News Roundup from the CFPB: June 2024

The CFPB recently issued several press releases that could impact compliance departments in the future.  These include a proposal for removing medical bills from credit reports, initiating a process to set standards for open banking, a warning against the use of fine print in contracts, and the creation of a registry for organizations that have multiple compliance violations. There is nothing that needs to be at this time, but we’ll keep an eye on these […]

Disclosure of Gift Equity: Beyond The Basics

A gift of equity can be a wonderful opportunity for a seller to help a family member purchase a home. It alleviates the need for a down payment and lowers the purchasing price of the home. But how does a gift of equity affect the seller and the buyer? Let’s get into the benefits for both parties, as well as the important compliance requirements for the entire process. What Is a Gift of Equity? A gift […]

The CFPB’s New Overdraft Fee Proposal

On January 17, 2024, the CFPB proposed a 211-page rule to limit overdraft fees charged by the nation’s biggest financial institutions. The proposal is intended to close what the CFPB calls a loophole that exempts overdraft lending services from longstanding provisions of the Truth in Lending Act and other consumer financial protection laws. The CFPB stated that very large financial institutions have been issuing highly profitable overdraft loans, resulting in billions of dollars in revenue […]

CFPB Piloting Disclosures for Construction Loans

Last week, the CFPB announced its approval of an application piloting disclosures for construction loans. In this initiative, the CFPB establishes guidelines for testing alternative disclosures in real-market scenarios, recognizing the enhanced accuracy of such tests compared to lab-based evaluations. The CFPB stated that testing in-market would allow them to gauge the potential necessity more accurately for regulatory adjustments. In short, lenders can now apply to test modified origination disclosures for construction loans to improve […]


Today, the Consumer Financial Protection Bureau (CFPB) released its 36-page Summer edition of Supervisory Highlights report which focuses on unfair, deceptive, and abusive acts or practices across many consumers financial products. The latest edition of the Supervisory Highlights report covers findings from CFPB supervisory examinations completed from July 2022 to March 2023. CFPB Director Rohit Chopra stated that “Today’s report furthers our efforts to highlight conduct that violates federal law, including the prohibition on abusive […]