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Federal Legislation

The CFPB released a new Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the first half of 2022 detailing key findings, Fair Credit Reporting Act (FCRA) violations, charging of impermissible fees when homeowners went to make their mortgage payments as well as policies and procedures that may have resulted in loss of pandemic relief benefits due to garnishments or setoff practices.

A review of consumer report disputes by the Consumer Financial Protection Bureau (CFPB) indicated that many consumer reporting agencies and information furnishers are failing to adequately investigate disputes leading to higher costs and difficulties for consumers in obtaining credit; guidance on expectations involving disputes was published.

A recent risk determination by the Consumer Financial Protection Bureau (CFPB) led to changes in the procedural rule related to nonbank supervision in an effort to increase transparency.

The CFPB issued corrections to a final rule regarding Debt Collection Practices (Regulation F) that was published in the Federal Register on January 19, 2021 with the corrections being effective as of November 1, 2022.

DS News--Kyle G. Horst

The CFPB is proposing new options to strengthen consumers’ access to and control over their financial data as a first step before issuing a proposed data rights rule that would implement section 1033 of the Dodd-Frank Act.

This CFPB circular addresses overdraft fees, particularly those that are unanticipated by the consumer.

The CFPB has issued an Advisory Opinion discussing Fair Credit Reporting Act (FCRA) requirements related to procedures for ensuring the prevention of facially false information in credit reports.

The Federal Reserve, CFPB, and the OCC issued a final rule amending regulations that implement section 129H of TILA raising the special appraisal requirements for higher-priced mortgage loans from $28,500 to $31,000.

The Federal Reserve Board and the CFPB announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2023 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).

CFPB Blog- Patrice Alexander Ficklin, Makalia Griffith, and Tim Lambert

The CFPB has issued a blog post regarding the “reconsideration of value” or “ROV”, a manner through which homebuyers and homeowners can request a review of an appraisal they feel is inaccurate.

The Federal Financial Institutions Examination Council (FFIEC) issued an update to its Cybersecurity Resource Guide to include ransomware, a specific resource to address the ongoing threat of ransomware incidents.

The CFPB published a report, Buy Now, Pay Later: Market trends and consumer impacts , that provides key insights on the Buy Now, Pay Later industry that grew rapidly during the pandemic, but borrowers may receive uneven disclosures and protections.