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The Consumer Financial Protection Bureau announced that as of March 26, it will not require lenders scheduled to report quarterly Home Mortgage Disclosure Act data by May 30 to report that information.

The bureau also announced it would pause data collections related to Section 1071 rulemaking over small-business lending, Property Assessed Clean Energy loans and reporting of certain data related to credit card and prepaid accounts.

Read on for more details of the regulatory relief the bureau announced.

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A new agreement between the Consumer Financial Protection Bureau (CFPB) and the Department of Education is expected to smooth over differences between the agencies which have arisen over the past two years.

The agencies announced the signing of a Memorandum of Understanding to define primary roles in handling student loan servicing issues, with the Department of Education having primary responsibility over federal student loans and the CFPB handling the private student loan issues.

Read on for more details from the agreement.

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The immediate focus for many from Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger’s appearance before the House Financial Services Committee was the discussion on the bureau’s recent policy statement surrounding abusiveness.

But the most revealing moments might have come in two of the CFPB’s most recent enforcement cases.

Read on for details from Kraninger’s appearance, including her response to notions that the CFPB was weak in its handling of a recent bank enforcement action.

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The last enforcement action filed in court by the Consumer Financial Protection Bureau under the leadership of Richard Cordray has been resolved.

The bureau announced a settlement in its case against bankrupt debt collector Think Finance in which the companies who reportedly operated a $133 million online loan scheme will be forced to pay $7 in civil money penalties.

The CFPB announcement was made in conjunction with a bankruptcy settlement which is expected to create a fund of as much as $39 million in consumer redress. Read on for more details. Read on »

The efficacy of the Community Reinvestment Act reform plan published by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. was a central theme during Comptroller Joseph Otting’s latest hearing before the House Financial Services Committee.

Otting took the opportunity to attempt to clarify how aspects of the proposal will benefit low-to-moderate-income communities and to dispel misconceptions about the reform plan.

Learn more about the insights that came out of the hearing.

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Various trade advocates pointed to the additional cost burdens associated with TRID regulations and questioned whether those regulations have had the desired effect.

Advocates for both community banks and credit unions, in particular, cited numerous concerns pertaining to TRID’s impact on compliance costs and its impact on their effect on smaller institutions’ ability to compete with their larger industry counterparts.

Learn more about the industry’s concerns.

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Certain financial entities and companies that partner with them could benefit from the Consumer Financial Protection Bureau’s recently updated version of its Home Mortgage Disclosure Act (HMDA) Small Entity Compliance Guide.

The bureau revised the guide to account for HMDA changes implemented by its October 2019 final rule.

Find out more details about the newly revised compliance guide.

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The Consumer Financial Protection Bureau (CFPB) has new executives to its regulatory and enforcement staffs, as well as other divisions within the agency.

The five new executives come to the bureau with a wide array of experience levels relevant to their appointed positions.

Read on to learn more details about the officials.

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The financial industry is used to coping with uncertainty over when or if change is going to happen. When it comes to revamping Community Reinvestment Act (CRA) requirements, the real question is “how?”

Warren Traiger of Buckley LLP and Lilly Thomas of the Independent Community Bankers of America (ICBA) spoke to Dodd Frank Update about the possible ways the CRA framework could be reformed, based on priorities expressed by the three banking agencies.

Learn more details about the reform possibilities the industry could face in the future.

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The Consumer Financial Protection Bureau’s (CFPB) newly issued policy statement intended to ease uncertainty about conduct that may be flagged as “abusive” in supervisory and enforcement actions offers more insight about what will not be considered abusive than what will be.  

The CFPB indicated that its approach for defining the nexus between will be dependent upon future supervisory or enforcement actions where it can illustrate the difference. 

Find out more details about the policy statement, which took effect immediately.

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