This client alert provides an overview of three recent CFPB guidance documents highlighting existing regulatory flexibility and responsibilities for financial institutions when interacting with consumers in the context of the COVID-19 pandemic: A statement notifying credit card issuers and other open-end creditors that the CFPB will provide supervision and enforcement flexibility during the pandemic with… Read More
Tag Archives: Regulation Z
#ThrowbackThursday: Proposed Increase in Dollar Threshold for Coverage by Regulation Z
Posted in Regulatory DevelopmentsIn December 2010, Morrison & Foerster published the client alert “Proposed Increase in Dollar Threshold for Coverage by Regulation Z.” Summary: On December 13, 2010, the Federal Reserve Board (“Board”) proposed an amendment to Regulation Z to increase the threshold for exempt consumer credit transactions from $25,000 to $50,000. Under the proposal, future increases in… Read More
#ThrowbackThursday: Steps for Lenders to Consider in Connection with Mortgage Modification Programs
Posted in MortgageOriginally published as a Morrison & Foerster client alert in October 2008. Banks are increasingly implementing mortgage modification programs in order both to settle class-action lawsuits and as a way to improve returns on their investments. With housing prices continuing to decline, some lenders have found it increasingly cost-effective to allow borrowers to modify mortgages,… Read More
CFPB Releases Second CARD Act Report
Posted in CFPB, Credit CardsOn December 3, 2015, the Consumer Financial Protection Bureau (“CFPB”) released its second biennial report on the consumer credit card market (“Report”), as required by the Credit Card Accountability Responsibility and Disclosure Act. The Report outlines the results of the CFPB’s most recent study of the credit card market, which included a public request for… Read More
Supervisory Highlights, Fall 2015: Totally Sanitized Limerick Edition!
Posted in CFPB, Mortgage, Student Lending, Supervisory HighlightsDon’t know about you, but we’ve been dreaming about wrapping ourselves in a big cabled sweater, drinking a pumpkin-spiced beverage and cozying up to the Fall 2015 issue of Supervisory Highlights. Usually haiku is how we roll, but haiku really evokes spring, and in honor of everyone’s favorite season of decay, we’ve decided to give… Read More
Webinar: Digital Wallets, Mobile Payments and the CFPB’s Prepaid Proposal
Posted in CFPB, Events, Mobile PaymentsWednesday, July 15, 2015 12:00 p.m. – 1:00 p.m. EDT West LegalEdcenter Webinar On December 23, 2014, the CFPB published its long-awaited proposal to regulate prepaid cards (the “Proposed Rule”). The Proposed Rule is expansive in scope and would regulate as “prepaid accounts” certain digital wallet products, person-to-person (P2P) payment functionality and potentially person-to-business (P2B)… Read More
CFPB Finalizes Rule Suspending Quarterly Submission of Credit Card Agreements
Posted in CFPB, Credit Cards, Regulatory DevelopmentsOn April 15, 2015, the Consumer Financial Protection Bureau (CFPB) announced a final rule (“Final Rule”) that suspends for one year the requirement under the Truth in Lending Act and implemented by Regulation Z that credit card issuers submit their card agreements to the CFPB on a quarterly basis. The Final Rule adopts the February… Read More
Winter 2015 Supervisory Haiku-lights
Posted in CFPB, Fair Lending, Mortgage, Student Lending, Supervisory HighlightsSpring has sprung, technically speaking, but Old Man Winter is dragging his feet on the way out here on the East Coast. Maybe he was hanging around waiting for the Winter 2015 edition of Supervisory Highlights, which came out right before the turn of the seasons. Spring is, of course, prime time for haikus, so… Read More
When Is “Payment Authorization” the Same as a “Payment”? Seventh Circuit Weighs In
Posted in CFPB, Electronic Payments, MortgageA divided Seventh Circuit found that the Truth in Lending Act (TILA), 15 U.S.C. § 1601 et seq., requires mortgage servicers to credit online electronic payments on the day the customer authorizes the payment, despite not actually receiving the payment at that time. Fridman v. NYCB Mortg. Co., LLC, No. 14-2220 (7th Cir. Mar. 11,… Read More