MBA Releases "The Roadmap to CFPB 2.0"
The Mortgage Bankers Association (MBA) has published “The Roadmap to CFPB 2.0,” a new paper that offers the trade group’s recommendations on strengthening the mission of the Consumer Financial Protection Bureau (CFPB). Click to Read the Article
Ninth Circuit Re-affirms Fair Credit Reporting Act’s Strict Disclosure Standards
A disclosure form that included other, state-mandated disclosure information violated the Fair Credit Reporting Act’s (FCRA) standalone document requirement, the Ninth Circuit held. Gilberg v. Cal. Check Cashing Stores, LLC, No. 17-16263 (9th Cir. Jan. 29, 2019). Click to Read the Article
House members introduce
billto allow cannabis banking
The new bill would provide
Compliance hot topic: Do Fair Lending laws prohibit a mortgage lender or broker from collecting photo IDs?
Do Fair Lending laws prohibit a mortgage lender or broker from collecting and retaining a copy of a photographic identification document ("Photo ID") as part of a mortgage loan application? Click to Read the Article
Consumer financial services:
The road ahead: Small-dollar loans
In February 2019, the CFPB released the highly anticipated revamp of its Payday Rule, reinforcing its more lenient attitude towards payday lenders. In light of the Bureau’s softer touch, as well as similar developments at the banking agencies, we expect states to step into the void and take further action to curtail payday lending at the state level. Click to Read the Article
What the Fair Debt Collection Practices Act means for lenders
The Fair Debt Collection Practices Act was passed in 1977 to restrict abusive activity by debt collectors. It covers the activity of anyone who collects debts owed to another party. That means it doesn’t apply directly to the original creditor, but only the third parties working to collect debts on the creditors’ behalf. Click to Read the Article