Regulation

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,”…

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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…

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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…

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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…

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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…

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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…

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FCC Issues Enforcement Advisory Clarifying Permissible Use of Robotexts Under the TCPA

On November 18, 2016, the FCC issued an enforcement advisory clarifying its position that autodialed text messages, known as “robotexts,” are subject to the TCPA.  As we reported last year, the FCC issued a package of declaratory rulings expanding the TCPA’s scope in July 2015, and this enforcement advisory is…

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CFPB Considering Debt Collection Reform Proposals

*Editor’s Note:  This post originally appeared on our firm site as a client alert. Summary On July 28, the Consumer Financial Protection Bureau (the CFPB) released a summary of proposals it is considering to reform debt collection practices. At the same time, it released a Study of Third Party Debt…

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CFPB Releases 2016 Rulemaking Agenda

On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced its Spring 2016 Rulemaking Agenda, setting forth its current initiatives. In its latest installment of the semi-annual update, the Bureau highlighted its recent (or imminent) activity in several high-profile areas, including arbitration and payday lending.  Below are highlights of…

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Mike Flynn to Speak at MBA's HMDA Implementation Workshop

Goodwin Procter’s Financial Institutions Group partner Mike Flynn will speak at the MBA’s HMDA Implementation Workshop on June 10 in Austin, Texas.  The MBA program will focus on the new Home Mortgage Disclosure Act (HMDA) rule, with a panel of MBA and industry experts discussing all aspects of the rule as…

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