On October 30, the CFPB issued a new final rule implementing the Fair Debt Collection Practices Act (FDCPA), highlighted in a previous edition of the Roundup, that is designed to strengthen protections to consumers who communicate with debt collectors and clarifies the application of the FDCPA to newer communication technologies that have developed in the…
On November 5, the CFPB submitted a Paperwork Reduction Act (PRA) notice to the Federal Register, seeking comment on the CFPB’s plan to study how consumers locate, comprehend and use information in payday loan disclosures. The CFPB intends to use the data it obtains from its study to evaluate and refine potential options…
On October 29, the CFPB issued a final rule, revising subparts A and D of section 1070 of title 12 of the Code of Federal Regulations, to clarify defined terms and promote transparency around its practices and anticipated use of confidential information generated and received during the course of its work….
On October 30, the CFPB issued a final rule regarding the Fair Debt Collection Practices Act (FDCPA). The rule restates and clarifies the FDCPA’s prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when communicating with consumers to collect consumer debt, including via text and email….
On October 1, the CFPB released its rule assessment for a final rule relating to mortgage disclosures. Known as the TRID Rule, which was issued in November 2013 and went into effect in October 2015, the final rule implemented requirements under the Consumer Financial Protection Act (CFPA) to integrate various mortgage loan…
On October 22, the CFPB issued an advance notice of proposed rulemaking (ANPR), requesting comments on how the CFPB should develop regulations to facilitate consumers’ rights under Section 1033 of the Dodd-Frank Act to access financial records and data accumulated by providers of financial products and services. The CFPB also seeks comment…
On August 31, the Office of Information and Regulatory Affairs (OIRA), an arm of the Office of Management and Budget (OMB) within the Executive Branch, issued a memorandum (M-20-31 memorandum) to implement Section 6 of Executive Order 13924, which reflects the Trump administration’s efforts to combat the economic consequences of COVID-19 as…
On October 7, the CFPB published an FAQ on the Real Estate Settlement Procedures Act (RESPA) Section 8 and certain provisions of Regulation X, addressing common scenarios involving gifts, promotional activities and marketing services agreements (MSAs). The CFPB also rescinded Compliance Bulletin 2015-05 – RESPA Compliance and Marketing Services Agreements on the grounds that…
On October 20, the CFPB issued a final rule extending the GSE Patch until the mandatory compliance date of a final rule amending the General Qualified Mortgage (QM) loan definition in Regulation Z. The GSE Patch was scheduled to expire on January 10, 2021. The CFPB did not amend the provision in…
On October 1, the Consumer Financial Protection Bureau (CFPB) published a report assessing the Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure Rule (TRID Rule) and summarizing public comments for modifying, expanding or eliminating the TRID Rule. The report concluded that the TRID Rule: Improved consumers’ ability to…