Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: CFPB

CFPB Requests Information Regarding the Small Business Lending Market

Posted in Banking, Dodd-Frank Developments
On May 10, the Consumer Financial Protection Bureau (CFPB) held a field hearing and issued a notice and request for information related to the small business lending market. Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act amended the Equal Credit Opportunity Act to require “financial institutions” (as defined in Section 1071)… Continue Reading

CFPB’s Prepaid Cards Rule Escapes Coverage Under the Congressional Review Act

Posted in Banking
Under the Congressional Review Act (CRA), Congress can review and overrule any federal regulations imposed during the final six months of the previous administration with a simple majority vote in each branch of Congress. However, Congress’ power is limited under the CRA because it can only introduce and vote on a CRA resolution within 60… Continue Reading

Consumer Financial Protection Bureau Releases Proposed Payday Rules

Posted in Banking, Dodd-Frank Developments
On Thursday, June 2, the Consumer Financial Protection Bureau (CFPB) released proposed rules affecting the payday and short-term loan industry as part of its authority to prohibit the use of unfair or abusive acts and practices in connection with the provision of consumer financial products and services under the Dodd-Frank Wall Street Reform and Consumer… Continue Reading

Agencies Issue Guidance on Deposit-Reconciliation Practices

Posted in Banking
On May 18, the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (FRB), the Consumer Financial Protection Bureau (CFPB), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) (collectively, the Agencies) issued guidance outlining joint supervisory expectations regarding deposit-reconciliation practices that may… Continue Reading

Consumer Financial Protection Bureau To Outlaw Mandatory Pre-Dispute Arbitration Provisions

Posted in Banking, Dodd-Frank Developments
On May 5, the Consumer Financial Protection Bureau (Bureau) issued a proposed rule that would prohibit covered providers of certain consumer financial products and services from using an agreement with a consumer that provides for arbitration of any future dispute between the parties to bar the consumer from filing or participating in a class action… Continue Reading

CFPB Issues Final Policy on No-Action Letters

Posted in Banking, Derivatives, Dodd-Frank Developments
The Consumer Financial Protection Bureau (Bureau) issued its final policy on its issuance of no-action letters on February 18, which is intended to further objectives under section 1021 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). Under the Policy, Bureau staff would, “in its discretion, issue no-action letters (NALs)… Continue Reading

CFPB Urges 25 Largest Banks To Do More To Create or Promote Deposit Accounts

Posted in Banking
On February 3, the Consumer Financial Protection Bureau (CFPB) sent a letter to the nation’s top 25 retail banking companies urging them to do more to create or promote deposit accounts designed to meet consumers’ financial needs. The CFPB is urging banks and credit unions to offer consumers accounts that do not authorize them to spend… Continue Reading

CFPB Postpones “Know Before You Owe” Mortgage Rule Until October 3

Posted in Banking
On June 24, the Consumer Financial Protection Bureau (CFPB) issued a proposed amendment to the “Know Before You Owe” mortgage disclosure rule, which proposes to move the rule’s effective date to October 3. The rule, also called the TILA-RESPA Integrated Disclosure rule, requires easier-to-use mortgage disclosure forms. The CFPB, according to reports published recently, delayed… Continue Reading

CFPB Finalizes Minor Changes to “Know Before You Owe” Mortgage Rules

Posted in Banking
On January 20, the Consumer Financial Protection Bureau (CFPB) finalized two minor modifications to the “Know Before You Owe” mortgage disclosure rules. The changes, which were proposed in October 2014, address when consumers will receive updated disclosures after locking in an interest rate, and how consumers receive information regarding certain construction loans. Read more.… Continue Reading

CFPB Issues Broader Than Expected Prepaid Card Proposal and Model Forms

Posted in Banking
On November 13, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited proposal with respect to prepaid cards. This proposal, which consisted of 870 pages, covers traditional prepaid cards as well as mobile and other electronic prepaid accounts that can store funds. The prepaid products covered by the proposal include payroll cards, certain federal, state, and… Continue Reading