CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB recently released modified Home Mortgage Disclosure Act (HMDA) loan application registers of approximately 5,400 financial institutions for calendar year 2018.
Calendar year 2018 is the first year that the mortgage industry collected HMDA data under the modified, and significantly expanded, data reporting requirements under the revised HMDA rule adopted in October 2015 by…
The CFPB has announced a number of changes to its advisory committee charters, publishing notices in the Federal Register on March 22 pertaining to each advisory committee: the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC), and Academic Research Council (ARC).
The Bureau describes these changes as “enhancements” resulting…
The CFPB announced the release of the 2019 version of A Guide to HMDA Reporting: Getting it Right. The Guide addresses the collection of data under the Home Mortgage Disclosure Act (HMDA) during 2019 that must be reported in 2020.
The Guide incorporates the amendments to HMDA made by the Economic Growth, Regulatory Relief,…
House Financial Services Committee Chairwoman Maxine Waters has introduced the “Consumers First Act” (to be designated H.R. 1500), a modified version of a bill she introduced in the last session of Congress when Mr. Mulvaney was still serving as CFPB Acting Director.
The bill calls on the CFPB to “promptly reverse all anti-consumer…
House Financial Services Committee Chairwoman Maxine Waters has announced a series of hearings for next month, including one entitled “Putting Consumers First? A Semi-Annual Review of the Consumer Financial Protection Bureau” scheduled for March 7, 2019.
The CFPB released its Fall 2018 Semi-Annual Report earlier this month. Since no further information about the hearing is…
H.J. Res. 31, the appropriations bill signed into law by President Trump on February 15 that ended the partial government shutdown and provides funding for fiscal year 2019 through September 30, 2019, includes a provision dealing with CFPB funding requests.
Pursuant to Section 1017(a)(1) of the Dodd-Frank Act, subject to the Act’s funding cap,…
The CFPB recently issued its Fall 2018 Semi-Annual Report to Congress covering the period April 1, 2018 through September 30, 2018.
The report represents the CFPB’s first semi-annual report under the leadership of Director Kathy Kraninger. At 43 pages, the new report is only two pages longer than the last semi-annual report issued under the…
“Disclosure Sandbox.” In September 2018, the Bureau proposed significant revisions to its “Policy to Encourage Trial Disclosure Programs” which sets forth the Bureau’s standards and procedures for exempting individual companies, on a case-by-case basis, from applicable federal disclosure requirements to allow those companies to test trial disclosures.
Last week, the CFPB added the following update…
The CFPB recently issued A Regulatory and Reporting Overview Reference Chart for HMDA Data Collected in 2019. As previously reported, the Economic Growth, Regulatory Relief, and Consumer Protection Act created an exemption from the reporting of the new HMDA data categories for smaller mortgage loan volume depository institutions and credit unions. The 2019…
The Fifth Circuit has calendared oral argument in the All American Check Cashing case for March 12, 2019. The case is one of the three cases currently pending in the circuit courts that involve a challenge to the CFPB’s constitutionality.
The other two cases are RD Legal Funding which is pending in the Second Circuit…
