A&B ABstract: On April 1, 2021, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a Compliance Bulletin and Policy Guidance (the “Bulletin”) on the Bureau’s supervision and enforcement priorities with regard to housing insecurity in light of heightened risks to consumers needing loss mitigation assistance once COVID-19 foreclosure moratoriums and forbearances end. The Bulletin […]
Consumer Financial Protection Bureau (CFPB)
Payday Lending: A Juxtaposition of Recent CFPB Actions
A&B ABstract: Three recent actions by the Consumer Financial Protection Bureau (“CFPB”), on consecutive days, highlights inconsistencies in the CFPB’s current approach to payday lending. Motion to Dismiss NALCAB Lawsuit On Monday, March 22, 2021, the CFPB filed in D.C. federal district court a memorandum in support of its motion to dismiss a lawsuit filed […]
CFPB Issues Statement Encouraging Financial Institutions and Debt Collectors to Allow Stimulus Payments to Reach Consumers; Creates Potential Consumer Confusion
A&B ABstract: Without additional guidance, the recent statement from the Consumer Financial Protection Bureau (CFPB) about stimulus funds may create consumer confusion. CFPB Raises Concern About EIP Funds Reaching Consumers On March 17, 2021, Acting CFPB Director Dave Uejio issued a statement regarding consumers’ access to Economic Impact Payment (EIP) funds distributed through the American […]
Evaluating the CFPB’s Proposed Delay of the QM Rule: Timing Considerations
A&B ABstract: The CFPB must finalize its proposed QM delay rule in April, likely leaving no room for delay. Background on ATR/QM and the Delay Rule On March 3, 2021, the Bureau of Consumer Financial Protection (CFPB) released a notice of proposed rulemaking (NPRM) to delay the mandatory compliance date of the General Qualified Mortgage […]
Key Takeaways from Chopra’s Nomination Hearing
A&B ABstract: On Tuesday, March 2, the Senate Committee on Banking, Housing, and Urban Affairs convened a remote hearing to consider the nominations of Rohit Chopra to be Director of the Bureau of Consumer Financial Protection (CFPB or Bureau) and Gary Gensler to be Chairman of the Securities and Exchange Commission. Mr. Gensler received the […]