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On June 11, 2021 the Consumer Financial Protection Bureau (CFPB) published its Spring 2021 Regulatory Agenda. The CFPB’s listed of planned activities include:Small business lending data – Section 1071 of the Dodd-Frank Act requires financial institutions to collect, report, and make public certain information concerning credit applications made by women-owned, minority-owned, and small businesses. The next action for section 1071 is to release a Notice of Proposed Rulemaking, which the CFPB anticipates doing in September 2021.Availability

On June 4, 2021, the Consumer Financial Protection Bureau published eight Electronic Fund Transfers FAQs. The Frequently Asked Questions address:Do fraudulent inducements constitute “unauthorized electronic fund transfer?”In a fraudulent inducement has a consumer furnished an access device under Regulation E?Can negligence by the consumer be used as the basis for imposing greater liability than is permissible under Regulation E.?Can an agreement restrict a consumer’s rights beyond what is provided in the law?Can a financial institution

Over the past few years the Department of Housing and Urban Development (HUD) and other federal regulatory agencies have provided several gentle nudges to encourage lenders to adopt procedures to assure applicants with limited English proficiency (LEP) are provided equal access to services. Now the nudges are less gentle.On May 21, 2021, HUD issued a press release announcing that it had reached a Conciliation/Voluntary Compliance Agreement with California-based Cascade Village Apartments II, LP (Cascade Village),

Recently the Consumer Financial Protection Bureau (CFPB) updated its Mortgage Servicing FAQs webpage to add 23 new FAQs that discuss selected topics relating to escrow accounts under Regulation X. The new FAQs provide a general overview of the escrow account provisions in Regulation X and address topics such as deficiencies, shortages, and surpluses.

For the first four months of the Biden Administration the Consumer Financial Protection Bureau (CFPB), under the leadership of Acting Director David Uejio, set a blistering pace of proposed and final rules, recission of rules from the Trump Administration, and other actions. Since the beginning of May the agency has been quiet. The confirmation of Biden’s nominee for the Director, Rohit Chopra, has stalled. What is action is expected next?CFPB LeadershipMr. Chopra’s nomination has moved