CFPB General

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The CFPB recently issued two factsheets regarding the Equal Credit Opportunity Act (ECOA) and Regulation B provisions that require creditors to provide the applicant with a copy of any written appraisal or other valuation developed in connection with an application for a first lien mortgage loan to be secured by a dwelling (ECOA Valuations Rule).… Continue Reading

The CFPB recently published ten new TRID FAQs related to lender credits.

Previously the CFPB staff provided informal verbal guidance regarding lender credits, and the 2017 amendments to the TRID rule, often referred to as TRID 2.0, added commentary to TRID provisions of Regulation Z that address the disclosure and treatment of lender credits.… Continue Reading

Last week, the CFPB Ombudsman’s Office released its eighth annual report covering the Office’s activities during fiscal year 2019.  The Ombudsman’s Office is intended to serve as an independent, impartial, and confidential resource that assists consumers, financial entities, consumer or trade groups, and others in informally resolving process issues with the CFPB.… Continue Reading

Although it will not be published in time for holiday gift giving, pre-orders are being taken for a new book written by former CFPB Director Richard Cordray.  The book, to be published by Oxford University Press, is titled “Watchdog: How Protecting Consumers Can Save Our Families, Our Economy, and Our Democracy” and includes a foreword by Senator Elizabeth Warren.… Continue Reading

The U.S. Supreme Court has scheduled oral argument in Seila Law on March 3, 2020.

The question presented in Seila Law’s petition is whether the CFPB’s single-director-removable-only-for-cause structure violates the separation of powers in the U.S. Constitution.  In its Order granting Seila Law’s certiorari petition, the Supreme Court directed the parties to also brief and argue the question whether the Dodd-Frank Act’s for-cause removal provision can be severed from the Act if the Bureau’s structure is found to be unconstitutional.… Continue Reading

The CFPB and FTC announced the issues that the panels will discuss at the workshop on accuracy in consumer reporting that the agencies will co-host on December 10, 2019.

The workshop will examine issues affecting the accuracy of traditional credit reports as well as employment and tenant background screening reports, including changes in legal requirements and technological developments. … Continue Reading

The Consumer Bankers Association has sent a letter to the leadership of the House of Representatives urging the House to enact legislation that replaces the CFPB’s single director leadership structure with a five-person, bipartisan commission.

The CBA advocates for such legislation as a way to avoid the adverse consequences that it believes would result if the Supreme Court were to rule in Seila Law that the CFPB’s current structure is unconstitutional and the appropriate remedy is to sever the Dodd-Frank Act’s provision that only allows the President to remove the CFPB Director “for cause.” … Continue Reading

PBI’s Consumer Financial Services and Banking Law Update will take place on October 29, 2019, in Philadelphia (and by simulcast in Allentown, Bellefonte, Butler, Chambersburg, Easton, Mechanicsburg, Pittsburgh, West Chester, and York, Pennsylvania).

Alan Kaplinsky, Practice Leader of Ballard Spahr’s Consumer Financial Services Group, and Mark Furletti, Vice-Chair of the Group, will moderate an experienced panel of industry, banking bar and government attorneys covering the latest important developments with respect to:

  • PA Department of Banking and Securities
  • Consumer Financial Protection Unit of the PA Attorney General’s Office
  • The CFPB, FTC, FCC, DOJ, FRB, FDIC and OCC
  • Data Security and Privacy developments
  • Fair Credit Reporting Act and Debt Collection
  • The rapidly developing landscape for FinTech (Artificial Intelligence, Big Data)
  • Consumer Advocates

Ballard Spahr partners John Culhane, James Kim, and Kim Phan will be speaking at the program. … Continue Reading

The CFPB has lifted a nearly two-year hiring freeze and accelerated its recruitment efforts. Mick Mulvaney imposed the freeze when he replaced Richard Cordray, an appointee of President Barack Obama, and became interim Director of the CFPB in November 2017. In an August 15 email to staff, CFPB Director, Kathy Kraninger explained; “Broadly speaking, the completion of the staffing planning process means: The ‘hiring freeze’ is lifted.”… Continue Reading

Last week, Congressional representatives Maxine Waters, D-CA, Bobby Scott, D-VA, and Elijah Cummings, D-MD, as chairs of committees with oversight responsibility for the student loan servicing market, sent letters to CFPB Director Kathleen Kraninger and Department of Education Secretary Betsy DeVos about their concerns with the current state of the student loan industry.… Continue Reading