On September 21, the CFPB finalized its proposal to amend Regulation B requirements related to the collection of consumer ethnicity and race information, in order to resolve the differences between Regulation B and revised Regulation C (the “Final Rule”). This Final Rule is effective on January 1, 2018, the same effective date for most of the 2015 Home Mortgage Disclosure Act (HMDA) Final Rule. … Continue Reading
Before presenting your idea . . .
I regularly work with technology innovators to help them get their ideas cleaned up for financial institutions and to give them a headstart in understanding the types of risk concerns and controls that financial institutions are going to have and want. To technology innovators who may be intrigued by the CFPB’s request for dialogue, I wanted to provide my thoughts on some steps to take before charging through the Project Catalyst doors and throwing your ideas in front of the CFPB.… Continue Reading
Coming soon: New numbers for consumer financial protection regulations
Later this year, the rules for which rulemaking authority was transferred to the CFPB by the Dodd-Frank Act will be getting new numbers. The CFPB announced in July that it plans to house those rules in chapter X of CFR title 12, meaning that the 200 series will become the 1000 series.… Continue Reading