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Tag Archives: TILA

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

By Rick Fischer, Obrea Poindexter, Crystal Kaldjob and Jennifer Talbert on 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

Whither the CFPB? In Uncertain Times, Rep. Hensarling’s Vision May See New Life

By Don Lampe and Amanda Mollo on Posted in Regulatory Developments

Given the outcome of the presidential election, the focus is now on President-Elect Trump’s campaign promises to scale back the Dodd-Frank Act and pursue deregulation of financial services. As of now, little is known about specific actions the new administration will pursue after inauguration. There is, however, a template for reform, namely, the Financial Creating… Read More

EVENT: Financing FinTech: Prepaid Accounts

By MoFoReEnforcement on Posted in Events, Regulatory Developments

Thursday, October 27, 2016 5:00 p.m. – 5:45 p.m. EDT Join us for one of our upcoming monthly telephone briefings led by members of our FinTech team: The CFPB announced final rules on October 5 concerning prepaid accounts under the Electronic Fund Transfer Act (Regulation E) and the Truth In Lending Act (Regulation Z). The… Read More

Senate Legislation to Regulate Small-Dollar Loans and Prepaid Cards

By Don Lampe, Trevor Salter and Ryan Richardson on Posted in Payday Lending, Regulatory Developments

On April 7, 2016, Sen. Jeff Merkley (D-OR) introduced the “Stopping Abuse and Fraud in Electronic Lending Act of 2016,” or “SAFE Lending Act of 2016,” amending the Truth in Lending Act (“TILA”) and the Electronic Fund Transfer Act (“EFTA”) to include new limitations on small-dollar loans and prepaid cards. S. 2760 is cosponsored by… Read More

#ThrowbackThursday: Steps for Lenders to Consider in Connection with Mortgage Modification Programs

By MoFoReEnforcement on Posted in Mortgage

Originally 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 Orders Auto Financer to Pay $48.3M for Misleading Borrowers

By Ashley Hutto-Schultz on Posted in CFPB, Enforcement Actions, Indirect Auto Lending, UDAAP

On September 30, 2015, the CFPB ordered an indirect auto lending company and its auto lending subsidiary to pay $48.3 million in fines for alleged FDCPA, TILA, and UDAAP violations. The CFPB alleges that the companies manipulated borrowers by using phony caller ID information and lying about imminent repossession or criminal charges in order to… Read More

Amendments Relating to Small Creditors and Rural or Underserved Areas Under the Truth in Lending Act (Regulation Z)

By MoFoReEnforcement on Posted in CFPB, Mortgage

The CFPB is amending certain mortgage rules issued by the Bureau in 2013. This final rule revises the Bureau’s regulatory definitions of small creditor, and rural and underserved areas, for purposes of certain special provisions and exemptions from various requirements provided to certain small creditors under the Bureau’s mortgage rules. Read the rule here.

CFPB Finalizes Rule Suspending Quarterly Submission of Credit Card Agreements

By Rick Fischer, Obrea Poindexter, Jeremy Mandell and James Nguyen on Posted in CFPB, Credit Cards, Regulatory Developments

On 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

CFPB Keeps its Sights on Military Mortgage Ads

By Angela Kleine on Posted in CFPB, Mortgage, UDAAP

The CFPB has announced another enforcement action targeting alleged deceptive mortgage advertising to veterans.  The Bureau claims that the defendant lender targeted veterans with ads that falsely implied an affiliation between the mortgage lender and the Department of Veterans Affairs or the Federal Housing Administration.  This allegedly violated the 2011 Mortgage Acts and Practices Advertising… Read More

April Fool’s – Not

By Angela Kleine on Posted in CFPB, Mortgage, Regulatory Developments

On April 1st, the Bureau issued updated exam procedures on the new TILA and RESPA rules.  They cover TILA RESPA Integrated Disclosures (applicable for exams after the August 2015 effective date), Higher-Priced Mortgage Loan Appraisals, Escrow Accounts, and Mortgage Servicing Requirements.  For more information on the new rules and their implementation, check out our handy… Read More

When Is “Payment Authorization” the Same as a “Payment”? Seventh Circuit Weighs In

By Sarah Nicole Davis on Posted in CFPB, Electronic Payments, Mortgage

A 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