CFPB

Subscribe to CFPB

The CFPB has published a document on its website that “communicates the extent to which the Equal Credit Opportunity Act (ECOA) and its implementing Regulation B apply with respect to franchises seeking credit to finance their businesses.”  The document also addresses the application of the CFPB’s Section 1071 rule on small business lending to franchise financing.… Continue Reading

The CFPB has issued an “Issue Spotlight” titled “Analysis of Deposit Insurance Coverage on Funds Stored Through Payment Apps.”   The report was accompanied by a consumer advisory on payment apps. 

Issue Spotlight.  To explain its focus on deposit insurance coverage of funds stored on payment apps (or P2P platforms), the CFPB points to the recent crypto asset platform collapses and bank failures and the growth of non-traditional financial services platforms. … Continue Reading

The CFPB has issued a data spotlight that shows bank overdraft/non-sufficient funds (NSF) fee revenues have declined significantly from their pre-pandemic levels.  

The report states:

Overdraft/NSF revenue for the fourth quarter of 2022 alone was approximately $1.5 billion lower than in the fourth quarter of 2019 – a decrease of 48% compared to before the pandemic, suggesting an annual reduction of over $5.5 billion going forward. … Continue Reading

At the end of March 2023, the CFPB issued its long-awaited final rule to implement Section 1071 of the Dodd-Frank Act.  Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and report certain data in connection with credit applications made by small businesses, including women- or minority-owned small businesses. … Continue Reading

The plaintiffs in the lawsuit filed in a Texas federal district court challenging the validity of the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act have filed a motion seeking a preliminary injunction.  (The final rule was published in today’s Federal Register.)  Originally filed last month naming the Texas Bankers Association and Rio Bank, McAllen, Texas as plaintiffs, the complaint was amended this month to add the American Bankers Association as a plaintiff.   … Continue Reading

Earlier this month, the CFPB published a report on specialty financial products, such as medical credit cards and installment loans, which are sold to patients as a way to address the growing costs of medical care. The report focuses on some of these financial products, which patients once used primarily for elective care but now use to cover everything from emergency room visits to medications to regular checkups, as well as dental and vision visits and treatment.… Continue Reading

As the financial services industry continues to monitor the proceedings in Community Financial Services Association of America v. Consumer Financial Protection Bureau, an industry group composed of the Mortgage Bankers Association (MBA), National Association of Home Builders (NAHB), and National Association of REALTORS® (NAR) has filed a brief as amici curiae cautioning the Supreme Court against a ruling that could call into question all of the CFPB’s regulations.… Continue Reading

The Consumer Financial Protection Bureau (CFPB) published a Small Entity Compliance Guide (“Guide”) covering the amendments to the Equal Credit Opportunity Act (ECOA) and Regulation B, which implement requirements of Section 1071 of Dodd-Frank. These amendments require that financial institutions compile and report certain data regarding certain business credit applications, as explained in our blog.… Continue Reading

The Consumer Financial Protection Bureau (“CFPB”) received more than 225 public comments to its credit card late fee proposal (the “Proposed Rule”). As we have discussed, the Proposed Rule would make significant changes to the current rules for credit card late fees, including substantially reducing the safe harbor late fee amounts that card issuers can charge and eliminating annual inflation adjustments.… Continue Reading

The Consumer Financial Protection Bureau (“CFPB”) recently issued advisory guidance on the enforcement of time-barred mortgage loans.  A time-barred mortgage loan is one where the statute of limitations has expired.  The statute of limitations for mortgage loans are typically created by state law, and vary by jurisdiction.  In some cases, they create an affirmative defense for the consumer that prohibits a debt collector from suing to collect the debt. … Continue Reading