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Tag Archives: CFPB

CFPB Proposes Revisions to Small-Dollar Loan Rule

Posted in CFPB, Regulatory Developments

On February 6, 2019, amidst strong opposition from representatives of consumer groups and some members of Congress, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule to revise its controversial November 2017 small-dollar loan rule (2017 Rule). The proposed rule would effectively rescind the 2017 Rule’s requirement that lenders determine a borrower’s ability to… Read More

CFPB Issues FAQs for the TRID Rule

Posted in CFPB, Regulatory Developments

The Consumer Financial Protection Bureau (CFPB) recently posted a new compliance tool on its website – answers to frequently asked questions (FAQs) about the TILA-RESPA Integrated Disclosure Rule (“TRID Rule”). The FAQs were posted without advance notice or comment, signaling that perhaps the CFPB will dispense with lengthy processes when providing written guidance. What follows is a… Read More

CFPB Initiates Fourth Review of the Consumer Credit Card Market

Posted in CFPB, Credit Cards, Regulatory Developments

On January 31, 2019, the Consumer Financial Protection Bureau published a Request for Information regarding the consumer credit card market. In accordance with Section 502(a) of the CARD Act, the Bureau conducts a biennial review of the consumer credit card market by soliciting public comment and feedback. In the past, the Bureau has used these… Read More

CFPB and New York Attorney General Announce Settlement with Retailer for Violations of TILA and CFPA

Posted in CFPB, Credit Cards, Regulatory Developments

On January 16, 2019, the Consumer Financial Protection Bureau and the New York Attorney General announced a settlement with a retailer for alleged violations of the Consumer Financial Protection Act of 2010 and the Truth in Lending Act, as well as New York State law arising out of the retailer’s sales practices for its store… Read More

CFPB Announces Settlement for Violations of the EFTA and CFPA

Posted in CFPB, Regulatory Developments

On January 3, 2019, the Consumer Financial Protection Bureau (CFPB) announced a settlement with a federal savings bank for alleged violations of the Electronic Fund Transfer Act (EFTA) and Regulation E, as well as alleged violations of the Consumer Financial Protection Act of 2010 (CFPA). This is the first CFPB enforcement action under Director Kathy… Read More

The Bureau of Consumer Financial Protection Proposes Revised No-Action Letter Policy and New Product Sandbox

Posted in CFPB, Regulatory Developments

On December 13, 2018, the Bureau of Consumer Financial Protection published in the Federal Register a proposed policy, which would modify its 2016 Policy on No-Action Letters and create a new “Product Sandbox” policy in an effort to encourage banks and financial services providers to test new financial products. The alert discusses the Proposed Policy’s… Read More

Federal Agencies Reaffirm that Supervisory Guidance Is Not Law – Who Knew?

Posted in CFPB, Regulatory Developments

Yesterday, five federal agencies – the Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Bureau of Consumer Financial Protection – issued a two-page, joint statement on the role of supervisory guidance for regulated institutions. Although brief, the joint statement is… Read More

The CFPB Catches Up to the FAST Act: Implements GLBA Annual Notice Exception

Posted in CFPB, Privacy, Regulatory Developments

On August 17, 2018, the Bureau of Consumer Financial Protection published a final rule amending its Regulation P to include an exception to the Gramm-Leach-Bliley Act annual privacy notice obligation. Nearly three years ago, the Fixing America’s Surface Transportation Act (FAST Act) amended the GLBA to provide for such an exception. The CFPB has now… Read More

CFPB Issues RFI on Inherited Regulations

Posted in CFPB

On March 26, 2018, the CFPB published a Request for Information on the CFPB’s inherited regulations and inherited rulemaking authorities. The RFI is the ninth in a series that solicits public feedback on the Bureau’s operations, and the regulations for which it is responsible. Comments on the RFI regarding inherited regulations are due by June… Read More

CFPB Requests Feedback on Rulemaking Process

Posted in CFPB

On March 7, 2018, the CFPB released a Request for Information regarding the Bureau’s rulemaking process, the seventh RFI in its initiative to reexamine the Bureau’s existing policies and procedures under Acting Director Mick Mulvaney’s leadership. Through this latest RFI, the Bureau seeks feedback “on all discretionary aspects of the Bureau’s [rulemaking] processes, including current… Read More

CFPB Requests Feedback on Public Reporting of Consumer Complaints

Posted in CFPB

On March 1, 2018, the CFPB released its sixth Request for Information as part of its initiative to reexamine the Bureau’s existing policies and procedures under Acting Director Mick Mulvaney’s leadership. This RFI addresses how the Bureau analyzes and reports consumer complaint information. The RFI requests feedback to assist the Bureau in “assessing potential changes… Read More

CFPB Requests Information on Supervision Processes

Posted in CFPB

On February 14, 2018, the CFPB issued a Request for Information seeking comments on improvements to the CFPB’s supervision program and “how best to achieve meaningful burden reduction.” The CFPB is seeking comments from “all interested members of the public,” including supervised entities, companies supervised by other agencies, consumer advocates, and regulators. The CFPB asks… Read More

CFPB’s Third Request for Information Broadly Seeks Feedback on Enforcement

Posted in CFPB

In its third Request for Information to “ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers,” the Consumer Financial Protection Bureau seeks comments “to help assess the overall efficiency and effectiveness” of its enforcement process. We issued client alerts previously on the CFPB’s outreach and RFI process, the first RFI… Read More

CFPB Starts Review of Administrative Adjudications

Posted in CFPB

The CFPB issued its second in a series of Requests for Information on January 31, 2018; this one dealing with administrative adjudications. In the associated press release, the Bureau explained that it “is seeking to better understand the benefits and impacts of its use of administrative adjudications, and how its existing process may be improved.”… Read More

With CID Request, CFPB Follows Through on Plan to Review Functions

Posted in CFPB

On January 26, 2018, the CFPB published a Request for Information in the Federal Register regarding the Bureau’s Civil Investigative Demand processes. According to the Bureau’s related press release, the RFI is the first part of Acting Director Mick Mulvaney’s “call for evidence” about the Bureau’s functions. As presaged in the Bureau’s press release, the… Read More

CFPB Amends Prepaid Accounts Rule and Delays its Effective Date

Posted in CFPB, Credit Cards, Regulatory Developments

On January 25, 2018, the CFPB finalized amendments to its final Prepaid Accounts Rule, which was published in November 2016. The Bureau stated that the 2018 Amendments finalize revisions proposed in June 2017 “generally as proposed, with certain modifications.” The 2018 Amendments address some of the issues raised by industry and delay the effective date… Read More

CFPB Announces Review of Agency’s Functions

Posted in CFPB

On January 17, 2018, the CFPB announced that it soon will begin issuing a series of Requests for Information to “ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers.” The CFPB said the RFIs will seek public comment on enforcement, supervision, rulemaking, market monitoring, and education activities, with the goal… Read More

CFPB Encourages Financial Institutions to Provide Consumers with Greater Control over Payment Methods

Posted in CFPB, Credit Cards, Electronic Payments

On November 20, 2017, the CFPB released a November 17, 2017 letter that Director Richard Cordray sent to “the CEO’s of several banks, credit unions, and financial companies” asking that they consider “enabl[ing] consumers to exert greater control over their credit cards, debit cards, and other payment methods.” Read our client alert.

CFPB Outlines Principles for Consumer-Authorized Financial Data Sharing and Aggregation

Posted in CFPB, Privacy

On October 18, the CFPB released a set of guiding principles for participants in the financial data sharing and aggregation industry. The publication of the consumer protection principles follows a November 2016 Request for Information in which the CFPB asked stakeholders in the data sharing and aggregation market to comment on consumer benefits and risks associated… Read More

CFPB Releases Final Payday Lending Rule

Posted in CFPB, Payday Lending, Regulatory Developments

On October 5, 2017, the CFPB released its final rule for short-term loans. The nearly 1,700 page rule appears to follow the proposed short-term lending rule with several notable changes. Most notably, the CFPB did not finalize rules relating to underwriting requirements for long-term loans that do not have balloon payments. Read our client alert.

Leading on Leads? CFPB Takes Action Against Online Lead Aggregators

Posted in CFPB, Enforcement Actions, Payday Lending, Privacy, UDAAP

On September 6, 2017, the CFPB announced that it has taken action against an online lead aggregator. The allegations revolved around the company’s selling personal information of consumers who were interested in small-dollar or installment loans to online lenders. It was alleged that the loans ultimately offered to consumers were, or were likely to be, void… Read More