On January 21, 2020 the Consumer Financial Protection Bureau (CFPB) approved a policy statement that is intended to convey and foster greater certainty about the meaning of abusiveness. The statement provides a framework for the Bureau’s exercise of its supervisory and enforcement authority to address abusive acts or practices. providing a common-sense framework on how it intends to apply the “abusiveness” standard in supervision and enforcement matters. With the revised statement the CFPB: Intends to […]
Tag: Consumer Financial Protection Bureau
REVISED CFPB HMDA GUIDE
On January 23, 2020 the Consumer Financial Protection Bureau (CFPB) published an updated version of its HMDA Small Entity Compliance Guide. The new version of the Guide incorporate the content of the final CFPB rule issued on October 10, 2019 and deletes out of date provisions.
CFPB PUBLISHES GUIDANCE ON GUIDANCE
On January 27, 2020 the Consumer Financial Protection Bureau (CFPB) published, in the Federal Register, a Policy Statement that announces a new designation for certain guidance, known as “Compliance Aids,” and to explain the legal status and role of guidance with that designation. Examples of compliance aids previously released by the CFPB include small entity compliance guides, instructional guides for disclosure forms, executive summaries, summaries of regulation changes, factsheets, flow charts, compliance checklists, frequently asked […]
2020 HOME MORTGAGE DISCLOSURE ACT THRESHOLD INCREASE
On December 20, 2019 the Consumer Financial Protection Bureau published a final rule amending the official commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure Act) to reflect the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). For 2020 the exemption is increased to $47 million from $46 million. […]
CFPB PUBLISHES FALL 2019 UNIFIED AGENDA
Recently the Consumer Financial Protection Bureau (CFPB) published its Fall 2019 rulemaking agenda. The agenda identifies the regulatory matters that the CFPB reasonably anticipates having under consideration during the period from October 1, 2019 to September 30, 2020. The following summaries a few key topics: Proposed Fair Debt Collection Rule (Regulation F) – The CFPB proposed Regulation F in May 2019. Now the CFPB is testing consumer disclosures related to time-barred debt and, after testing, […]