Last week the Consumer Financial Protection Bureau (CFPB) published a proposed amendment to Regulation P, which implements the Gramm-Leach-Bliley Act (GLBA) privacy provisions. The amendment would implement a December 2015 statutory amendment to the GLBA providing an exception to this annual notice requirement for financial institutions that meet certain conditions. Final rules are expected shortly after the end of the 30-day comment period. A copy of the 41-page proposed rule is available at https://www.consumerfinance.gov/policy-compliance/rulemaking/rules-under-development/amendment-annual-privacy-notice-requirement-under-gramm-leach-bliley-act-regulation-p/
Tag: CFPB
CFPB RELEASES PROPOSAL TO ELIMINATE PAYDAY DEBT TRAPS
As promised in the 2016 spring semi-annual agenda, the CFPB released today its proposal to end payday debt traps for consumers. The proposed protections will cover those products that have developed a stigma of being harmful to consumers, including payday loans, auto-title loans, deposit advance products, and certain high-cost installment and open-end products. While these may not be common products utilized in your financial institution, there may be a loan or two lurking on your […]
WHO SAID URBAN LIFE IS THE BEST LIFE?
Have you ever seen so many financial institutions wanting to do business in rural areas? The CFPB has provided yet another glimmer of hope for smaller financial institutions hoping to qualify as a small creditor. The Bureau announced yesterday, March 2, 2016, a new application process for smaller financial institutions to submit a request to determine if areas not currently deemed “rural” may be able to receive this coveted designation under federal consumer financial law. […]
TRID CORRECTION PUBLISHED BY CFPB
Can you believe that title? The CFPB has actually published something for us in writing in the Federal Register that will clear up an item that has been a source of confusion since prior to the implementation of TRID. The publication in the Federal Register dated yesterday, February 10th, results in a correction to the Supplementary Information of the final rule to correct a typographical error. Specifically, section 1026.19(e)(3)(iii) – Variations Permitted for Certain Charges […]