Home Mortgage Disclosure Act (Regulation C) Small Entity Compliance Guide

On October 13, 2015, the CFPB amended Regulation C expanding the reporting requirements.  Included in the changes were the definitions of covered institutions and covered transactions, changes to public requests, submission of reports, along with new and modified data fields – for a total of 48 fields. The CFPB released its Compliance Guide that includes the key changes and effective … Read More

Requirements for Consumer Authorizations for Preauthorized Electronic Fund Transfers

The CFPB has posted an article and announced its issuance of Bulletin 2015-06 on automatic debits. The article explains to consumers the way an auto debit to a financial institution account works and the protections for the account owner, and provides links to action letter templates consumers can use to invoke those protections. The Bulletin alerts companies that they must … Read More

CFPB Fall Rulemaking Agenda

The CFPB published its Fall Rulemaking Agenda that outlines actions in pre-rule, proposed rule, long-term, and completed stages.  The Agenda provides an insight as to where the CFPB is headed. Current Initiatives: Arbitration – The CFPB is beginning a rulemaking process to address concerns related to the use of arbitration agreements in connection with credit cards, deposit accounts, payday loans … Read More