FLACK LAW, PC
  • Home
  • Who We Are
  • What We Do
  • Blog
  • Contact Us

THINGS TO CONSIDER

Are you on the CFPB's list?

6/10/2016

0 Comments

 
The Consumer Finance Protection Bureau (CFPB), established by Dodd-Frank,[1] has announced its 2016 Rulemaking Agenda. The CFPB is a multi-faceted entity, having been given rule-making, supervisory, reporting, and enforcement authority that has so far appeared to be broad in scope.

You can get the full text of the 2016 agenda here. In brief, here are the primary areas of interest:
  • Arbitration clauses in consumer finance products (see proposed Rule)
  • Payday, auto title, and similar lending products – see the article posted by CFPBMonitor.com for more detail on this
  • Prepaid accounts- final rule expected this summer
  • Mortgage servicing- final rule expected this summer
  • Know Before You Owe mortgage disclosures- TILA and RESPA clarification for lenders and service providers
Other items on the list:
  • Overdraft services on checking accounts
  • Debt collection practices that would be considered unfair, deceptive, abusive, or otherwise unlawful
  • Nonbank supervisory authority over larger participants in certain consumer financial products/services markets, with a particular focus on lenders offering auto title and similar consumer installment loans
  • Reporting by financial institutions regarding applications for credit by women-owned, minority-owned, and small businesses
  • Implementation of other mortgage rules

​The Bureau also referred to its longer term rule-making agenda, which was last updated in the fall of 2015, and includes an ongoing inquiry regarding credit reporting and its impact on the availability of credit, access to checking accounts, employment, and housing. Student loan servicers are also under the Bureau’s microscope, as it continues to monitor practices and evaluate potential rules.

[1] Dodd-Frank Wall Street Reform and Consumer Protection Act
0 Comments



Leave a Reply.

    Categories

    All
    Banking
    CFPB
    Compliance
    Franchise
    Licensing Agreement

    RSS Feed

Flack Law, PC
www.FlackLawPC.com

703 2nd Street, Suite 323
Santa Rosa, CA 95404
Irene@FlackLawPC.com
707-703-1914
Proudly powered by Weebly
  • Home
  • Who We Are
  • What We Do
  • Blog
  • Contact Us