Regulation

CFPB Releases Notice for Comment on Proposal to Delay Compliance with 2017 Final Payday Rule

On February 6, 2019, the Consumer Financial Protection Bureau (CFPB or Bureau) released a proposed rescission of the 2017 “Payday, Vehicle Title, and Certain High-Cost Installment Loans” final rule (Payday Rule), along with a “Payday, Vehicle Title, and Certain High-Cost Installment Loans; Delay of Compliance Date” (Delay of Compliance) notice.  The Payday…

Read More

Supreme Court Grants Cert in TCPA Junk Fax Case to Determine Whether the Hobbs Act Trumps the Chevron Doctrine

On November 13, 2018, the Supreme Court granted certiorari in PDR Network, LLC v. Carlton & Harris Chiropractic (No. 17-1705), to answer the question whether the Hobbs Act required the district court to accept the Federal Communication Commission’s (FCC’s) legal interpretation of the Telephone Consumer Protection Act (TCPA).  At issue…

Read More

Regulators' Implementation of the Economic Growth, Regulatory Relief and Consumer Protection Act

On October 2, 2018, the U.S. Senate’s Banking Committee held a hearing to review regulators’ implementation of the Economic Growth, Regulatory Relief and Consumer Protection Act (S.2155) since its passage in June.  As framed by Banking Committee Chairman Mike Crapo (R-ID), the law “right-sizes regulations for financial institutions, making it easier…

Read More

House Bill Proposes to Set New Framework for CFPB Regulation

On April 17, 2018, House members Sean Duffy (R-WI) and Ed Perlmutter (D-CO) co-sponsored bi-partisan legislation aimed at providing more certainty to companies subject to the Consumer Financial Protection Bureau’s (CFPB) regulation.  The bill, H.R. 5534, titled the “Give Useful Information to Define Effective Compliance Act” or “GUIDE Compliance Act,”…

Read More

NCUA Issues List of Primary Areas of Supervisory Focus for 2018

This December, the National Credit Union Administration (NCUA) released a letter to credit unions detailing its primary areas of supervisory focus for 2018.  The NCUA intends for credit unions to rely on the letter to better prepare for their examinations by the NCUA throughout 2018.  The seven areas of focus…

Read More

OCC Publishes Guidance on Substantial Asset Changes

On August 23, 2017, the Office of the Comptroller of the Currency (OCC) published guidance on filings required by national banks and federal savings associations (collectively referred to here as “banks”) pertaining to “substantial asset changes.”  The guidance lists various events that are considered substantial asset changes for which banks must…

Read More

CFPB Proposes Clarification to Home Mortgage Disclosure Act

On April 13, 2017, the Consumer Financial Protection Bureau (CFPB) issued proposed amendments to clarify certain requirements of the Home Mortgage Disclosure Act (HMDA).  HMDA requires that financial institutions collect and report certain information regarding their mortgage lending activities.  The information that financial institutions are required to collect and report includes…

Read More

Goodwin Releases Review of Major Developments Impacting the Consumer Financial Services Industry

Goodwin, a leading Global 50 law firm, announced today the release of the 2016 Consumer Finance Year in Review, a detailed report that highlights the major litigation, enforcement and regulations that impacted the consumer finance industry in 2016. The second annual report, produced by the firm’s Financial Industry and Consumer…

Read More

Senate Democrats Press Treasury Secretary Nominee Mnunchin for Views on Bank Regulation and Fair Lending Laws

On December 21, 2016, the ranking member of the U.S. Senate Banking, Housing and Urban Affairs Committee, Senator Sherrod Brown (D-OH), sent a pointed letter to President-elect Trump’s nominee for Treasury Secretary, Steven Mnuchin.  The letter is an attempt to gain an understanding of Mr. Mnuchin’s views on topics over which…

Read More

CFPB Signals Interest in Regulating the Use of Consumer Financial Data

The Consumer Financial Protection Bureau’s (CFPB) recently-released Request for Information Regarding Consumer Access to Financial Records (RFI) suggests that the agency is considering making a new rule to set requirements and protections for the use of consumers’ financial information.  In publishing the RFI, the CFPB notes that the Dodd-Frank Act “provides…

Read More