Reactions to the CFPB’s arbitration rule

On July 10, the CFPB issued its much-anticipated final arbitration rule which prohibits covered entities from including mandatory arbitration clauses in contracts that block class-action litigation. The rule will become effective 60 days after publication in the Federal Register, but will only apply to pre-dispute arbitration agreements for covered products or services entered into on [...]

By | 2017-07-13T13:02:22+00:00 July 13th, 2017|0 Comments

What the arbitration rule means for CFPB payday rule

Earlier this week, CFPB Director Richard Cordray acknowledged the possibility that the Bureau’s arbitration rule could be rolled back by a CRA vote but claimed that he did not factor Congressional opposition into his decision to release the final rule. Cordray explained, “My obligation as the director of the consumer bureau is to act [...]

By | 2017-07-13T14:15:14+00:00 July 13th, 2017|0 Comments

CFPB issues rule prohibiting class action waivers in consumer contracts

Today, the CFPB announced that it has issued its final rule on arbitration. The Bureau also released a short video explaining the arbitration rule. The much-anticipated rule targets providers of certain consumer financial products and services, prohibiting them from using arbitration clauses in customer contracts to block consumers from participating in class action lawsuits. [...]

By | 2017-07-10T15:59:17+00:00 July 10th, 2017|0 Comments

Why the CFPB payday rule might not be coming soon

Last June, the CFPB held a field hearing in Kansas City, Missouri to announce the release of the consumer watchdog agency’s highly anticipated proposed rule covering payday and auto title loans, and certain high-cost installment loans. More than a year has passed since the notice of proposed rulemaking was issued last June, and despite [...]

By | 2017-07-12T07:52:48+00:00 July 9th, 2017|0 Comments

CFPB finalizes amendments to mortgage disclosure rule

Today, the CFPB officially released the finalized updates to its “Know Before You Owe” mortgage disclosure rule, also known as the TILA-RESPA Integrated Disclosure Rule (TRID). According to the Bureau’s press release, the new amendments are intended to “formalize guidance in the rule, and provide greater clarity and certainty.” TRID first took effect in [...]

By | 2017-07-07T21:39:41+00:00 July 7th, 2017|0 Comments

What a recent DC Circuit decision could mean for final CFPB arbitration and payday rules

There have been recent rumors that the CFPB will issue its final arbitration rule by the end of July. According to Ballard Spahr attorney Alan Kaplinsky, “that rumor appears to be gaining traction, with major industry trade group telling its members today that it expects the CFPB to issue a final arbitration rule ‘very [...]

By | 2017-07-07T19:35:55+00:00 July 7th, 2017|0 Comments

CFPB issues implementation guidance for mortgage servicing rules

On June 27, 2017, the CFPB released two documents relating to the 2016 amendments to the 2013 mortgage rules under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z), collectively known as the 2016 Mortgage Servicing Final Rule. The first document contained technical, non-substantive corrections to the [...]

By | 2017-06-28T17:52:42+00:00 June 28th, 2017|0 Comments

The case for overhauling the CFPB

Earlier this month, the Treasury Department issued a report with recommendations designed to ease regulations imposed on the financial services industry by restructuring major provisions of the Dodd-Frank Act, which was passed in 2010 in response to the financial crisis. The report came less than a week after the House passed the Financial CHOICE [...]

By | 2017-06-26T23:18:42+00:00 June 26th, 2017|0 Comments

Next steps for CFPB’s debt collection rule

Last week, CFPB Director Richard Cordray announced that the CFPB had decided to drop a requirement that third-party debt collectors would be responsible for ensuring the accuracy of the consumer debt that they purchase or attempt to collect. Last week we wrote about Evan Weinberger’s theory in Law3670 that the decision may have been [...]

By | 2017-06-26T22:13:19+00:00 June 19th, 2017|0 Comments