The CFPB has issued a new report ,“Consumer Use of Buy Now, Pay Later: Insights from the CFPB Making Ends Meet Survey,” that looks at the financial profiles of consumers who use buy-now-pay-later (BNPL) products. 

The report uses data from the CFPB’s 2022 Making Ends Meet survey (responses of 2,036 consumers) and the CFPB’s Consumer Credit Panel.  … Continue Reading

The CFPB recently announced that it is seeking input on a trial disclosure sandbox application from the Independent Community Bankers Association (ICBA) for alternative disclosures under the Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rule for construction and construction-to-permanent loans.  The application is a template application, which means that if even approved by the CFPB it will not actually be operative. … Continue Reading

On March 9, 2023, the House Financial Services Committee’s Subcommittee on Financial Institutions and Monetary Policy will hold a hearing entitled “Consumer Financial Protection Bureau: Ripe for Reform.”  The witnesses for the hearing have not yet been announced.

The hearing will represent the first hearing held by the House Financial Services Committee focused on the CFPB since Republicans took control of the House in January 2023 and Patrick McHenry replaced Maxine Waters as Committee Chair.… Continue Reading

The CFPB and other federal agencies with the responsibility to enforce the Equal Credit Opportunity Act (ECOA) and/or Fair Housing Act (FHAct), recently sent a joint letter to The Appraisal Foundation (TAF) expressing concerns with the Fourth Exposure Draft of Proposed Changes for the 2023 Edition of the Uniform Standards of Professional Appraisal Practice (USPAP). … Continue Reading

A new CFPB report, “Issue Spotlight: Public Benefits Delivery & Consumer Protection,” looks at what it describes as “the challenges that recipients of public benefits programs offering cash assistance encounter in accessing funds.”  The report focuses on cash assistance provided on prepaid cards because the CFPB has observed “specific recurring issues arising with the provision of benefits by that method.”… Continue Reading

The CFPB recently issued two proposals that would require nonbanks to register with and submit information to the CFPB for publication in an online, publicly available database.  The proposals represent an aggressive attempt by the CFPB to enhance its supervisory and enforcement authorities and carry significant potential implications for nonbanks that would be required to register.… Continue Reading

The U.S. Department of Housing and Urban Development (HUD) recently issued a final rule replacing the London Interbank Offered Rate (LIBOR) with the Secured Overnight Financing Rate (SOFR) for newly originated FHA-insured adjustable-rate forward mortgage loans and Home Equity Conversion Mortgages (HECMs), and for existing adjustable-rate forward mortgage loans and HECMs. … Continue Reading

The Federal Communications Commission (FCC) has issued a Report and Order and Further Notice of Proposed Rulemaking that would impose new requirements for the blocking of text messages by mobile wireless providers and propose new limitations on senders of text messages.  The document has been circulated for consideration by the FCC at its March 2023 open meeting and the FCC’s ultimate resolution of the issues is subject to change.… Continue Reading

On February 24, 2023, the California Department of Financial Protection and Innovation (“DFPI”) released a Notice containing modifications to previously proposed regulations addressing the Consumer Financial Protection Law (“CFPL”).  The CFPL, in addition to its consumer focused provisions, contains UDAAP and reporting rules regarding certain commercial financial products and services offered to “covered entities,” which is defined to include small businesses, nonprofits, and family farms whose activities are principally directed or managed from California. … Continue Reading

The Consumer Financial Protection Bureau and Federal Trade Commission issued a request for information (RFI) yesterday seeking comment on “background screening issues affecting individuals who seek rental housing in the United States, including how the use of criminal and eviction records and algorithms affect tenant screening decisions and may be driving discriminatory outcomes.” … Continue Reading