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Posts tagged as “CFPB”

CFPB to Issue Proposed Amendment Delaying TRID Effective Date to Oct. 1, 2015

The federal Consumer Financial Protection Bureau issued a brief press release yesterday, confirming reports that it would be issuing a proposed amendment to delay the effective date for the “Know Before You Owe” TILA-RESPA Integrated Disclosure (TRID) rule until Oct. 1, 2015. A copy of the press release is available at:  Press Release. The press release simply states: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law,…

CFPB to Supervise Nonbank Auto Finance Companies

Large non-bank auto financers will now be supervised by the Consumer Financial Protection Bureau, according to a final rule released June 10, that also outlines the examination procedures that will be used to evaluate said companies. Citing that auto loans are the third largest category of household debt in America, and the automobile leasing market continues to grow, the CFBP says the rule “will help ensure that larger auto finance companies treat consumers fairly.” The rule change may affect approximately 6.8 million customers of 34 of the largest nonbank auto finance lenders, according to the CFBP. The CFPB’s auto lending supervision will…

CFPB Announces Leniency for Good Faith Efforts to Comply as to TRID Implementation, But No Formal Grace Period

In response to a letter from numerous Senators, and in response to “considerable input” from other members of Congress and various trade groups, the Consumer Financial Protection Bureau today announced that it will employ leniency in relation to implementation of the TILA-RESPA Integrated Disclosure Rule. The CFPB’s letter states that the CFPB “will be sensitive to the progress made by those entities that have squarely focused on making good-faith efforts to come into compliance with the Rule on time,” and that the approach “is consistent with the approach we took to implementation of the Title XN mortgage rules in the early months…

Presenting “Ready or Not, Here Comes the CFPB” at DBA International’s Conference Feb. 7

What would it be like to undergo a CFPB examination? What will be the CFPB’s focus in examining debt purchasers and what methods will the CFPB use to gather information about their operations? Find out at the DBA International Conference next week where I’ll be presenting Ready or Not, Here Comes the CFPB with some of the best and brightest on this topic  —  my colleagues Alan Kaplinsky and Chris Willis from Ballard Sphar, who bring you CFPBMonitor.com, and Tomio Narita from Simmonds & Narita LLP, author of the FDCPA Defense Blog. More information about DBA International and its Annual Conference in…

CFPB Releases Larger Non-Bank Participant Rule – Small Businesses and Law Firms Impacted

Last night, the Consumer Financial Protection Bureau (CFPB) released its Larger Non-Bank Participant Rule. The Rule is available here. In addition to releasing the Rule, the CFPB  released an examination manual and a fact sheet. Some highlights: The Rule is effective January 2, 2013 — 70 days from today. The Rule provides a description of the examination process. It does not apply to entities that originate credit. A person is subject to the Rule if they have more than $10 million in “annual receipts” resulting from consumer debt collection. “Annual receipts” is derived from a three-year average of receipts. “Annual receipts” does not include “those receipts that…

Prof. Chris Peterson Joins the CFPB

As reported today in the Consumer Law and Policy Blog, University of Utah Law Professor Christopher L. Peterson joined the Consumer Financial Protection Bureau as a Senior Counsel for Enforcement Strategy. Although Professor Peterson and I do not see eye to eye on many issues, over the past decade his scholarly works have impacted consumer financial services law. If you ever have the opportunity to hear Chris speak on consumer financial services law, do so. You might not like what you hear, but he knows how to make his point in a way that captures your attention.