CFPB

The Consumer Financial Protection Bureau has issued a final rule to facilitate the industry’s transition away from the LIBOR interest rate index. It will be effective April 1, 2022.

The discontinuation of LIBOR is in relation to a criminal rate-setting conspiracy implicating large international banks, undermining the public’s confidence in the index.

For more details about the rule, read on.

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The Consumer Bankers Association and American Bankers Association penned a letter to the Consumer Financial Protection Bureau, urging it to protect consumers in a rapidly evolving marketplace.

The letter is in response to the bureau’s notice and request for comment regarding big tech payment platforms and its inquiry sent to Amazon, Apple, Facebook, Google, PayPal, and Square for information on their business practices.

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The U.S. Government Accountability Office (GAO) released its audit for Consumer Financial Protection Bureau’s fiscal years 2020 and 2021.

The GAO issues an annual audit and opinion on the bureau’s financial statements and on related internal controls.

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The Consumer Financial Protection Bureau has made its Truth in Lending (Regulation Z) annual threshold adjustments.

These have been published in the Federal Register and will go into effect Jan. 1, 2022.

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The Small Business Administrations’ Office of Advocacy, the Independent Community Bankers of America, the American Bankers Association, and state banking associations have requested the Consumer Financial Protection Bureau extend the comment deadline for the proposed rule implementing Section 1071 of the Dodd-Frank Act.

The proposed rule outlines the requirements for lenders disclosing information about their lending to small businesses, such as the amount and type of small-business credit applied for and extended, demographic information about small-business credit applicants, and key elements of the price of the credit offered.

For more details about the request, read on.  Read on »

In an editorial building off a Consumer Bankers Association (CBA) white paper, CBA President and CEO Richard Hunt asked Consumer Financial Protection Bureau Director Rohit Chopra to establish clear and transparent “rules of the road” rather than regulating by enforcement.

“In the past, the bureau has used its authority to sidestep the formal rulemaking process by announcing new regulatory standards through enforcement actions instead of issuing rules or guidance,” Hunt wrote. “But rarely, if ever, is it in the best interest of the consumers America’s leading banks are working to serve.”

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The Consumer Financial Protection Bureau issued a request for information on detecting discrimination in mortgage lending.

The bureau intends to review the 2015 changes to the rules implementing the Home Mortgage Disclosure Act and evaluate their effectiveness. The CFPB will then publish an assessment report on its findings by Jan 1, 2023.

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In a joint statement, the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators announced they will resume supervision and enforcement actions under Regulation X mortgage servicing rules.

This statement replaces the one made in April 2020, where the same agencies suspended actions against mortgage servicers for failing to meet certain timing requirements.

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Two weeks after being sworn in as the director of the Consumer Financial Protection Bureau, Rohit Chopra testified before the House Committee on Financial Services.

During his testimony, Chopra spoke about the current economic conditions, market monitoring, and the steps the bureau intends to take under his leadership.

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The Consumer Financial Protection Bureau has appointed an assistant director of the Office of Supervision Policy and an assistant director for the Office of Enforcement.

Most recently, one candidate worked as commissioner of the New York City Department of Consumer and Worker Protection, and the other was the CEO of Civil Rights Corps.

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