On January 16, the CFPB announced it is accepting applications for membership on the Consumer Advisory Board (CAB), Community Bank Advisory Council, and Credit Union Advisory Council.
Members of the CAB and the Advisory Councils include representatives of consumers, communities, and the financial services industry, as well as academics. Membership on the CAB lasts three
Last month, the Government Accountability Office (GAO) released its annual report on financial services regulations entitled “Dodd-Frank Regulations: Regulators’ Analytical and Coordination Efforts.”
According to this report, federal financial regulators— Consumer Financial Protection Bureau, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, National Credit
On December 29, the Consumer Financial Protection Bureau issued a report calling for stricter and more extensive regulations to the Military Lending Act. The report, titled The Extension of High-Cost Credit to Servicemembers and Their Families, comes on the heels of a recent action by the CFPB, in which Virginia and North Carolina
In November, Administrative Law Judge Cameron Elliot of the U.S. Securities and Exchange Commission issued the first “recommended decision” in a litigated Consumer Financial Protection Bureau administrative enforcement action.
In In re PHH Corporation, et. al., the CFPB alleged this residential mortgage lender was engaged in a nearly 15-year “mortgage insurance kickback scheme” by
On December 16, the Office of the Comptroller of the Currency (OCC) issued a new Truth in Lending Act (TILA) booklet of the Comptroller’s Handbook.
Replacing guidance from December 2010, this booklet provides updated guidance and procedures to examiners in connection with recent changes made to Regulation Z (12 CFR 1026), primarily with regard
Last month the CFPB held another in a series of webinars on the TILA-RESPA Integrated Disclosure Rule. You can view the video of this webinar – and the prior three webinars – here, which focused on questions related to completing the Closing Disclosure Form.
Last month’s session was the fourth in a series of
On December 15, the CFPB published a proposed rule regarding Amendments to the 2013 Mortgage Rules under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z).
As we previously discussed, in October 2014 the CFPB issued a final rule amending the 2013 mortgage rules that took effect
In November, the Consumer Financial Protection Bureau issued a compliance bulletin (CFPB Bulletin 2014-03) reminding lenders of their legal obligations when underwriting mortgage loans for Social Security disability recipients. The agency outlined steps that creditors can take to avoid illegal discrimination in violation of the Equal Credit Opportunity Act (ECOA) and Regulation B.
Lenders in
On Wednesday, December 3, 2014, New York Governor, Andrew Cuomo, announced new regulations aimed at “protect[ing] consumers against abusive and deceptive debt collection practices.” The press release issued by Governor Cuomo can be found here.
These regulations come from the New York Department of Financial Services and were first proposed in July 2013 and
Massachusetts Attorney General Martha Coakley recently entered into a Consent Judgment with Beth Israel Deaconess Medical Center, Inc., related to a data breach that affected nearly 4,000 patients and employees.
“The healthcare industry’s increased reliance on technology makes it more important than ever that providers ensure patients’ personal information and protected health information is secure,”