Advocates spar on arbitration proposal to eliminate class action waivers
The Consumer Financial Protection Bureau has unveiled its long-awaited proposal on arbitration, seeking to eliminate the use of class action waivers to prevent consumers from joining class action lawsuits. The Small Business Regulatory Enforcement Fairness Act (SBREFA) panel has reported that some small business representatives indicated that class action exposure may reduce their compliance budgets. Read on to learn more.
Industry eager for more clarity from CFPB on TRID
Industry participants will have another bite at the apple. The Consumer Financial Protection Bureau announced that it will be revisiting the text and commentary of the TILA-RESPA Integrated Disclosure (TRID, or Know Before You Owe) rulemaking, with a proposed rulemaking to be released later this year. Representatives from Independent Community Bankers of America and Consumer Bankers Association spoke with Dodd Frank Update.
Bulletin: CFPB to reopen TRID rulemaking
Industry communications with the Consumer Financial Protection Bureau (CFPB) appear to have paid off. Nearly seven months after the implementation of the CFPB’s TILA-RESPA Integrated Disclosure (TRID) rule, the bureau announced that it would reopen rulemaking, with a notice of proposed rulemaking expected to be released by late July.
ABA: Demand for CRE lending on the rise
In its first Commercial Real Estate Lending survey, the American Bankers Association has found that 82 percent of banks plan to increase their capital concentration in commercial real estate, with strategic planning and demand cited as the most influential motivators. Surprisingly, regulatory burden was not the top challenge facing commercial real estate lending. Read on to learn more.
How to remain relevant among millennial borrowers and their parents
Millennials (those between the ages of 20 and 36) now represent the largest population segment in the U.S. If financial institutions are going to remain competitive, they need to know how to appeal to this generation’s needs and expectations. Michael Marx, senior business leader of research services at Visa Inc., has the answers, which he presented at the Independent Community Bankers of America’s annual conference in New Orleans, with Dodd Frank Update in attendance. Read on to learn more.
CFPB report connects online payday loans, bank fees
The Consumer Financial Protection Bureau (CFPB) released a report titled “Online Payday Loan Payments,” that included CFPB research findings on payday loans and certain installment loans, specifically looking at online lenders. The report includes data collected from 2011 and 2012 and used in an earlier study of the industry. The CFPB expects to release its proposed payday lending rule later this spring.