Alan Kaplinsky, who leads Ballard Spahr’s Consumer Financial Services Group, has been asked by the CFPB to testify as an industry representative at the CFPB’s May 5 field hearing on arbitration.  We expect the hearing to coincide with the CFPB’s release of a proposed rule on the use of arbitration agreements in certain consumer financial services contracts that would prohibit financial institutions from using arbitration agreements to block consumers from filing class action lawsuits.… Continue Reading

The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness has sent a letter to Director Cordray suggesting a series of issues for Mr. Cordray to address in his prepared remarks at the CFPB’s field hearing on arbitration scheduled for this Thursday, May 5.

As the Chamber’s letter notes, the CFPB  foreshadowed in the materials given to the SBREFA panel  that the CFPB was contemplating a ban on the use of class action waivers in arbitration agreements. … Continue Reading

The CFPB has announced that it is amending the Interstate Land Sales Full Disclosure Act’s implementing regulations to allow electronic registration filings.

The Dodd-Frank Act transferred rulemaking authority over the ILSA from HUD to the CFPB. The ILSA requires certain developers to register their subdivisions plans and provide disclosures to consumers regarding the lots or condominiums being purchased.… Continue Reading

The CFPB has issued a report covering its fair lending activities during 2015.  The report states that in 2015, CFPB fair lending supervisory and public enforcement actions required institutions to provide approximately $108 million in remediation.  Much of the information contained in the report was the subject of previous blog posts.… Continue Reading

Last week, the CFPB announced that it had issued a Request for Information seeking comment on a set of prototype disclosures (the “Payback Playbook”) to assist federal student loan borrowers in selecting between alternative repayment plans.  The CFPB’s announcement was accompanied by an announcement by the Department of Education of two new student loan-related initiatives, one directed at credit reports and the other directed at servicing.  … Continue Reading

The D.C. district court recently granted two industry trade associations whose members sell homeowners insurance leave to file an amended complaint in their lawsuit challenging the Fair Housing Act (FHA) disparate impact rule (Rule) adopted by the U.S. Department of Housing and Urban Development (HUD).  In their amended complaint, the trade associations allege that the Rule is inconsistent with the U.S.… Continue Reading

The CFPB has issued a Request for Information (RFI) seeking comment on a set of prototype disclosures to assist federal student loan borrowers in selecting between alternative repayment plans.  Comments are due on or before June 12, 2016.

Referred to by the CFPB as “the student loan Payback Playbook,” the prototypes consist of three potential Playbooks. … Continue Reading

In a letter dated April 28, 2016, addressed to Industry Trades and their Members and signed by Director Cordray, the CFPB announced its intention to reopen the rulemaking for the TILA/RESPA Integrated Disclosure (TRID) rule. The Bureau announced the Notice of Proposed Rulemaking (NPRM) would likely be issued in late July.… Continue Reading

The CFPB has issued its April 2016 complaint report which highlights complaints about mortgages and complaints from consumers in California.  The CFPB began taking complaints about mortgages in December 2011.

General findings include the following:

  • As of April 1, 2016, the CFPB handled approximately 859,900 complaints nationally, including approximately 26,500 complaints in March 2016. 
… Continue Reading

The CFPB has issued a final rule that adopts as final, the interim final rules issued  by the CFPB in December 2011 in connection with the Dodd-Frank Act’s general transfer of rulemaking authority to the CFPB for the consumer financial protection laws implemented by such rules.

The Dodd-Frank Act, as of July 21, 2011, transferred to the CFPB the rulemaking authority of the Fed and various other federal agencies under 14 federal consumer financial protection laws (except with respect to certain sections of such laws). … Continue Reading