On June 30, 2020, the Consumer Financial Protection Bureau (CFPB) published its Spring 2020 Agenda. The agenda lists the regulatory matters that the CFPB expects to focus on between May 1, 2020 and April 30, 2021. Those matters include: A final rule amending the CFPB’s Remittance Rule to provide tailored exceptions that permit certain insured institutions to disclose estimates instead of exact amounts to consumers in certain circumstances. The final rule also increases (from 100 remittance […]
Tag: Dodd-Frank Act
ATR/QM ASSESSMENT
The Dodd-Frank Act (DFA) requires the CFPB to review certain rules within five years after they take effect. The required reviews are called assessments. The CFPB is conducting an assessment of the ATR/QM rule, and will issue a report of the assessment by January 2019. As required by law, the assessment will address the rule’s effectiveness in meeting the purposes and objectives of Title X of the Dodd-Frank Act and the specific goals of the […]
IMPACT OF THE ELECTION
Following this week’s election we all need to evaluate the impact on our lives, families, and our businesses. Change is definitely coming, but will not happen overnight. If you have a positive view of the future I hope your vision comes true. If you are fearful of the future I hope your fears are unfounded. We need to closely watch the actions of Congress and the White House over the next few years to judge […]
FOOT-DRAGGING
Can’t get excited about the CFPB’s fourth birthday? Well let’s celebrate the continued foot-dragging on the part of the CFPB and other Federal agencies. Section 1071 of the Dodd-Frank Act amended the Equal Credit Opportunity Act to require financial institutions to collect and report information concerning credit applications made by women- or minority-owned businesses and by small businesses. The law established an effective date of July 21, 2011. Since Section 1071 was scheduled to be […]
HAPPY ANNIVERSARY!
Today is the fifth anniversary of the Dodd-Frank Act and it’s the CFPB’s fourth birthday. Do you feel like celebrating? The Dodd-Frank Act continues to stir up controversy and is likely to be a topic of much discussion during the upcoming presidential campaigns. By one estimate only 60% of the total Dodd-Frank rules have been completed; the rest will continue to unfold in the coming years. The Dodd-Frank Act spawned the Consumer Financial Protection Bureau. […]