Monitoring the financial services industry to help companies navigate through regulatory compliance, enforcement, and litigation issues
According to a Supreme Court amicus brief filed last month by the Consumer Financial Protection Bureau, consumers who are required to guarantee their spouses’ credit applications are themselves credit applicants who are protected from discrimination under the Equal Credit Opportunity Act and Regulation B.
The CFPB claims that courts should defer to Regulation B’s “reasonable”…
Authored by D. Kyle Deak
Today the Consumer Financial Protection Bureau released the results of a study on reverse mortgage advertisements. The study was based upon personal interviews conducted in November and December 2014 with 59 homeowners aged 62 or older in Chicago, Los Angeles, and Washington, D.C. concerning 97 print, radio, online, and television…
On June 1, 2015, the Independent Community Bankers of America (“ICBA”) heavily criticized the CFPB’s decision to lodge information requests to data processing firms regarding checking account overdraft fees, particularly because of their alleged high costs and unwarranted breadth. The requests are targeted at information on community bank and credit union overdraft plans and seek…
Despite the rise in student loan balances over the past decade, a new TransUnion study found that student loan obligations have not inhibited younger consumers’ ability to access and repay other consumer credit categories, such as auto loans and mortgages, when compared to their peers without student loans.
According to TransUnion, this is contrary …
In a speech made on May 12 to the National Association of Realtors, Consumer Financial Protection Bureau Director Richard Cordray addressed questions surrounding the three-day requirement of the TILA-RESPA Integrated Disclosure Rule (“TRID”) and said it “should not interfere with a successful closing, as some have claimed. In fact, there has been some serious misunderstanding …
As we discussed in March, the Consumer Financial Protection Bureau is soliciting public comment on how the credit card market is functioning and the impact of credit card protections on consumers and issuers.
To allow interested persons additional time to consider and submit their responses, the CFPB announced it is extending the comment period on…
Lawsuits filed by consumers under the Fair Debt Collection Practices Act, Telephone Consumer Protection Act, and Fair Credit Reporting Act all increased from February to March 2015, according to the latest report from WebRecon.
FDCPA lawsuits increased by 3.9 percent (892 to 927), from February to March, and FCRA lawsuits increased 3.3 percent (245 to…
On May 4, the Consumer Financial Protection Bureau revised its mortgage origination examination procedures to provide guidance on how it will conduct compliance exams for the TILA-RESPA integrated disclosures that become effective on August 1, 2015.
The CFPB has revised version 2.0 of its Supervision and Examination Manual numerous times since it was released on…
In an April letter to Congressman Blaine Luetkemeyer (R-Mo.), the Consumer Financial Protection Bureau refused to provide a grace period for enforcement of the TILA-RESPA Integrated Disclosure Rule (“the Integrated Disclosure Rule”), which has an effective date of August 1, 2015.
Director Richard Cordray’s letter provides information about the CFPB’s work to support implementation of…
According to a study released by the Consumer Financial Protection Bureau on May 5, 26 million Americans have no credit rating at all, making them “credit invisible.” The report found that one in 10 adults have no credit history – many of them black, Hispanic, or living in low-income neighborhoods.
In broad terms, consumers with…
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