The Consumer Leasing Act (CLA) was enacted in 1976 as an amendment to the Truth in Lending Act (TILA). The purpose of the CLA is to ensure meaningful and accurate disclosure of the terms of personal property leases for personal, family, or household use. The CLA and Regulation M require lessors to provide consumers with uniform cost and other disclosures about consumer lease transactions. The CLA has been implemented in Regulation M of the Board of […]
Category: CFPB
THE CFPB INHERITS REGULATIONS J, K, & L
The Interstate Land Sales Full Disclosure Act (ILSA) protects consumers by requiring certain land developers to register their plans and to provide prescribed disclosures to prospective purchasers. Developers of subdivisions with one hundred or more nonexempt lots, and developers of condominiums with one hundred or more nonexempt units, must register development plans with the Federal regulator designated by ILSA. These developers must also provide purchasers with a comprehensive disclosure statement known as a property report […]
THE CFPB INHERITS REGULATION I
The Federal Deposit Insurance Act (FDIA) established the Federal Deposit Insurance Corporation which must insure the deposits of banks and savings associations entitled to the benefits of insurance under the FDIA. Not all depository institutions are required to maintain Federal deposit insurance. The FDIA requires that depository institutions lacking Federal deposit insurance make certain insurance-related disclosures in periodic statements, account records, locations where deposits are normally received, and advertising. The FDIA also requires such depository institutions […]
THE CFPB INHERITS REGULATIONS G & H
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) provides for the licensing and/or registration of mortgage loan originators. The SAFE Act requires mortgage loan originators to register with the Nationwide Mortgage Licensing System and Registry, obtain a unique identifier, and maintain this registration. The SAFE Act further requires states to adopt minimum standards for licensing residential mortgage loan originators. The Federal registration requirements of the SAFE Act have been implemented […]
THE CFPB INHERITS REGULATION F
The Fair Debt Collection Practices Act (FDCPA) was enacted to eliminate abusive debt collection practices by debt collectors, to insure that those debt collectors who refrain from using abusive debt collection practices are not competitively disadvantaged, and to promote consistent state action to protect consumers against debt collection abuses. Prior to July 21, 2011, the FDCPA provided that the Federal Trade Commission (Commission) must by regulation exempt from the FDCPA requirements any class of debt […]