Higher-Priced Mortgage Loan (or HPML) Appraisal Rules under the Truth in Lending Act take effect on January 18, 2014.    Read More ›

CFPB Extends Supervisory Power to Federal Student Loan Servicers

On December 3, 2013, the CFPB announced that it had finalized a proposed rule which would allow the agency to begin supervising certain non-bank student loan servicers for the first time.  The CFPB is already supervising student loan servicing conducted by the nation’s largest depository institutions.    Read More ›

CFPB Publishes New Mortgage Disclosure Forms

On November 20, 2013, the Consumer Financial Protection Bureau (CFPB) issued a 1,887 page rule requiring mortgage lenders to use two new disclosures when making mortgage loans to consumers.  The new forms are a "Loan Estimate," which replaces the preliminary Truth-in-Lending Disclosure Statement and Good Faith Estimate, and a "Closing Disclosure," which replaces the final Truth-in-Lending Disclosure Statement and HUD-1 Settlement Statement.  Mortgage lenders must use the new forms by August 1, 2015. Read More ›

CFPB Issues Advance Notice of Proposed Rulemaking Concerning the Collection of Consumer Debt

The Consumer Financial Protection Bureau (CFPB) intends to promulgate rules governing the collection of consumer debt.  On November 6, 2013, the CFPB issued an Advance Notice of Proposed Rulemaking (ANPR) in which it indicates that “the Bureau is interested in learning through responses to this advance notice of proposed rulemaking (ANPR) about the debt collection system, about consumer experiences with the debt collection system, and about how rules for debt collectors might protect consumers without imposing unnecessary burdens on industry.”  Read More ›

Senators Demand Answers Regarding CFPB’s Guidance Targeting Indirect Auto Lenders

On Wednesday (October 30, 2013), a bipartisan group of twenty-two U.S. Senators—11 Democrats and 11 Republicans—asked the Consumer Financial Protection Bureau (CFPB or Bureau) to provide details concerning the methodology used by the Bureau in issuing its March 21, 2013 bulletin concerning “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act.” Read More ›