On June 15, 2020, the United States Supreme Court in the case of Bostock v Clayton County declared that disparate treatment based on sexual orientation or gender identity is sex discrimination under federal law. It is the law of the land. On March 9, 2021, the Consumer Financial Protection Bureau (CFPB) issued an interpretative rule to amend Regulation B to clarify that disparate treatment based on sexual orientation or gender identity is sex discrimination under […]
Tag: Consumer Financial Protection Bureau
CFPB’S FALL 2022 SEMI-ANNUAL AGENDA
The Consumer Financial Protection Bureau’s (CFPB) Fall 2022 Semi-Annual Agenda includes10 items – one in the final rule stage, five in the proposed rule category, and four items in the prerule stage. Final Rule Stage – The final rule item is the Small Business Lending Data Collection under the Equal Credit Opportunity Act. The CFPB’s next action for the section 1071 rulemaking is the issuance of a final rule, which is expected in January 2023. […]
HAPPY HOLIDAYS AND A THRESHOLD UPDATE
We hope you enjoyed Christmas or the holiday you enjoy with your family. And, we hope the New Year holds great promise for you all. Annual Thresholds On December 22, 2022, we published a blog article entitled Final Regulation Z Thresholds. We had an error when loading the article to our website. The Qualified Mortgage thresholds for the spread between the annual percentage rate (APR) and the average prime offer rate (APOR) were misstated. The corrected […]
FINAL REGULATION Z THRESHOLDS
On December 23, 2022, the Consumer Financial Protection Bureau (CFPB) will issue a final rule amending the regulation text and official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). The CFPB is adjusting these amounts, where appropriate, based on the annual percentage change reflected in the Consumer Price Index (CPI) in effect on June 1, 2022. The revisions include: For open-end consumer credit plans under TILA, the threshold that triggers requirements […]
CFPB PUBLISHES A REVISED HELOC BOOKLET
On December 16, 2022, the Consumer Financial Protection Bureau (CFPB) announced the availability of an updated consumer publication, ‘‘What You Should Know about Home Equity Lines of Credit,’’ also known as the HELOC booklet, required by the Truth in Lending Act (TILA), as implemented by Regulation Z. The CFPB is updating the HELOC booklet so that it aligns with the CFPB’s educational efforts, to be more concise, and to improve readability and usability. New features […]