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CFPB issues $9M penalty against Citizens Bank

Posted Date: Tuesday, May 23, 2023
The Consumer Financial Protection Bureau entered into a settlement agreement which would include a $9 million penalty ordered against Citizens Bank for “unlawful credit card servicing” activity. This unlawful activity, according to the bureau, included Citizens Bank failing to properly manage and respond to customers’ credit card disputes and fraud claims. Read on for more details. Read on »

Experts discuss AI as the next frontier of fair lending

Posted Date: Monday, May 22, 2023
At CBA Live, hosted by the Consumer Bankers Association, Dodd Frank Update sat in on a discussion with experts about the next frontier in fair lending: artificial intelligence (AI). The panel of experts discussed the ways AI is being used in fair lending and what regulators are doing in response to this new tool. Read on for more details. Read on »

MBA, NAR, NAHB urge court to consider impact of CFPB decision

Posted Date: Monday, May 22, 2023
The Mortgage Bankers Association, National Association of Realtors, and the National Association of Home Builders filed an amici brief with the U.S. Supreme Court in Consumer Financial Protection Bureau v. Community Financial Services Association of America which will determine the constitutionality of the Consumer Financial Protection Bureau’s funding structure. Read on for more details. Read on »

Digital marketing compliance experts offer insights

Posted Date: Monday, May 22, 2023
Even though the Consumer Financial Protection Bureau has not issued a RESPA-related enforcement action recently, that does not mean it is not on the bureau’s radar. With its advisory opinion on digital comparison shopping platforms in February, servicers may be left with questions about how to comply with RESPA’s requirements while also maximizing consumer reach and drive production. Franzén & Salzano President Loretta Salzano and Firstline Compliance, LLC Vice President Jerra Ryan are experts who can clarify some uncertainties. Read on for more details. Read on »

CFPB issues Section 1071 small entity compliance guide

Posted Date: Tuesday, May 16, 2023
The Consumer Financial Protection Bureau issued a compliance guide for small entities that are to be subject to the Section 1071 small-business lending rule. The guide provides a detailed summary of the final rule’s requirements and provides details and examples when necessary to clarify and explain the different components and requirements of the final rule as it affects small entities. Read on for more details. Read on »

Waters, Brown lead amicus brief supporting CFPB

Posted Date: Tuesday, May 16, 2023
Rep. Maxine Waters (D-Calif.), ranking member of the House Financial Services Committee, and Sen. Sherrod Brown (D-Ohio), chair of the Senate Banking, Housing, and Urban Affairs Committee, have been joined by 144 current and former members of Congress in filing an amicus brief supporting the Consumer Financial Protection Bureau in the case seeking to determine the constitutionality of its funding structure. Read on for more details. Read on »

CBA Live: Experts discuss CFPB’s section 1033 rulemaking

Posted Date: Friday, May 12, 2023

At CBA Live, hosted by the Consumer Bankers Association (CBA), Dodd Frank Update sat in on a conversation by experts who discussed the Consumer Financial Protection Bureau’s rulemaking for section 1033, the personal financial data access rule. This upcoming rule intends to grant consumers greater access to their personal financial data, as well as regulating the way consumer financial services providers use and store that data.

Read on for more details.

Read on »

CFPB files brief for SCOTUS funding case

Posted Date: Friday, May 12, 2023
The Consumer Financial Protection Bureau filed its brief with the U.S. Supreme Court for its case against Community Financial Services Association of America which questioned whether the bureau’s funding structure – which sees its annual budget provided by the Federal Reserve instead of Congress – is a violation of the appropriations clause. Read on for more details. Read on »

CFPB issues warning on ‘reopening’ deposit accounts to collect fees

Posted Date: Friday, May 12, 2023
The Consumer Financial Protection Bureau released its latest circular which issues a warning to banks about the practice of “reopening” closed accounts to process transactions and apply fees. The circular confirms that engaging in such activity might put banks in violation of the Consumer Financial Protection Act. Read on for more details. Read on »

CFPB barred from bringing back past claims

Posted Date: Tuesday, May 9, 2023
In an attempt to bring charges against non-bank mortgage company Ocwen for alleged violations of federal consumer protection laws that occurred while Ocwen was under a consent order with the Consumer Financial Protection Bureau (CFPB), a district judge in the Southern District of Florida has held that the CFPB is barred from bringing claims from that period. Read on for more details. Read on »
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Monthly Newsletter

Dodd Frank Update May 2023

Cover Story:

CFPB releases section 1071 small-business lending final rule


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