On October 15, 2015, the Consumer Financial Protection Bureau issued a final rule that revised the reporting requirements under the Home Mortgage Disclosure Act. Most of these changes take effect on January 1, 2018. Release.
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CFPB Study Finds Electronic Mortgage Closings Can Benefit Consumers
On August 4, the CFPB published a report on its “Know Before You Owe” eClosing project which found that borrowers can benefit from electronic closings when navigating the mortgage closing process. Specifically, the results of the pilot indicate that those who closed their mortgage using an electronic platform are generally better off on measures of understanding, efficiency, and feeling empowered than borrowers who used just paper forms. Release. Report.
CFPB Sues Offshore Payday Lender
On August 4, the CFPB announced the filing of a lawsuit against NDG Eneterprise, a complex web of commonly controlled companies, for collecting money consumers did not owe. The CFPB alleges that the defendants illegally collected loan amounts and fees that were void or that consumers had no obligations to repay. Release. Complaint.
CFPB Finalizes Rule Aimed at Improving Credit Card Agreement Submission Process
On April 15, the CFPB issued a final rule aimed at improving the way that companies submit consumer credit card agreements to the CFPB. Press Release.
CFPB Considers Stronger Consumer Protections for Payday Loans and Similar Debt
On March 26, the CFPB announced that it is considering stronger consumer protections relating to payday loans, vehicle title loans, deposit advance products, and certain high-cost installment loans and open-end loans. The proposals under consideration would require lenders to take steps to make sure consumers can repay their loans and would also restrict lenders from attempting to collect payment from consumers’ bank accounts in ways that tend to rack up excessive fees. Release. Fact Sheet.
CFPB Launches Public Inquiry to Inform Agency Review of the Credit Card Market
On March 17, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on how the credit card market is functioning and the impact of credit card protections on consumers and issuers. This public inquiry will focus on issues including credit card terms, the use of consumer disclosures, credit card debt collection practices, and rewards programs, among others. Release.
CFPB Issues Proposal To Facilitate Access To Credit In Rural And Underserved Areas
On January 29, the Consumer Financial Protection Bureau (CFPB) proposed several changes to its mortgage rules to facilitate lending in rural and underserved areas. The proposed rule would increase the number of financial institutions able to offer certain types of mortgages in rural and underserved areas. The proposed rule will be open for public comment until March 30, 2015. Release. Proposed Rule.
CFPB Finalizes Minor Changes to “Know Before You Owe” Rules
On January 20, CFPB finalized two minor modifications to the “Know Before You Owe” mortgage disclosure rules. The changes, which were proposed in October 2014, address when consumers will receive updated disclosures after locking in an interest rate, and how consumers receive information regarding certain construction loans. The “Know Before You Owe” mortgage disclosure rule, including the changes finalized today, will be effective August 1, 2015. Release. Final Rule.