On November 30, 2020, the Consumer Financial Protection Bureau (CFPB) issued its Advisory Opinions Policy, which sets forth procedures to facilitate the submission by interested parties of requests that the CFPB issue advisory opinions, in the form of interpretive rules, to resolve regulatory uncertainty, and the manner in which the Bureau will evaluate and respond to such requests. The CFPB also released its first Advisory Opinions that clarify the following Regulation Z issues: Private Education […]
Category: CFPB
UPDATE TO THE 2021 HMDA FIG
On November 23, 2020, the Consumer Financial Protection Bureau (CFPB) published minor edits to the Filing Instructions Guide for HMDA Data Collected in 2021 (FIG). The 2021 version of the FIG was initially published in August 2020. Subsequent changes were made in: August 2020 Section 3.4, Table 2 – Updated Automated Underwriting System valid values; September 2020 Section 3.4, Table 2 – Added and updated Automated Underwriting System valid values; Section 4.2.2 – Corrected date listed […]
CFPB PUBLISHES FINAL DEBT COLLECTION PRACTICES ACT RULE
On October 30, 2020. the Consumer Financial Protection Bureau (CFPB) issued a final Regulation F, which governs the activities of debt collectors. The final rule addresses, among other things, communications in connection with debt collection and prohibitions on harassment or abuse, false or misleading representations, and unfair practices in debt collection. The final rule: Will be effective one year after publication in the Federal Register, which is expected soon. Together with the supplementary information, runs […]
CFPB SETTLES NINTH AND FINAL VA CONSENT DECREE
On October 26, 2020, the Consumer Financial Protection Bureau (CFPB) issued a consent order against Low VA Rates LLC (Low VA Rates) to address the CFPB’s finding that Low VA Rates sent consumers mailers for mortgage loans guaranteed by the U.S. Department of Veterans Affairs (VA) that contained false, misleading, and inaccurate statements. Low VA Rates’ conduct violated the Consumer Financial Protection Act’s (CFPA) prohibition against deceptive acts and practices, the Mortgage Acts and Practices […]
CFPB ISSUES SECTION 8 FAQS
On October 7, 2020, the Consumer Financial Protection Bureau published guidance in the form of fourteen Frequently Asked Questions (FAQs) on the Real Estate Settlement Procedures Act (RESPA) Section 8 topics. The FAQs provide an overview of the provisions of RESPA Section 8 and respective Regulation X sections, and address the application of certain provisions to common scenarios described in CFPB inquiries involving gifts and promotional activities, and marketing services agreements (MSAs). In addition, the CFPB determined […]