Troutman Sanders

AUGUST 9, 2023

As discussed here , on July 31, a federal district court in the Southern District of Texas issued an order enjoining the CFPB from implementing and enforcing the Final Rule against three plaintiffs — Texas Bankers Association, the American Bankers Association, and Rio Bank, McAllen, Texas and their members.

Credit Unions 52

Credit Unions Credit Unions Trade Financial Institution 52

Troutman Sanders

SEPTEMBER 18, 2023

Supreme Court reverses the Fifth Circuit in the Community Financial Services Association (CFSA) v CFPB case, which found the CFPB’s funding structure unconstitutional and, therefore, rules promulgated by the Bureau invalid. A discussion of the first injunction issued by a Texas federal court can be found here.)

Banks 52

Banks Financial services 52

Troutman Sanders

AUGUST 15, 2023

This filing comes just three days after CUNA and the National Association of Federally-Insured Credit Unions (NAFCU) sent a joint letter to the CFPB urging it to stay enforcement and implementation of the Final Rule for all covered financial institutions until after the U.S.

Credit Unions 52

Credit Unions Credit Unions Trade Financial Institution 52

Troutman Sanders

AUGUST 10, 2023

As discussed here , on July 31, a federal district court in the Southern District of Texas issued an order enjoining the CFPB from implementing and enforcing the Final Rule against three plaintiffs — Texas Bankers Association (TBA), the American Bankers Association (ABA), and Rio Bank, McAllen, Texas and their members.

Banks 52

Banks Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

JULY 31, 2023

District Court for the Southern District of Texas challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau) final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule). The CFPB’s appeal of the Fifth Circuit’s decision is currently pending before the U.S.

Banks 52

Banks Financial services Lender Creditors 52

Troutman Sanders

SEPTEMBER 5, 2023

The current situation … poses serious compliance challenges for the membership of the Trades, as institutions that are identically subject to the [Final] Rule are now effectively subject to different compliance and implementation dates. Supreme Court term expected in July 2024.” Both of those motions have since been granted.

Trade 52

Trade Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

OCTOBER 27, 2023

The court’s ruling follows a period of mounting pressure on the Texas federal court and the CFPB by banks and financial institution trade associations advocating for the nationwide extension of the July 31 injunction, which enjoined the CFPB from implementing and enforcing the Final Rule against the plaintiffs and their members.

Lender 52

Lender Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

AUGUST 8, 2023

District Court for the Southern District of Texas challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau) final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule). The injunction will dissolve if the U.S.

Banks 52

Banks Trade Financial services Collections 52

Collection Industry News

SEPTEMBER 7, 2021

Yesterday, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited Notice of Proposed Rulemaking (NPRM) related to Dodd-Frank 1071. As we have discussed in this space , Section 1071 amends the Equal Credit Opportunity Act to mandate certain reporting requirements for financial services companies making business loans.

Financial services 52

Financial services Lender Creditors Loans 52

Troutman Sanders

JANUARY 6, 2023

On January 4, the Consumer Financial Protection Bureau (CFPB) issued its 2022 Fall Rulemaking Agenda containing pre-rule, proposed rule, and final rules under consideration. The CFPB states it is considering whether to propose amendments to Regulation Z with respect to those rules.

Financial Institution 52

Financial Institution Lender Credit Unions Credit Unions 52

Troutman Sanders

SEPTEMBER 17, 2020

When the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) was passed, Section 1071 amended the Equal Credit Opportunity Act (ECOA) to require such small business data collection. The CFPB is beginning the process of writing regulations to implement Section 1071. The proposal issued by the CFPB met that deadline.

Financial Institution 52

Financial Institution Collections Lender Loans 52

Collection Industry News

JANUARY 10, 2022

In an extensive comment letter, the associations said that the costs of the proposed rule could have significant effects, particularly on smaller banks and their small business customers, and recommended a broader exemption for small institutions.

Banks 40

Banks Lender Collections Loans 40

Troutman Sanders

JUNE 21, 2022

In a June 17 blog post , Consumer Financial Protection Bureau (CFPB or Bureau) Director Rohit Chopra announced that the CFPB intends to “move away from highly complicated rules” in favor of “simpler and clearer rules.” The CFPB’s Qualified Mortgage Rules. We found this announcement curious.

Lawyers 52

Lawyers Loans 52

Collection Industry News

DECEMBER 14, 2021

Among the bureau’s priorities are the Dodd-Frank Act Section 1071 rulemaking. Comments on the proposed rule are currently being accepted through Jan. The bureau also expects to begin pre-rule activity regarding consumer access to financial records in April 2022.The The agenda is current as of Nov.

Financial Institution 40

Financial Institution Banks Collections Government 40

Troutman Sanders

SEPTEMBER 18, 2023

This was FinCEN’s first enforcement action against a Puerto Rican international banking entity and includes the first violation for failure to implement and maintain an anti-money laundering program under the Gap Rule. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Trade Banks Credit Unions 52

Collection Industry News

FEBRUARY 5, 2021

In a letter outlining his priorities for the bureau’s Division of Research, Markets and Regulations, Uejio directed bureau staff to “explore options for preserving the status quo with respect to QM and debt collection rules.”.

Collections 40

Collections Foreclosure Education 40

Collection Industry News

JANUARY 10, 2022

A newly proposed data collection rule issued by the Consumer Financial Protection Bureau (CFPB) would place an undue burden on small business owners, farmers and lenders in South Carolina and across the United States, according to U.S. The post Scott Requests CFPB Reconsider ‘Misguided’ Rule appeared first on Collection Industry News.

Lender 40

Lender Government Collections Banks 40

Public Citizen

MAY 17, 2022

Among other things, that includes rulemakings under Section 1071 of Dodd-Frank (small business loan data collection) and Section 1033 of Dodd-Frank (consumer access to data). Section 1028(b) states that "The findings in [an arbitration] rule shall be consistent with the study conducted under subsection (a)."

Loans 45

Loans Collections 45

Troutman Sanders

APRIL 27, 2023

District Court for the Southern District of Texas challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau) final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule).

Financial Institution 52

Financial Institution Lender Banks Loans 52

Troutman Sanders

OCTOBER 30, 2023

The FTC’s Safeguards Rule requires nonbanking financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to develop, implement, and maintain a comprehensive security program to keep their customers’ information safe. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Trade Banks 52

Troutman Sanders

JULY 5, 2023

In September 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed rule with more than 900 pages of supplementary material. The Bureau then issued the Final Rule on March 30, 2023, with a host of supplementary materials. Did the Bureau remove any requirements from the Final Rule?

Financial Institution 52

Financial Institution Credit Unions Credit Unions Lender 52

Consumer Financial Services Law

MAY 30, 2017

P repared Remarks of CFPB Director Richard Cordray at the Small Business Lending Field Hearing , CFPB (May 10, 2017),The RFI was issued pursuant to Section 1071’s business lending data collection rule under the Dodd-Frank Act which modifies the Equal Credit Opportunity Act to require financial institutions to report information concerning credit applications (..)

Financial Institution 40

Financial Institution Lender Loans Collections 40

Account Recovery

JANUARY 5, 2024

A trade group representing non-bank financial institutions that provide sales-based financing to businesses has filed a lawsuit against the Consumer Financial Protection Bureau claiming it has overstepped its authority by issuing a rule regulating how lenders must collect and submit data related to small business lending activities.

Financial Institution 130

Financial Institution Trade Lender Banks 130

Collection Industry News

SEPTEMBER 7, 2021

The CFPB has issued a notice of proposed rulemaking (NPRM) to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the ECOA to require financial institutions to collect and report certain data in connection with credit applications made by women- or minority-owned businesses and small businesses. Source: site.

Financial Institution 40

Financial Institution Collections Lender Trade 40

Account Recovery

OCTOBER 27, 2023

A federal judge in Texas has expanded the stay against the Consumer Financial Protection Bureau’s plan to enforce a rule designed to combat gender and racial discrimination in small business lending to cover all financial institutions impacted by the rule.

Financial Institution 130

Financial Institution 130

Jimerson Firm

JANUARY 23, 2023

Calculating the effective interest rate for purposes of usury The Florida Supreme Court announced the rule for calculating usurious interest in St. 2d 1071, 1073 (Fla.1982). Petersburg Bank & Trust Co. Petersburg Bank & Trust Co. Hamm , 414 So.2d

Loans 52

Loans Lender Banks Trade 52

Troutman Sanders

DECEMBER 4, 2023

32 , respectively) disapproving the Consumer Financial Protection Bureau’s (CFPB or Bureau) implementation of the small business data collection and reporting final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule). The future of the Final Rule seems less certain in the courts.

Financial services 52

Financial services Lender Collections 52

Troutman Sanders

JULY 18, 2022

Federal Activities: On July 13, the Federal Trade Commission (FTC) published its proposed Motor Vehicle Dealers Trade Regulation Rule in the Federal Register. The Consumer Financial Protection Bureau (CFPB) agreed to a March 31, 2023 deadline to issue a final rule under Section 1071 of Dodd-Frank.

Financial services 52

Financial services Trade Financial Institution Healthcare 52

Collection Industry News

JULY 6, 2021

The new agenda lists two items as in the “final rule stage”: Debt collection. Due in part to the “societal disruption” caused by the COVID-19 pandemic, in April 2021, the CFPB issued a notice of proposed rulemaking (NPRM) that would extend by 60 days the effective date of Part I and Part II of its final debt collection rule.

Foreclosure 40

Foreclosure Financial Institution Consumer Credit Collections 40

Collection Industry News

SEPTEMBER 7, 2021

A full decade after Dodd-Frank, the Consumer Financial Protection Bureau (CFPB) has introduced a proposed rule that would meet its requirements under an amended Equal Credit Opportunity Act. . 1071 of the Act. The public will have 90 days in which to comment on the proposed rule from publication in the Federal Register. .

Banks 40

Banks Lender Financial Institution Startups 40

Troutman Sanders

JANUARY 12, 2024

32 , respectively) disapproving the Consumer Financial Protection Bureau’s (CFPB or Bureau) implementation of the small business data collection and reporting final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule). The future of the Final Rule now lies with the courts.

Lender 52

Lender Financial services Banks Collections 52

Troutman Sanders

SEPTEMBER 21, 2023

32 , respectively) disapproving the Consumer Financial Protection Bureau’s (CFPB or Bureau) implementation of the small business data collection and reporting final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule). But the clock is ticking.

Credit Unions 52

Credit Unions Credit Unions Trade Banks 52