A recently introduced House bill would provide a mechanism to let states opt out of the CFPB’s newly announced rules regulating payday, auto title, and other short-term, small dollar loans. On June 21, Congressman Scott Tipton (R-Colo.) introduced H.B. 5552 which would effectively amend the CFPB’s recently proposed rules. If passed,
CFPB Announces Annual Threshold Adjustments for TILA, CARD, HOEPA, and More
On June 17, 2016, the Consumer Financial Protection Bureau (“CFPB”) announced changes to the dollar amount thresholds for certain consumer credit transactions under the Truth in Lending Act (“TILA”). According to the notice submitted to the Federal Register, these new thresholds could affect minimum interest charges and safe harbor penalty fees under the Credit Card
CFPB Argues Violation of Statutory Right against Misrepresentation is in itself Concrete Injury
In Bock v. Pressler & Pressler, LLP, the U.S. Court of Appeals for the Third Circuit requested supplemental briefs applying Spokeo, Inc. v. Robins to the Article III standing issue at bar. As we previously reported, the Court requested targeted discussion on whether a violation of the statutory right at issue was by
House Bill Introduced Requiring Changes to CFPB Complaint Database
On June 9, Representative Matt Salmon (R-AZ) introduced legislation to impose new requirements on how the Consumer Financial Protection Bureau makes consumer complaints public in the Consumer Complaint Database. According to Salmon, the Consumer Financial Protection Bureau (“CFPB”) Data Accountability Act “would improve the current database by requiring the CFPB to verify the
CFPB Issues Update to Its Supervision and Examination Manual
On June 22, 2016, the Consumer Financial Protection Bureau (“CFPB”) issued its third update to its exam procedures for mortgage servicers. In its press release, the CFPB stated that mortgage servicers should “note a greater emphasis” on complaint handling, responses to requests by borrowers, and fair lending issues. According to the CFPB, the update
CFPB Releases “Know Before You Owe” Guide for Auto Purchases
The Consumer Financial Protection Bureau (“CFPB”) has released an “auto loan shopping sheet” and other online resources as part of its “Know Before You Owe” initiative, which aims to assist consumers with comparison shopping and financing auto purchases. The initiative “walks consumers through each step of the auto finance process to help them
Final Days of Payday? CFPB Proposes Update to Payday Lending Rule
On June 2, the Consumer Financial Protection Bureau released a newly proposed rule that, if enacted, will place new burdens on lenders who offer consumers payday loans, auto title loans, and other short-term, small-dollar loans.
Overview
The proposed rule will require lenders to inquire about the loan applicant’s income and expenses by conducting a “full-payment”
CFPB Will Appeal Decision Blocking its Investigation into College Accreditation Organization
In a case that looks at the statutory bounds of the Consumer Financial Protection Bureau’s investigative authority, the CFPB announced that it plans to appeal a federal district court decision denying the agency’s request to enforce a civil investigative demand, or “CID”.
In August 2015, the CFPB issued a CID to the Accrediting Council for
CFPB Authority Limited by Federal Court
On April 21, the United States District Court for the District of Columbia held that the Consumer Financial Protection Bureau exceeded its authority when it issued a Civil Investigative Demand (“CID”) to the Accrediting Council for Independent Colleges and Schools (“ACICS”), an accreditor of for-profit colleges. Notably, this is the first time that the
CFPB Announces Rulemaking Agenda for Remainder of 2016
Twice a year, federal agencies must update and release their regulatory agendas for the current year. The agendas track agency actions through the phases of federal rulemaking, which often takes months (if not years), and provide insight into an agency’s plans. On May 18, the Consumer Financial Protection Bureau released its Spring 2016 rulemaking agenda.