The CFPB posted Regulation Z, which implements the Truth in Lending Act, on its eRegulations platform. The posting brings together all materials related to the regulation on a single website. Users of eRegulations can view the currently effective regulation text, search past and present versions of regulations, compare two versions of the regulation,
CFPB Issues New (TILA-RESPA) Guidelines
The Consumer Financial Protection Bureau recently issued guidelines aimed to increase clarity regarding the Truth in Lending Act-Real Estate Settlement Procedures Act (TILA-RESPA) integrated mortgage disclosure rule. The CFPB stated that the “TILA-RESPA Integrated Disclosure Rule Small Entity Compliance Guide” makes mortgage disclosures easier for consumers to understand and use, while also helping
CFPB Issues Proposed Amendments to Mortgage Rules under Regulation Z
The Consumer Financial Protection Bureau has issued a rule containing proposed amendments to its mortgage rules under the Truth in Lending Act (Regulation Z). The proposed rule was published in the Federal Register on May 6, 2014. The proposal includes amendments to certain rules that were issued in January 2013 and went into effect in
CFPB Publishes New Guidance on Credit Reporting for Child Welfare Caseworkers
On May 1, 2014, the Consumer Financial Protection Bureau published action letters for child welfare caseworkers to send to credit bureaus if they find errors on the credit reports of the children in their care. The CFPB stated that the nearly 400,000 children in the United States foster care system often lack a permanent address,
New Legislation Proposes Amendments to FCRA
On Wednesday, April 9, 2014, Senators Brian Schatz (D-Hawaii) and Sherrod Brown (D-Ohio) announced legislation seeking to amend the Fair Credit Reporting Act (FCRA) to protect consumers from inaccurate credit reports and credit scores. Their legislation, the Stop Errors in Credit Use and Reporting (SECURE) Act, is aimed at easing the process by which
West Virginia Adds New Disclosure Requirement for Out-of-Statute Debts
A recently passed bill by the West Virginia Legislature requires debt collectors to make new disclosures in initial letters to consumers. Effective June 6, 2014, section 46A-2-128(f) of the West Virginia Consumer Credit Protection Act (WVCCPA) is amended to require the initial written communication with a consumer to disclose the subject debt is beyond the
Larger Participant Rule on Horizon for Auto Finance Industry
In early April, Deputy Director Steven Antonakes of the Consumer Financial Protection Bureau delivered the keynote speech at a meeting of the Consumer Bankers Association. During his speech, he specifically targeted the auto finance industry, articulating the CFPB’s concern over dealer mark-up and comparing the practice to mortgage yield spread premiums. Deputy Director Antonakes stated:
CFPB Outlines Expansion of Nonbank Supervision, In Particular Increasing Consumer Access to Credit Scoring Information and Education
In a speech at the Consumer Bankers Association, CFPB Deputy Director Steve Antonakes discussed the nonbank segments of the financial services industry where the CFPB recently has expanded its supervision, including debt collection, student loan servicing, and large nonbank auto lenders.
Antonakes cited the receipt of more than 20,000 consumer complaints in March 2014 as
Proposed Legislation Would Require CFPB to Create Advisory Board of Small Financial Services Companies
Earlier today a bipartisan bill was introduced into the US House of Representatives which would require the CFPB to create an advisory panel of small financial services companies similar to other boards the Bureau has created. The Bureau of Consumer Financial Protection Small Business Advisory Board Act, introduced by Rep. Robert Pittenger, R-N.C., and
CFPB Releases Small-Entity Compliance Guide on TILA-RESPA Integration Rule
On March 31, the CFPB released a Small Entity Compliance Guide for its integrated disclosure rule for the Truth in Lending (TILA) and Real Estate Settlement Acts (RESPA). The CFPB issued the final rule in November to integrate the initial and final mortgage loan disclosures under TILA and RESPA. The final rule appeared in the