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


Get updates by email

RSS Subscribe to this blog's feed
Twitter Follow us on Twitter

Contributors

Showing 31 posts in Dodd-Frank.

Financial Services Issues Expected to be a Focus of New Republican Majority in Congress

There may be no policy area that will be impacted more by the Republican’s election day landslide than financial services.  After years of frustration with Democrats unwillingness to make any changes to the Dodd-Frank Wall Street Reform Act (Dodd-Frank), which incoming Senate Majority Leader Mitch McConnell (R-KY) has referred to as “Obamacare for banks,” the Republican majority will now have their opportunity. Although repeal is not a possibility, with only 220 of the 398 total required rulemakings having been finalized and 95 of the rulemaking requirements not even proposed yet, the new Congress will have many opportunities to put the brakes on Dodd-Frank implementation. Read More ›

Interagency Guidance Regarding Unfair or Deceptive Credit Practices

Several regulatory agencies have jointly issued guidance to banks, saving associations, and Federal credit unions concerning the repeal of consumer protection regulations promulgated under the FTC Act.  The Board of Governors of the Federal Reserve System (the Board), the Consumer Financial Protection Bureau (CFPB), the National Credit Union Administration (NCUA), and the Office of the Comptroller of Currency (the OCC) jointly issued guidance on August 22, 2014 to banks, savings associations, and Federal credit unions explaining that the repeal of certain regulations as a result of the Dodd-Frank Act should not be construed as a tacit approval of these prohibited practices addressed in the regulations, and that the CFPB may still enforce such rules in principal under its general mandate to prohibit deceptive practices.  Read More ›

CFPB Proposed Arbitration Study Receives Criticism from Industry and Consumer Groups

In June 2013, the CFPB put credit card issuers and servicers on notice that it was planning to investigate consumer experience with mandatory arbitration agreements. With the proposed survey, the CFPB planned to elicit feedback regarding the effect of dispute resolution provisions on consumer choice of credit cards and consumers’ default assumptions regarding their dispute resolution rights, including their awareness, understanding, and valuation of certain resolution options. The information would be gathered through a telephone survey of 1,000 credit card holders. Dodd-Frank Act section 1028 mandates the CFPB conduct an arbitration study and the finding could result in new and far-reaching regulation of consumer financial products. The CFPB is authorized to regulate the use of dispute resolution agreements in the context of consumer financial products and services. Based on public comments, a revised proposed survey was published in May 2014. Read More ›

House Financial Services Subcommittee Holds Legislative Hearing on CFPB Proposals

On May 21, the House Financial Services’ Subcommittee on Financial Institutions and Consumer Credit (Chairwoman Shelley Moore Capito, R-WV) held a legislative hearing entitled “Legislative Proposals to Improve Transparency and Accountability at the Consumer Financial Protection Bureau (CFPB).” The hearing focused on eleven separate Republican proposals that would seek to curtail the CFPB’s powers and increase Congressional oversight over the agency  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 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 ›