Blog

Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires a consumer financial services provider to make available to a consumer information in the control or possession of the provider concerning the consumer financial product or service that the consumer obtained from the provider. On October 22, 2020, the Consumer Financial Protection Bureau (CFPB) issued an Advanced Notice of Proposed Rulemaking to solicit comments and information to assist the agency in developing

Fee income practices have been making headlines for months, and in some cases years. Financial institutions that have had the unfortunate experience of being cited or accused of having potentially unfair, deceptive, or abusive policies can attest to the damage certain unchecked fee income practices can have on the organization.  Reputation, income, and company morale are all negatively affected when fee income policies are determined to be unfair or deceptive. We here at COMPLIANCE RESOURCE

On October 22, 2022, the Federal Trade Commission (FTC) published an Advance Notice of Proposed Rulemaking (ANPR) on potential harms stemming from deceptive or unfair review and endorsement practices, such as using fake reviews, suppressing negative reviews, and paying for positive reviews. Research shows that many consumers rely on reviews when they’re shopping for a product or service, and that fake reviews drive sales and tend to be associated with low-quality products. The rapid growth of online marketplaces

In Community Financial Services Association v. CFPB, which has been working its way through the courts since 2018, a three-judge panel of the 5th U.S. Circuit Court of Appeals (Louisiana, Mississippi, and Texas) threw out a CFPB regulation governing high-interest-rate lenders and ruled that the way the bureau is funded, is unconstitutional. The immediate impact is that the Payday Lending Rule is suspended in Louisiana, Mississippi, and Texas. The CFPB is expected to appeal to the

The National Multistate Licensing System and Registry’s (NMLS) 2022 renewal period begins November 1 and continues through December 31. All Mortgage Loan Originators (MLO), as defined in Regulation G, 12 CFR 1007, who are registered with the Registry are required to complete the annual registration renewal. One exception to the renewal requirement is for MLOs who completed their initial registration with the Registry less than 6 months prior to the end of the annual renewal