consumer finance industry

Duty to Cooperate Ruling Narrows Insurers’ Ability to Foreclose Coverage for Settled Class Action ClaimsIn previous blog postings, we discussed an informal announcement from the Consumer Financial Protection Bureau (CFPB) of its intent to delay the effective date of the new integrated mortgage disclosure rule under Truth In Lending Act and the Real Estate Settlement Procedures Act (commonly referred to as the TILA-RESPA Integrated Disclosure rule or TRID

Cordray’s Appearance Before Senate Banking Committee Renews Debate on CFPB Restructuring ProposalsConsumer Financial Protection Bureau (CFPB) Director Richard Cordray appeared before the U.S. Senate Committee on Banking, Housing and Urban Affairs on Wednesday, July 15, 2015. Many of the Committee’s questions and comments focused on whether the CFPB should undergo structural changes. Specifically, committee members discussed whether the CFPB should be subjected to the Congressional appropriations

CFPB Proposes to Extend TRID Effective Date to October 3In a previous blog post, we discussed an informal announcement by the Consumer Financial Protection Bureau (CFPB) of its intent to delay the effective date of the new integrated mortgage disclosure rule under Regulations X and Z (commonly referred to as the TILA-RESPA Integrated Disclosure rule or TRID rule). A proposed amendment was released

CFPB Postpones TRID Implementation Date from August 1 to October 1, 2015In welcome news to the industry, the Consumer Financial Protection Bureau (CFPB) announced on June 17, 2015 that it will delay the effective date of TRID (the TILA-RESPA Integrated Disclosure rule) until October 1, 2015. Director Richard Cordray announced the CFPB’s intent to issue a proposed rule change to delay the effective date, with opportunity

Can the CFPB Really Prohibit Pre-Dispute Arbitration Agreements?Section 1028 of the Dodd-Frank Act, entitled “Authority to Restrict Mandatory Pre-Dispute Arbitration,” gives the CFPB the authority to promulgate regulations imposing conditions, limitations, or outright prohibitions on mandatory pre-dispute arbitration agreements relating to “consumer financial products or services. However, can Congress truly give the CFPB this authority?

Under Section 1028(a), the CFPB