On Tuesday, November 16, 2021, the Consumer Financial Protection Bureau (“CFPB”) issued a request for information seeking input on rules implementing the Home Mortgage Disclosure Act (“HMDA”), to evaluate whether the rules currently meet HMDA’s stated goals. HMDA, originally enacted in 1975, requires qualifying lenders to collect, report, and disclose data about originations and purchases
The CFPB Director Expresses Concern About Section 1071 Regulatory Burdens on Small Banks
After the Consumer Financial Protection Bureau (CFPB) issued their Notice of Proposed Rulemaking (NPRM) related to Dodd-Frank 1071, Rohit Chopra, the new CFPB director, expressed his concern regarding the regulatory burden that the proposed rule would have on small banks. Director Chopra stated that he hoped the CFPB could move towards bright-lined rules that are
U.S. House Passes the SAFE Banking Act as Part of Defense Bill
The SAFE Banking Act passed in the U.S. House of Representatives for the fifth time on September 23, 2021. This
landmark legislation would pave the way for more financial institutions to serve the state-legal cannabis industry by removing some of the attendant legal and regulatory risks, as we have previously explained.
In a tactical
CFPB Issues NPRM on Dodd-Frank 1071; Bradley to Host Initial Webinar on September 8
Yesterday, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited Notice of Proposed Rulemaking (NPRM) related to Dodd-Frank 1071. As we have discussed in this space, Section 1071 amends the Equal Credit Opportunity Act to mandate certain reporting requirements for financial services companies making business loans. The act aims to “facilitate enforcement of fair
District Court Ruling Clears Way for Small Dollar Rule Compliance Date in June 2022
Yesterday, in Community Financial Services Association of America, Ltd. v. Consumer Financial Protection Bureau, a lawsuit involving implementation of the payment provisions of the Payday, Vehicle Title, and Certain High-Cost Installment Loans Regulation (the “Small Dollar Rule”), the district court ruled on the Consumer Financial Protection Bureau’s (CFPB) and the Community Financial Services Association’s
Cannabis Banking: An Update on the SAFE Banking Act
Despite the cannabis industry’s explosive growth, many financial institutions have been hesitant to transact with cannabis-related businesses given the ambiguity created by divergent state and federal cannabis laws. The SAFE Banking Act seeks to remove these ambiguities at the federal level and pave the way for more financial institutions to serve the cannabis industry. But
HUD Acts to Revive Two Fair Housing Policies
Roughly three months ago, President Biden signed an executive order that, among other things, directed HUD to reevaluate earlier agency decisions perceived to weaken the Fair Housing Act. In response to this directive, HUD has submitted draft rules to the Office of Management and Budget that would roll back two significant changes made by the
Recent Updates Concerning the Home Mortgage Disclosure Act
The Consumer Financial Protection Bureau (CFPB) has been busy over the last few months laying out what appears to be a broad regulatory agenda. As discussed in this blog, the Bureau has issued an industry notice emphasizing industry preparedness related to COVID-19 forbearance plans, issued proposed COVID-19-related amendments to the Mortgage Servicing Rules, suggested
CFPB Proposes Delay to Implementation of Its Debt Collection Rules
Yesterday, the CFPB issued a proposed rule that would extend implementation of both parts of its debt collection rule by 60 days — from November 30, 2021, to January 29, 2022. The debt collection rule, which we have discussed here in detail, addresses numerous topics related to debt collection, including debt collection call volume,
CFPB Signals Continued Progress Toward Dodd-Frank 1071 Notice of Proposed Rulemaking
On the heels of CFPB Acting Director Dave Uejio’s recently released statement to agency staff members, the Bureau again signaled that it is making progress toward issuing a Notice of Proposed Rulemaking (NPRM) enacting Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). Specifically, in late February, the CFPB