CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB has issued a report titled “Payment Amount Furnishing & Consumer Reporting” that highlights changes since 2012 in the furnishing of actual payment data to consumer reporting agencies.
The report indicates that:
The industry trade groups challenging the CFPB’s final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule) have filed their combined opposition to the CFPB’s cross-motion for summary judgment and reply to the CFPB’s opposition to the trade groups’ motion for summary judgment. The combined motion follows the filing of an Amended Complaint by the trade groups focused on the Rule’s payments provisions, the filing of an Answer to the Amended Complaint by the CFPB, the filing of a motion for summary judgment by the trade groups, and the filing of a cross-motion for summary judgment and opposition to the trade groups’ summary judgment motion by the CFPB.… Continue Reading
For our financial services clients interested in monitoring important federal and state legal developments, Ballard Spahr has launched a comprehensive, national tracking service designed to serve the needs of specific segments of the consumer financial services industry.
Beginning January 2, 2021, Ballard is pleased to offer three new federal and state trackers, which are available as a package or individually, depending on your financial institution’s needs:
In a complaint filed in the U.S. District Court for the Northern District of California, the FTC alleges that a company that distributes a mobile banking application (App) and its founder who is the company’s sole officer have engaged in deceptive practices in violation of Section 5 of the FTC by making misrepresentations regarding consumers’ ability to access their funds and the interest rates paid on consumers’ accounts.… Continue Reading
The OCC has issued a proposed rule that would establish standards that a bank must follow in fulfilling its obligation to provide fair access to financial services. Comments on the proposal are due by January 4, 2021.
The rule would apply to national banks and federal savings associations with a market position that allows them to (1) raise the price a person has to pay to obtain a financial service offered by the bank from the bank or a competitor, or (2) significantly impede a person, or a person’s business activities, in favor of or to the advantage of another person. … Continue Reading
The FTC recently published a blog post about a warning letter it sent to TAPD, Inc., which does business as Frank Financial Aid, warning the company that advertising and marketing, including on its website, may be misleading consumers about pandemic-related relief in the form of grants available to postsecondary students and a cash advance product offered by the company, in violation of Section 5 of the FTC Act. … Continue Reading
As previously reported, in August 2020 the CFPB released the Home Mortgage Disclosure Act (HMDA) Filing Instruction Guide (FIG) for data that must be collected in 2021 and reported in 2022. Recently, the CFPB released an update to the FIG. Edits Q656 and Q657 that were in Table 8: Macro Quality Edits for Loan/Application Register of the prior version of the FIG have been reclassified and moved to Table 7: Quality Edits for Loan/Application Register in the updated version of the FIG.… Continue Reading
Last Thursday, on remand from the U.S. Supreme Court, the U.S. Court of Appeals for the Ninth Circuit heard oral argument in Seila Law. The members of the three judge panel were Judge Susan Graber and Judge Paul Watford from the Ninth Circuit and Judge Jack Zouhary from the U.S.… Continue Reading
We are joined by Bret Ladine, the DFPI’s General Counsel. We discuss the DFPI’s plans for adding new staff, promoting innovation through the new Financial Technology Innovation Office, providing guidance on CFPL exemptions, and handling complaints. Other topics include the DFPI’s approach to its new authority regarding UDAAPs (which covers small business financing), registration of covered persons, and civil penalties.… Continue Reading
The CFPB recently announced that it, along with the Comptroller of the Currency and Federal Reserve Board, issued a final rule that will maintain the current exemption threshold to the appraisal requirement for higher priced mortgage loans (HPML). The initial exemption threshold was $25,000, and the threshold is subject to annual adjustment based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers.… Continue Reading
