On August 11, the Consumer Financial Protection Bureau (CFPB) published a notice and request for comment in the Federal Register on its information collection initiative, “Electronic Disclosure on Mobile Devices.” The CFPB issued the request for comment in advance of seeking formal approval for the initiative from the Office of Management and Budget (OMB).
The
A federal district court judge in Massachusetts denied a credit repair company’s motion to dismiss a case brought by the Consumer Financial Protection Bureau (CFPB) and the state of Massachusetts alleging that the company made false representations about customers’ ability to improve their credit rating and requested payment in advance of full performance, in violation
On June 17, the president signed legislation designating “Juneteenth National Independence Day, June 19” as a federal holiday. Because the legislation took effect immediately, it raised compliance questions for residential mortgage lenders, which must take federal holidays into account when calculating waiting periods for rescissions of closed-end loans under the Truth in Lending Act (TILA)
On October 30, 2020, the Consumer Financial Protection Bureau (CFPB or the Bureau) released its long-awaited final debt collection rule — also known as Regulation F. The Bureau supplemented the rule on December 18, 2020 and both parts were adopted pursuant to the Bureau’s authority under the Fair Debt Collection Practices Act (FDCPA).
On April
On June 16, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule to explain the basis for its position that the CFPB possesses the authority to “examine supervised financial institutions for risks to active duty servicemembers and their dependents (i.e. military borrowers) from conduct that violates the Military Lending Act (MLA).”
As far back
On June 28, the Consumer Financial Protection Bureau (CFPB) issued a final rule to amend Regulation Z’s mortgage servicing requirements in order to “establish temporary special safeguards to help ensure that borrowers have time before foreclosure to explore their options, including loan modifications and selling their homes.”
The rule, which applies to federally regulated mortgage
On July 1, the Consumer Financial Protection Bureau (CFPB or Bureau) released a FCRA Tenant Screening Enforcement Compliance Bulletin, outlining its enforcement focus areas as the country transitions to a post-pandemic rental market. The Bureau states that it “intends to look carefully at the accuracy and dispute-handling practices of [consumer reporting agencies “CRAs”] that
On June 4, the Consumer Financial Protection Bureau (CFPB) issued a frequently asked question and answer guide. Regulation E, in part, establishes limitations on a consumer’s liability and requires investigations of consumers’ claims of unauthorized electronic fund transfers. This FAQ concerns unauthorized transfers governed by Regulation E.
The first and second questions deal with
In a June 22 letter to the inspector general of the Federal Reserve Board and Consumer Financial Protection Bureau, Subcommittee on Government Operations Ranking Member and House Representative Jody Hice (R-GA) called for an urgent investigation into reports that the Biden administration is targeting certain career CFPB employees from the Trump administration to replace them
On April 27, the Bureau of Consumer Financial Protection (CFPB) issued a final rule to delay the mandatory compliance date for the General QM Final Rule until October 1, 2022. The CFPB stated that it issued the rule “to help ensure access to responsible, affordable mortgage credit and to preserve flexibility for consumers affected by