In October, the CFPB issued a final rule amending the 2013 mortgage rules that took effect in January 2014, including a post-consummation points and fees cure mechanism for qualified mortgage loans, which became effective on November 3, when it was published in the Federal Register.
On November 18, 2014, the CFPB staff and Federal Reserve Board co-hosted a webinar that addressed questions about the Final TILA-RESPA Integrated Disclosure Rule that will be effective for applications received by creditors or mortgage brokers on or after August 1, 2015.
The CFPB has issued its financial report for its 2014 fiscal year, which ended on September 30, 2014. Perhaps most illustrative of the CFPB’s growth are the report’s statistics on the CFPB’s employees and funding.
CFPB Proposes New Regulations for Prepaid Accounts
CFPB Highlights Alleged Credit Reporting Errors Relating to Discharged Student Loans of Disabled Veterans
In a new blog post, the CFPB provides credit reporting advice to service-disabled veterans who take advantage of federal student loan forgiveness available from the Department of Education for veterans who receive a 100 percent disability rating from the Department of Veterans Affairs.
The CFPB has issued a new bulletin (Bulletin 2014-03) that is intended “to remind creditors” of their ECOA/Regulation B obligations with respect to consideration of public assistance income and relevant standards and guidelines regarding verification of Social Security Disability Insurance and Supplemental Security Income (together, Social Security disability income).
On November 13, the Consumer Financial Protection Bureau unveiled a comprehensive slate of consumer protections for prepaid debit cards that could increase the customer base for the financial product.
CFPB Proposes Rule On Prepaid Products to Extend Certain Credit Requirements and Mandate Disclosures
The Consumer Financial Protection Bureau released last week a proposed rule that would impose an array of new requirements on prepaid accounts.
Jeff Sovern, through his Consumer Law & Policy Blog, recently responded to our criticism that the St. John’s study didn’t include arbitration provisions with opt-out features. Jeff makes the point that since consumers don’t understand the significance of arbitration provisions, they would not understand what they are opting out of.