Treasury Issues Foreign Currency Swap and Forward Exemption
The Commodity Exchange Act, or CEA, as amended by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, authorizes the Secretary of the Treasury to issue a written determination...
View ArticleCFPB and FTC Warn Against Misleading Consumers with False Mortgage...
The CFPB, in partnership with the FTC, is issuing warning letters to approximately a dozen mortgage lenders and mortgage brokers advising them to clean up potentially misleading advertisements,...
View ArticleCFPB to Propose Changes to Foreign Remittance Transfers
The Consumer Financial Protection Bureau, or CFPB, expects to issue a proposal next month to refine three elements of its rule regarding foreign remittance transfers. The proposal is expected to...
View ArticleCFPB Proposes Allowing Companies To Run Trial Disclosure Programs
The CFPB has announced its proposed policy to allow companies to test new consumer disclosures on a case-by-case basis. As part of its Project Catalyst initiative, and in line with its statutory...
View ArticleCFPB Releases Exam Procedures for Student Loans
The CFPB has published the procedures it will use in examining student lenders. The Student Lending Examination Procedures are an extension of the CFPB’s General Supervision and Examination Manual and...
View ArticleGAO Issues Report on Agencies’ Efforts to Analyze and Coordinate Their Rules
GAO is required to annually study financial services regulations. GAO has issued a report that examines: the regulatory analyses federal agencies performed for rules issued pursuant to the Dodd-Frank...
View ArticleFTC Report on Interchange Fees Addresses Community Banks
The Dodd-Frank Wall Street Reform and Consumer Protection Act amended the Electronic Fund Transfer Act, or EFTA, to restrict interchange fees and to prohibit exclusive networks for debit card...
View ArticleCFPB Rules Effective When Posted on Web Site
The CFPB has adopted a rule which states its rules are deemed issued upon the earlier of: when the final rule is posted on the Bureau’s Web site, or when the final rule is published in the Federal...
View ArticleNew Legislation Prevents Privilege Waiver When Providing Information to CFPB
A new bill has been signed into law which prevents a waiver of attorney-client privilege when a regulated entity submits information to the CFPB. Unlike most Federal legislation, it’s less than one...
View ArticleCFPB Issues Rules on Qualified Mortgages
The Consumer Financial Protection Bureau, or CFPB, has adopted a new rule that requires lenders to ensure prospective buyers have the ability to repay their mortgage. Ability to Repay Under the...
View ArticleCFPB Adopts Rules to Prevent Loan Originators From Steering Consumers Into...
The CFPB has issued rules to prevent mortgage lenders from steering borrowers into risky and high-cost loans. According to the CFPB, the rules ban certain incentives that loan originators had to sell...
View ArticleCFPB Issues Bulletin on Mortgage Servicing Transfers
The CFPB has issued a bulletin advising mortgage companies about their legal obligations that protect consumers during loan transfers between mortgage servicers. The CFPB is concerned that when handing...
View ArticleCFPB Lays Out Implementation Plan for New Mortgage Rules
The CFPB announced a plan it will implement over the next year that focuses on the mortgage industry’s compliance with new consumer protections that go into effect in January 2014. In an effort to...
View ArticleCFPB Issues Final Rule on FOIA and Litigation Procedures
The CFPB has issued a final rule that establishes procedures for the public to obtain information from the Bureau of Consumer Financial Protection, under the Freedom of Information Act, the Privacy Act...
View ArticleRegulators Warn on Risks of Leveraged Loans
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency have issued joint supervisory guidance on leveraged...
View ArticleCFPB to Pursue Auto Lenders For Illegal Discriminatory Markups
The CFPB has released a bulletin explaining its belief that certain lenders that offer auto loans through dealerships are responsible for unlawful, discriminatory pricing. According to the CFPB,...
View ArticleCFTC Approves Final Regulations Governing Exemption from Required Clearing...
The CFTC has issued a final rule to exempt swaps between certain affiliated entities within a corporate group from the clearing requirement under the Commodity Exchange Act, or CEA, and CFTC...
View ArticleCFPB Takes Action Against Mortgage Insurers to End Kickbacks to Lenders
The CFPB has announced four enforcement actions to end what the Bureau believes to be improper kickbacks paid by mortgage insurers to mortgage lenders in exchange for business. The CFPB filed...
View ArticleFed Approves Rule Defining When a Company is “Predominantly Engaged in...
The Federal Reserve Board has approved a final rule that establishes the requirements for determining when a company is “predominantly engaged in financial activities.” The requirements will be used by...
View ArticleWho is Too Big to Fail? FDIC Doesn’t Answer Question
James R. Wigand, Director, Office Of Complex Financial Institutions and Richard J. Osterman, Jr., Acting General Counsel, of the FDIC testified before the Subcommittee on Oversight and Investigations;...
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