CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB has issued its long-awaited final rule rescinding the ability-to-repay provisions in its final payday/auto title/high-rate installment loan rule (Payday Rule). The final rule will be effective 90 days after its publication in the Federal Register.
The CFPB also issued a document in which it affirmed and ratified the Payday Rule’s payments provisions. …
The CFPB has published its Spring 2020 rulemaking agenda as part of the Spring 2020 Unified Agenda of Federal Regulatory and Deregulatory Actions. It represents the CFPB’s third rulemaking agenda under Director Kraninger’s leadership. The agenda’s preamble indicates that the information in the agenda is current as of March 5, 2020 and identifies the regulatory…
As previously reported, the Economic Growth, Regulatory Relief, and Consumer Protection Act (Growth Act), also known as S.2155, directs the CFPB to implement an exemption from the mandatory escrow account requirement for higher-priced mortgage loans (HPMLs) under the Truth in Lending Act (TILA) and Regulation Z for certain insured credit unions and insured depository…
The recent announcement by a consumer lender in an SEC filing that it had earmarked $21.7 million to resolve an SEC probe into its FCPA compliance could signal new interest by regulators in enforcing the FCPA against consumer financial services providers with operations outside of the U.S. In this podcast, we review what practices are…
Monday, in Seila Law v. CFPB, the U.S. Supreme Court held that the structure of the CFPB, with a single-director who the President could not remove without cause, violates the separation of powers mandated by the U.S. Constitution. The decision allows the CFPB to continue to operate but effectively provides that the Director will…
Recently federal agencies proposed revisions to the Interagency Questions and Answers Regarding Flood Insurance. The agencies are the Comptroller of the Currency, Farm Credit Administration, FDIC, Federal Reserve Board, and National Credit Union Administration.
The proposed revisions would (1) revise and reorganize the existing Q&As into new categories by subject to enhance clarity and understanding…
The Senate Banking Committee will hold a hearing tomorrow, June 30, titled, “The Digitization of Money and Payments.”
The witnesses will include Charles Cascarilla, Chief Executive Officer and Co-Founder, Paxos, and Professor Nakita Q. Cuttino, Visiting Assistant Professor of Law, Duke University School of Law.
By a five to four vote, the U.S. Supreme Court ruled this morning in Seila Law that the CFPB’s single-director-removable-for-cause leadership structure violates the separation of powers in the U.S. Constitution. Seven of the justices agreed that the provision in Title X of the Dodd-Frank Act that gives the Director for-cause removal protection can be…
The FDIC has issued its widely anticipated final rule resolving the uncertainty caused by the Second Circuit’s Madden v. Midland Funding decision. Madden held that a non-bank entity that purchased charged-off loans from a national bank could not charge the same rate of interest on the loans as the national bank was able to charge…
The CFPB recently proposed a temporary extension of the qualified mortgage (QM) that is based on a loan being eligible for sale to Fannie Mae or Freddie Mac (often referred to as the “GSE Patch”). The CFPB also proposed to replace the strict 43% debt-to-income (DTI) ratio basis for the general QM with an approach…
