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The CFPB recently made filings with the Office of Management and Budget (OMB) regarding the following rules:

  • Loan Originator Compensation Requirements Under the Truth in Lending Act (Regulation Z).
  • Discretionary Servicing Rules under the Real Estate Settlement Procedures Act (Regulation X).
  • Discretionary Mortgage Servicing Rules Under the Truth in Lending Act (Regulation Z).
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In response to reports that Acting CFPB Director Mick Mulvaney intends to dispense with routine supervisory examinations of creditors for violations of the Military Lending Act (MLA), Senate Democrats sent a joint letter addressed to Mulvaney in his capacity as Director of the Office of Management and Budget—urging him to reconsider.… Continue Reading

It has been reported that President-elect Donald Trump has nominated South Carolina Republican Congressman Mick Mulvaney to be Director of the Office of Management and Budget (OMB).  Mr. Mulvaney has been described as a “staunch deficit hawk” and his nomination is viewed as sending a signal that federal regulations are likely to face tough scrutiny in a Trump administration.… Continue Reading

As part of its on-going study of consumer arbitration mandated by the Dodd-Frank Act, the CFPB announced on June 7, 2013 that it is seeking funding from the Office of Management and Budget to undertake a telephone survey of 1,000 credit card holders to ascertain their awareness of and perceptions regarding the arbitration provisions in their contracts.… Continue Reading