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Posted Date: Friday, April 19, 2024
The Consumer Financial Protection Bureau (CFPB) has been no stranger to criticism since its inception. Lawmakers and industry insiders have noted the agency’s often unorthodox and, some would argue, unlawful approach to rulemaking, supervision and enforcement, as well as questions about the constitutionality of the bureau’s structure and financial reporting practices.
Persistent concerns over the CFPB’s transparency and accountability expressed by congressional Republicans recently spurred the House Financial Services Committee (FSC) to hold a hearing entitled, “Agency Audit: Reviewing CFPB Financial Reporting & Transparency.” Read on »
Posted Date: Friday, April 19, 2024
The Consumer Financial Protection Bureau is aiming to streamline its nonbank designation protocols with a new procedural rule that builds on its previous actions toward implementing a long “dormant” statutory authority. The procedural updates include the reallocation of certain duties to the director that previously fell to specific assistant and associate director roles. Read on »
Posted Date: Friday, April 19, 2024
The Consumer Financial Protection Bureau’s final rule restricting credit card late fees faces a resolution of disapproval which has substantial industry support. The House Financial Services Committee voted 28-22 along party lines to advance the measure to the full House for consideration.
See what various financial trade associations have to say about the resolution, as well as other recent regulatory and legislative developments. Read on »
Posted Date: Tuesday, April 16, 2024
The Consumer Financial Protection Bureau (CFPB) has not confirmed nor denied reports that it is considering prohibiting mortgage providers from charging homebuyers for lenders’ title insurance policies. Former CFPB attorney Richard Horn, co-managing partner at Garris Horn PLLC, offered his take and urged lenders to pay close attention to the agency’s request for information on closing costs.
The information continues to fuel industry concerns that regulators are targeting settlement services in an attempt to lower housing costs for consumers, potentially increasing lending risks. Read on »
Posted Date: Tuesday, April 16, 2024
The Consumer Financial Protection Bureau issued a statement expressing support for state-level Community Reinvestment Act rules proposed by the Illinois Department of Financial and Professional Regulation. The bureau commended the state’s efforts to tailor reinvestment obligations to its needs and urged it to adopt the proposal. Read on »
Posted Date: Tuesday, April 16, 2024
In the Information Age, regulators spend a tremendous amount of time addressing issues dealing with how consumer data is used and disseminated across multiple industries. The following roundup of recent headlines reflects these efforts and the areas where regulators see violations of federal laws intended to guard against data misuse. Read on »
Posted Date: Friday, April 12, 2024
Shortly after divulging its plans to undertake new rulemaking under the Fair Credit Reporting Act, the Consumer Financial Protection Bureau cited instances in which credit reporting agencies failed to exclude inaccurate data affecting victims of human trafficking and identity theft in its Spring 2024 Supervisory Highlights. Read on »
Posted Date: Friday, April 12, 2024
After three meetings between staff at the Consumer Financial Protection Bureau (CFPB) and the European Commission (EC), the two agencies’ top regulators issued a joint statement describing their discussions on priority topics, including artificial intelligence, digital payments access and fraud, and “Buy Now, Pay Later” products and services. Read on »
Posted Date: Friday, April 12, 2024
The Consumer Financial Protection Bureau’s final rule to cap credit card late fees has met with significant pushback from the financial industry. Learn about these views and more in this roundup of takeaways from industry trade groups. Read on »
Posted Date: Tuesday, April 9, 2024
The legal battle over modernized Community Reinvestment Act requirements has culminated in a preliminary injunction in federal court. Dodd Frank Update spoke with Garris Horn PLLC Co-Managing Partner Richard Horn about the development, which did not come as a shock to many industry insiders aware of the challenges presented by the cumbersome final rule. Read on »
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