Recently, the Research Integrity Council (RIC) held its first Research Academic Forum, a panel discussion that focused on how independent academic research can help inform the agency rulemaking process, especially at the CFPB.  As previously reported, the RIC’s objective is to ensure that good, quality research forms the basis for the rulemaking process. … Continue Reading

On Tuesday, June 10, the House Financial Services Committee held a markup to discuss several bills designed to promote greater transparency and accountability at the CFPB.  In his opening statement, Chairman Hensarling characterized the CFPB as a “uniquely unaccountable agency,” and emphasized that “regardless of how noble a purpose an agency may have, it does not mean that it is not in need of accountability and transparency.”… Continue Reading

On June 17, 2014, the CFPB and Federal Reserve will be co-hosting a webinar on the TILA-RESPA integrated mortgage loan disclosures.  The webinar’s description indicates that it will be the first of a recurring series of webinars to address the new rule and disclosures.  In the webinar, the CFPB plans to provide an overview of the final rule and the new disclosures and address basic compliance questions, with subsequent webinars to address specific implementation and interpretive questions received by the CFPB. … Continue Reading

The FY 2015 Commerce, Justice, Science Appropriations Act (H.R. 4660) passed by the House of Representatives includes an amendment (H. Amdt. 768) that prohibits the U.S. Department of Justice from using any of the funding provided by the Act to enforce the Fair Housing Act using a disparate impact theory. … Continue Reading

H.R. 3211, which amends the Truth in Lending Act’s definition of “points and fees,” was passed by a voice vote in the House of Representatives on June 9, 2014.  

The “points and fees” definition is used to determine whether a mortgage loan triggers application of the TILA high-cost mortgage loan provisions under the points and fees test, and whether a loan satisfies the points and fees limitation to be a qualified mortgage loan under the TILA ability to repay provisions. … Continue Reading

Tomorrow, the CFPB will publish in the Federal Register a “Request for Information Regarding the Use of Mobile Financial Services by Consumers and Its Potential for Improving the Financial Lives of Economically Vulnerable Consumers.” The CFPB is looking for information on how consumers use mobile financial services to access products and services, particularly for economically vulnerable consumers. … Continue Reading

Yesterday, the Senate Committee on Banking, Housing and Urban Affairs heard testimony from Director Cordray at its hearing titled “The Consumer Financial Bureau’s Semi-Annual Report to Congress.” Noteworthy aspects of Director Cordray’s testimony included the following:

  • As they did at the Committee’s hearing on the CFPB’s Fourth Semi-Annual Report, Committee members  questioned Director Cordray about the CFPB’s data collection practices, especially in light of the FHFA’s recent announcement that the categories of information to be collected for the National Mortgage Database would be vastly expanded.
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The U.S. Supreme Court could have its third opportunity since 2012 to provide clarity with respect to disparate impact claims under the Fair Housing Act and (by analogy) the Equal Credit Opportunity Act.  After losing on appeal to the Fifth Circuit in March, the Texas Department of Housing and Community Affairs (Texas DHCA) recently filed a petition for certiorari with the Supreme Court, asking the Court to again answer the question of whether disparate impact claims are cognizable under the FHA. … Continue Reading

As we previously reported, the CFPB announced that it would be opening its advisory group meetings to the public. The CFPB will be holding its first Consumer Advisory Board meeting that is open to the public on June 18, in Reno, Nevada. The meeting’s agenda includes comments by Deputy Director Steve Antonakes, and will feature discussions on the Title XIV mortgage rules.… Continue Reading

Last Wednesday, the Senate Budget Committee and the Senate Banking Committee held separate hearings about student loans.  Interestingly, the CFPB was represented in only one of the hearings.

The Senate Budget Committee held a hearing titled “The Impact of Student Loan Debt on Borrowers and the Economy,” which included testimony from the CFPB’s Student Loan Ombudsman Rohit Chopra.… Continue Reading