CUNA expressed appreciation for the CFPB's proactive effort to facilitate the LIBOR transition for consumer financial products in response to LIBOR’s planned discontinuation after 2021. The CFPB intends for a final rule on LIBOR to take effect on March 15, 2021.
The CFPB should ensure its debt collection rulemakings do not extend unwarranted regulatory requirements to first-party debt collectors, CUNA wrote Tuesday in response to a proposal that would amend Regulation F to require debt collectors to make certain disclosures when collecting time-barred debts.
Additional flexibility and compliance assistance will be needed from the CFPB for the duration of the pandemic, CUNA wrote to the House Financial Services Committee Wednesday before CFPB Director Kathy Kraninger gives her semi-annual testimony before the committee Thursday.
The CFPB has made substantial efforts to assist credit unions during the pandemic, but additional flexibility and compliance assistance for the duration of the pandemic may be needed, CUNA wrote prior to Director Kathy Kraninger's Wednesday testimony before the Senate Banking Committee.
The Consumer Financial Protection Bureau last week issued updated dollar amount thresholds in Regulation Z for the minimum interest charge, Credit Card penalty fee amounts HOEPA loans and Qualified Mortgages. These changes are effective Jan. 1, 2021.
The CFPB is conducting a survey of institutions offering small business credit products to determine potential one-time costs associated with complying with Section 1071 of the Dodd Frank Act. The survey is available on the CFPB’s website and will remain open until Oct. 1.
The Consumer Financial Protection Bureau (CFPB) on Tuesday issued a final rule concerning small dollar lending. The final rule rescinds the mandatory underwriting provisions of the 2017 rule, but does not rescind or alter the payments provisions of the 2017 rule.
Consumer Financial Protection Bureau Director Kathy Kraninger on Tuesday issued a ratification of prior regulatory actions taken by the CFPB. The ratification covered actions the Bureau took from January 4, 2012 through June 30, 2020.
The NCUA and CFPB released their Spring 2020 rulemaking agendas. The agendas cover regulatory issues the agencies expect to work on in the coming months, but are mostly predictions and can be amended at any time.
The U.S. Supreme Court’s decision in Seila Law v. CFPB found the CFPB’s structure to be unconstitutional but severed the “for cause” removal provision from the rest of the Dodd-Frank Act. Practically, the CFPB Director may be removed by the President at will.