Title X

A quartet of advocacy groups is suing the Consumer Financial Protection Bureau over its final rule amending Regulation B, the implementing regulation of the Equal Credit Opportunity Act. The plaintiffs argued that the final rule exceeds the bureau’s statutory authority and relies on “conclusory assertions and speculation.” Read on »

The Consumer Financial Protection Bureau (CFPB) issued a final rule amending its implementing regulation for the Equal Credit Opportunity Act on April 21. The rule would narrow the scope of longstanding principles used in fair lending enforcement. Dodd Frank Update conducted a thorough review of the final rule and consulted with former CFPB Senior Counsel Rich Horn, co-managing partner at Garris Horn LLP, for his insight. Read on »

Dodd Frank Update asked multiple sources for their take on the Consumer Financial Protection Bureau’s relatively low third quarter funding request by acting director Russ Vought and what it could signal about the agency’s direction. Read on »

The Consumer Financial Protection Bureau issued its second reduction in force order in as many years and requested a federal court to permit its implementation. Dodd Frank Update sought insight from former bureau attorneys about the implications of the latest personnel move by the bureau. Read on »

A federal judge found that the Consumer Financial Protection Bureau acted unlawfully by refusing to request funding earlier this year. The judge also found that the CFPB’s director lacks the authority to determine whether the Federal Reserve has sufficient “combined earnings” to fund the agency. Read on »

A class action lawsuit was filed in Florida against two appraisal management companies and a wholesale mortgage lender alleging deceptive and unfair practices in violation of Florida’s trade practices statute. Dodd Frank Update spoke with Garris Horn, LLP co-Managing Partner Richard Horn about what the case might mean for the appraisal and lending industries. Read on »

The Consumer Financial Protection Bureau’s request for comments regarding its plans to change collection and reporting protocols for its complaint database met with starkly contrasting responses from financial services providers and consumer advocates. Read on »

Senate Banking Committee Ranking Member Elizabeth Warren (D-Mass.) questioned President Donald Trump’s sincerity in wanting to make credit cards more affordable, given his administration’s track record on measures aimed at this feat. Read on »

The Consumer Financial Protection Bureau and the Department of Justice announced the withdrawal of a joint statement regarding legal protections covering an individual’s immigration status under the Equal Credit Opportunity Act to help mitigate confusion and alleviate resulting compliance burdens. Read on »

The Consumer Financial Protection Bureau finalized annual inflation-based amendments to certain Truth in Lending Act exemption thresholds applicable to covered mortgage lenders, as required by the Dodd-Frank Act. Read on »