CFPB: NCUA and CFPB Sign Memorandum of Understanding Regarding Large Credit Union Supervision

The Consumer Financial Protection Bureau (Bureau) and the National Credit Union Administration (NCUA) announced a Memorandum of Understanding (MOU) agreement to improve coordination between the agencies related to the consumer protection supervision of credit unions over $10 billion dollars in assets. “Today’s MOU is an important step towards improving our […]

CFPB: Taskforce on Federal Consumer Financial Law Releases Its Report

The Consumer Financial Protection Bureau (Bureau) Taskforce on Federal Consumer Financial Law (Taskforce) released a report today with recommendations on how to improve consumer protection in the financial marketplace. The Taskforce Report uses five interrelated principles that serve as the foundation for proposed systematic changes to the current legal and regulatory […]

CFPB: Advisory Opinion Issued to Help Expand Fair, Equitable and Nondiscriminatory Access to Credit

Today, the Consumer Financial Protection Bureau (Bureau) issued an advisory opinion to address regulatory uncertainty regarding Regulation B, which implements the Equal Credit Opportunity Act (ECOA), as it applies to certain aspects of special purpose credit programs (SPCPs). The ECOA and Regulation B prohibit discrimination on certain prohibited bases in […]

CFPB: Final Rule Issued on Consumer Disclosures Related to Debt Collection

The Consumer Financial Protection Bureau (Bureau) issued today a final rule to implement Fair Debt Collection Practices Act (FDCPA) requirements regarding certain disclosures for consumers. The rule requires debt collectors to provide, at the outset of collection communications, detailed disclosures about the consumer’s debt and rights in debt collection, along […]

CFPB: Report Released on Implementing the Dodd-Frank Act’s Small Business Lending Data Collection Requirement

The Consumer Financial Protection Bureau (Bureau) released a panel report today as part of its rulemaking process under Dodd-Frank Act Section 1071 governing the collection and reporting of small business lending data. A panel was convened pursuant to the Small Business Regulatory Enforcement Fairness Act, comprised of representatives of the […]

CFPB: Two Final Rules Issued to Promote Access to Responsible, Affordable Mortgage Credit

Today, the Consumer Financial Protection Bureau (Bureau) issued final rules related to qualified mortgage (QM) loans. Lenders are required under the law to determine that consumers have the ability to repay mortgage loans before lenders make those loans. Loans that meet legal standards for QM loans are presumed to be […]

CFPB: No Action Letter Issued to Upstart Network, Inc. to Facilitate the Use of Artificial Intelligence in Loan Pricing and Underwriting

The Consumer Financial Protection Bureau (Bureau) granted a no-action letter (NAL) to Upstart Network, Inc. (Upstart), regarding its automated model for underwriting and pricing applicants for unsecured, closed-end loans. Issued under the updated NAL Policy from last year, NALs provide increased regulatory certainty that the Bureau will not bring a […]

CFPB: Bureau Launches Refreshed Website with a New Interactive Enforcement Database

Today, the Consumer Financial Protection Bureau (Bureau) launched a refresh of its public website, consumerfinance.gov. The updated website will feature additional user functionality, an improved layout, more content, and easier access to information. Notably, the refresh will also include a new interactive enforcement database to help the public track the […]

CFPB: Final Rule Issued to Implement the Fair Debt Collection Practices Act

The Consumer Financial Protection Bureau (Bureau) today issued a final rule to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt. The rule focuses on debt collection communications and gives consumers more control over how often and […]

CFPB: Agencies Propose Regulation on the Role of Supervisory Guidance

Five federal financial regulatory agencies today invited comment on a proposal outlining and confirming the agencies’ use of supervisory guidance for regulated institutions. The proposal would codify the statement, as amended, that was issued in September 2018 by the agencies that clarified the differences between regulations and guidance. Unlike a […]