Archive

On January 12, 2018 the Consumer Financial Protection Bureau (CFPB) published a final rule that sets the annual adjustments to the maximum amount of each civil penalty within the CFPB’s jurisdiction. The adjustments, required by the Federal Civil Penalties Inflation Adjustment Act of 1990, serve to maintain the deterrent effect of civil penalties and to promote compliance with the law. The CFPB Civil Monetary Penalty Amount Table is available at: https://mycomplianceresource.com/cfpb-civil-monetary-penalty-amounts/ A copy of the […]

On January 16, 2018 the Consumer Financial Protection Bureau (CFPB) issued the following statement on the Payday Rule: “January 16, 2018 is the effective date of the Bureau of Consumer Financial Protection’s final rule entitled “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (“Payday Rule”).  The Bureau intends to engage in a rulemaking process so that the Bureau may reconsider the Payday Rule. Although most provisions of the Payday Rule do not require compliance until August […]

The case of Leandra English v. Donald J. Trump concerns whether the President is authorized to name an acting Director of the Consumer Financial Protection Bureau (“CFPB”) or whether a CFPB employee appointed by the outgoing Director in the hours before he resigned is in charge. The CFPB was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB’s previous Director, Richard Cordray, resigned effective at midnight on Friday, November 24, 2017. […]

On November 9 the Consumer Financial Protection Bureau published additional 2018 lending compliance thresholds as follows: The HPML Appraisal Exemption Threshold contained in 1026.35(c)(2)(ii) increased from $25,500 to $26,000; and The Regulation Z Scope Thresholds contained in 1026.3(b)(1) increased from $54,600 to $55,800. The same threshold is applicable to Regulation M. Information regarding other TILA thresholds that were published in July is available at https://mycomplianceresource.com/annual-update-to-tila-dollar-amounts/ In a few weeks the remaining thresholds will be published. […]

Finally, HMDA covered financial institutions can view another piece to the never-ending puzzle of HMDA tools from the CFPB.  The HMDA Platform was released today for beta testing.  Starting with 2017 data collected, financial institutions are required to report HMDA data to the CFPB.  The platform must be utilized by all HMDA reportable financial institutions to submit their data required by March 1, 2018. The Bureau did clarify the reason for the release was to […]