CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB has issued a statement regarding its supervisory and enforcement practices in connection with the electronic provision of certain credit card disclosures during the pandemic that are required by Regulation Z to be provided in writing.
The Bureau discusses the use of E-Sign consent to provide disclosures electronically that pursuant to underlying law, such…
The CFPB announced that it has entered into a consent order with Main Street Personal Finance, Inc. and two subsidiaries (Main Street), each a small-dollar lender, to settle the CFPB’s allegations that Main Street (1) violated the Truth in Lending Act and the CFPA’s UDAAP prohibition by underdisclosing the finance charge on auto-title loans entered…
The CFPB and the Massachusetts Attorney General’s Office have filed a lawsuit against a credit repair company and the company’s individual owner in federal district court in Massachusetts. The complaint alleges that the defendants engaged in deceptive acts or practices in violation of Consumer Financial Protection Act (CFPA) and the Massachusetts Consumer Protection Law, deceptive…
We look at why compliance with the compensation provisions remains a high risk area for the mortgage industry. Discussion topics include how the Bureau identifies violations, litigation and enforcement liability, secondary market considerations, the Bureau’s increasing enforcement activity, and the areas likely to be revisited by the Bureau in proposed revisions to the compensation provisions.…
In the aftermath of a statement from the CFPB and the four federal banking agencies encouraging small-dollar lending in response to the COVID-19 pandemic and guidance from the four federal banking agencies on “Interagency Lending Principles for Offering Responsible Small-Dollar Loans,” the CFPB has issued a “No-Action Letter (NAL) Template” for small-dollar loan…
Comment period extension. Yesterday, the CFPB announced a second 60-day extension of the comment period for its supplemental proposal that would require debt collectors to make specified disclosures when collecting time-barred debts. The CFPB previously extended the initial May 4 comment deadline until June 5. The new comment deadline is August 4, 2020. The…
The CFPB announced that it has entered into a proposed settlement with several of the defendants in the lawsuit it filed in January 2020 in a California federal district court that alleges the defendants obtained consumer reports unlawfully, charged unlawful advance fees, and engaged in deceptive conduct.
The defendants included Chou Team Realty, LLC, which…
The Texas federal district court hearing the lawsuit filed by two trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) entered an order yesterday that once again continues the stay of the lawsuit and the August 19, 2019 compliance date for both the Payday Rule’s ability-to-repay (ATR) provisions and its payment…
The CFPB has issued a statement regarding its supervisory and enforcement approach to Regulation Z billing error resolution timeframes in light of the COVID-19 pandemic.
In the statement, the Bureau acknowledges that some creditors and entities such as merchants, particularly those that are small businesses, may be facing significant operational disruptions as a result of…
The CFPB issued two sets of FAQs that discuss assistance that financial services providers can offer consumers during the COVID-19 pandemic.
One set of FAQs is directed at providers of checking, savings, or prepaid accounts. The FAQs deal with an account provider’s ability to change account terms and the ways account providers can provide immediate…
