CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB recently issued a final rule increasing the asset exemption threshold under the Home Mortgage Disclosure Act (HMDA).
Banks, savings associations and credit unions are not subject to the mortgage loan data collection and reporting requirements under HMDA for a calendar year if their assets as of December 31 of the prior calendar year did not exceed an asset threshold.… Continue Reading
The CFPB recently issued a final rule increasing the asset exemption threshold for the Truth in Lending Act (TILA) requirement to maintain an escrow account for a higher-priced mortgage loan (HPML).
Regulation Z, which implements the TILA, generally requires creditors to maintain an escrow account for the payment of taxes and insurance on a first lien HPML.… Continue Reading
As previously reported, the CFPB is proposing major changes to its 2023 final rule that would require financial institutions to report information contained in loan applications submitted by small businesses, including women-owned and minority-owned small businesses. The rule is better known as the “Section 1071 rule” after the section of the Dodd-Frank Act that required the CFPB to adopt it.… Continue Reading
The CFPB has issued a proposed rule that would make substantial changes to Regulation B under the Equal Credit Opportunity Act (ECOA). In one of the most significant changes, the bureau has preliminary determined that disparate-impact claims are not authorized by ECOA. The proposal also addresses what constitutes prohibited discouragement of applicants or prospective applicants and would substantially revise the rules governing special purpose credit programs (SPCPs) offered by for-profit creditors, essentially eliminating many of such SPCPs.… Continue Reading
Effective October 29, 2025, the CFPB finalized its rule, published at 90 Fed. Reg. 48737-60, rescinding certain amendments to the rules made on February 22, 2022 (prior blog) and on March 29, 2023 (prior blog) (collectively, the 2022 and 2023 amendments).
Under Section 1053(e) of the Consumer Financial Protection Act, the CFPB is authorized to prescribe rules for hearings and adjudication proceedings.… Continue Reading
On October 29, 2025, CFPB withdrew its proposed rule titled Registry of Supervised Nonbanks That Use Form Contracts To Impose Terms and Conditions That Seek To Waive or Limit Consumer Legal Protections, which was published on February 1, 2023. The proposed rule would have required nonbanks to submit annual reports on the terms and conditions in their form contracts and on related court or arbitrator decisions on the enforceability of those terms and conditions.… Continue Reading
The CFPB is proposing major changes to its final rule that would require financial institutions to report information contained in loan applications submitted by small businesses, including women-owned and minority-owned small businesses.
The rule is better known as the “Section 1071 rule” after the section of the Dodd-Frank Act that required the CFPB to adopt it.… Continue Reading
A federal judge has issued an injunction delaying the compliance dates of the CFPB’s open banking rule (“Rule”).
In issuing the injunction, U.S. District Judge Danny C. Reeves of the U.S. District Court for the Eastern District of Kentucky said the bureau has said it is rewriting the Rule that was issued during the Biden Administration.… Continue Reading
The CFPB has formally rescinded its rule creating a registry for nonbank enforcement actions.
The rule, proposed during the Biden Administration, would have required certain nonbank entities to register certain covered enforcement or court orders, and comply with ongoing, attested reporting requirements on the entity’s compliance with such orders.
The repeal was effective on October 29, 2025.… Continue Reading
The CFPB has issued an interpretive rule that says the federal Fair Credit Reporting Act (FCRA) preempts states from regulating broad areas of credit reporting.
“Congress meant to occupy the field of consumer reporting and displace [state] laws within that field,” the bureau said, in the rule that went into effect on October 28.… Continue Reading
