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 26 posts in Dodd-Frank.

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 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 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 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 ›

CFPB Proposes New Diversity Standards

The CFPB and five other regulatory agencies have proposed new joint standards for assessing the diversity policies and practices of the entities they regulate.  Dodd-Frank directed the CFPB, Securities and Exchange Commission, National Credit Union Administration, Office of the Comptroller of the Currency, Federal Reserve and Federal Deposit Insurance Corporation to establish Offices of Minority and Women Inclusion (OMWI). Read More ›

Agencies Address Fair Lending Concerns of Industry and Indicate that ECOA, Ability-to-Repay Rule Compatible

In an October 22, 2013 statement released by the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively, “the Agencies”), the Agencies addressed the impact of the new Ability-to-Repay Rule, which takes effect in January 2014, on the Equal Credit Opportunity Act (ECOA). Specifically, the Agencies provided guidance regarding whether creditors would be liable under the disparate impact doctrine of ECOA (one of the methods of proving lender discrimination) if the creditors chose to only originate Qualified Mortgages (QMs) under the Ability-to-Repay Rule. As you might suspect, the Agencies indicated that the requirements of the Ability-to-Repay Rule and ECOA are compatible. Read More ›

CFPB Releases Bulletin and Interim Final Rule Clarifying its Mortgage Servicing Regulations

On October 15, the Consumer Financial Protection Bureau released a bulletin and interim final rule concerning mortgage servicing regulations that take effect in January 2014.  The bulletin and interim final rule seek to clarify outstanding issues related to servicing. Read More ›

CFPB Proposes Delay in Implementing Rule Against Financing of Certain Credit Insurance on Mortgage Loans

As our readers will recall, the CFPB proposed back in January 2013 to limit the ability of mortgage lenders to finance credit insurance premiums. These prohibitions were to go into effect on June 1, 2013, several months before the required implementation date of most regulations issued at that time. On May 8, 2013, however, the CFPB switched course, proposing to delay implementation of the rule while the CFPB decides whether to make the rule applicable to transactions other than those in which a lump-sum premium is added to the loan amount at closing. Back in January, the CFPB issued a number of final rules concerning mortgage lending, in accordance with requirements of the Dodd-Frank Act, including Loan Originator Compensation Requirements under the Truth in Lending Act (Regulation Z) (the "LO Compensation Rule"). The LO Compensation Rule deals not only with compensation, but also with loan originator qualifications and registration, as well as compliance procedures for banks, prohibitions on mandatory arbitration, and (relevant here), prohibitions on the financing of single-premium credit insurance.  Read More ›

Eight More States Seek to Join Legal Challenge to Dodd-Frank

The plaintiffs in State National Bank of Big Spring v. Wolin have asked the U.S. District Court for the District of Columbia for permission to file a second amended complaint adding eight new states to the suit challenging the constitutionality of certain provisions of Dodd-Frank Act and Director Cordray’s recess appointment. If approved, these states—Alabama, Georgia, Kansas, Montana, Nebraska, Ohio, Texas and West Virginia—will join Oklahoma, South Carolina and Michigan in contesting the constitutionality of the provisions in Section 204(a) of Dodd-Frank Act granting the Treasury Secretary with "orderly liquidation authority" over financial services companies. The states are not joining the challenge to Cordray’s recess appointment or to the constitutionality of the CFPB and the Financial Stability Oversight Council. Texas Attorney General Greg Abbott explained that his state was joining the suit because, “Under this law, unelected federal bureaucrats can unilaterally liquidate financial institutions in which the state invests taxpayer dollars. The State of Texas could be denied basic due process rights and taxpayers’ dollars could recklessly be put at risk.” Read More ›