In a notice published in today’s Federal Register, the CFPB announced that it has extended the comment period on its small business lending RFI until September 14, 2017.

The CFPB issued the RFI, together with a white paper on small business lending, in May 2017 in conjunction with a field hearing on small business lending. … Continue Reading

The CFPB has updated the Home Mortgage Disclosure Act guidance that is available on its resource webpage for HMDA filers.  Updates were made to the Technology Preview, the Filing Instruction Guides for both data collected in 2017 and data collected in 2018 and subsequent years, and the Frequently Asked Questions.

In the FAQs, the CFPB notes that the new internet-based HMDA Platform for the submission of HMDA data is expected to be available in the third quarter, and that once the Platform is available companies will be able to register for login credentials and establish an account.… Continue Reading

Two Republican Senators, Mike Crapo (who chairs the Banking Committee) and Tom Cotton (a Banking Committee member), have announced plans to draft a resolution of disapproval to overturn the CFPB’s final arbitration rule under the Congressional Review Act.

According to Politico, Senator Crapo has indicated that he wants to take the lead on drafting a CRA resolution. … Continue Reading

In a new video posted on its website entitled “CFPB’s New Arbitration Rule: Take Action Together,” the CFPB tells consumers that arbitration agreements prevent them from joining together to hold companies accountable for consume harm and that the CFPB’s new rule “will ensure people who are harmed together can take action together.”… Continue Reading

The CFPB announced today that it has issued a final rule that prohibits covered providers of certain consumer financial products and services from using an agreement with a consumer that provides for arbitration of any future dispute between the parties to bar the consumer from filing or participating in a class action with respect to the covered consumer financial product or service. … Continue Reading

The CFPB is holding an “embargoed press call” today at 2 p.m. ET “to announce consumer protections.”  We are virtually certain that the “consumer protections” to be announced by the CFPB will be the release of its final arbitration rule at 4:30 p.m. ET, today.

Assuming the final arbitration rule is released, we will promptly report on what it provides and announce the date of a webinar that we will hold on the final rule.… Continue Reading

The CFPB has announced the following new members to its Consumer Advisory Board, Academic Research Council, Community Bank Advisory Council, and Credit Union Advisory Council.  New members to the Consumer Advisory Board and Academic Research Council will serve three-year terms and new members to the Community Bank and Credit Union Advisory Councils will serve two-year terms.… Continue Reading

The CFPB recently issued two updates for its Mortgage Servicing Rule amendments to Regulations X and Z.  Issued on August 4, 2016, the Mortgage Servicing Final Rule amended various aspects of the existing Mortgage Servicing Rules.  These changes will become effective either on October 19, 2017 or April 19, 2018.

First, the CFPB issued non-substantive, technical corrections to the Mortgage Servicing Final Rule issued in 2016. … Continue Reading

On July 12, 2017, a subcommittee of the House Financial Services Committee will hold a hearing entitled “Examining Legislative Proposals to Provide Targeted Regulatory Relief to Community Financial Institutions.”  The Subcommittee on Financial Institutions and Consumer Credit will examine nine bills that include bills that would: (1) amend the FDCPA, including by classifying debt buyers as “debt collectors” and subjecting debt collectors for federal agencies to FDCPA requirements, (2) require the GAO to study debt collection practices at the federal, state, and local levels; (3) repeal the CFPB’s UDAAP enforcement authority and raise the CFPB’s large depository institutions supervisory threshold to institutions with assets of $50 billion or more, and (4) amend various TILA mortgage-related provisions such as escrow and appraisal requirements. … Continue Reading

The CFPB recently issued final amendments to the TILA/RESPA Integrated Disclosure (TRID) rule and a proposal to further amend the TRID rule.  The CFPB has also issued an Executive Summary of the amendments.

Although the amendments will become effective 60 days after publication in the Federal Register, mandatory compliance with the amendments will be required for applications received on or after October 1, 2018. … Continue Reading