Monitoring the financial services industry to help companies navigate through regulatory compliance, enforcement, and litigation issues
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…
On May 5, Virginia Governor Terry McAuliffe signed an executive directive which sets enhanced security requirements for the purchase card program used by state agencies, including the implementation of “chip and pin” technology by December. The directive further instructed Virginia’s treasurer, comptroller, and secretaries of finance and technology to implement enhanced payment technologies that “meet…
On May 5, the Federal Trade Commission obtained court approval of a settlement against CardFlex, Inc. and its CEO and President, Andrew Phillips, and Executive Vice President of Operations, John Blaugrund. The lawsuit, captioned FTC v. CardFlex Inc. et al., No. 3:14-cv-00397 (D. Nev.), involved allegations that the defendants operated a $26 million credit…
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…
In a pair of recent votes, the House of Representatives supported legislation that would create liability protections for companies that share with the federal government information about cyberthreats. The bills, H.R. 1560 and H.R. 1731, allow private companies to take defensive cybersecurity measures to protect their rights and property. They also allow for sharing of…
The U.S. Department of Justice has released guidance to assist organizations in preparing for a cyber incident. Released alongside a speech given by Assistant Attorney General Leslie Caldwell on April 29, the 15-page memo, “Best Practices for Victim Response and Reporting of Cyber Incidents,” provides a framework for organizations to prepare an incident response…
On April 30, Sen. Patrick Leahy, D-Vt., introduced legislation that would require companies to report data breaches within 30 days and would protect a wide range of personal and geographic location data while allowing more stringent state laws to stand. As mentioned here, the Consumer Privacy Protection Act is just the latest piece of…
The Consumer Financial Protection Bureau (CFPB) is modifying its complaint database so that consumers can post narratives about their experiences with financial service providers. According to the CFPB’s release, available at http://www.consumerfinance.gov/newsroom/cfpb-finalizes-policy-to-give-consumers-the-opportunity-to-voice-publicly-complaints-about-financial-companies/, the purpose of the database enhancement is to help consumers make informed choices and identify market trends. But the implementation could result…
The Seventh Circuit has refused to reconsider its troublesome ruling that mortgage servicers violate the Federal Truth in Lending Act (TILA) if they do not credit electronic payments the day they are made even though the funds are not received until several days later.
The TILA requires that payments be posted as of the “date…
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