On September 15, 2020, the Consumer Financial Protection Bureau (CFPB) announced the release of an Outline of Proposals Under Consideration and Alternatives Considered for Section 1071 of the Dodd-Frank Act governing small business lending data collection and reporting. The Bureau will convene a Small Business Advocacy Review panel in October 2020. The panel will prepare a report that examines the impact of the potential rule on small businesses. Section 1071 requires financial institutions to collect
On September 14, 2020 the Consumer Financial Protection Bureau (CFPB) issued a consent order against ClearPath Lending, Inc., an Irvine, California, corporation that is licensed as a mortgage broker or lender in about 22 states. ClearPath offers and provides mortgage loans guaranteed by the U.S. Department of Veterans Affairs. The CFPB announcement said ClearPath’s principal means of advertising VA-guaranteed loans is through direct-mail advertisements sent primarily to U.S. military servicemembers and veterans. The CFPB found
On September 2, 2020, the CFPB announced it has issued a consent order against Accelerate Mortgage, LLC, a Newark, Delaware-based company that is licensed as a mortgage broker and lender in about 31 states. Accelerate offers and provides mortgage loans guaranteed by the U.S. Department of Veterans Affairs (VA). Accelerate’s principal means of advertising VA-guaranteed loans is through direct-mail advertisements sent primarily to U.S. military servicemembers and veterans. Specifically the CFPB found that Accelerate: Created
On August 24, 2020 the Federal Trade Commission (FTC) issued a Notice of Proposed Rulemaking (NPRM) that would update several rules contained in the Fair Credit Reporting Act (FCRA) with provisions contained in the Dodd-Frank Act. It is important to consider that rules under the FCRA that impact auto dealers are issued by the FTC. FCRA rules that impact financial institutions are issued by the Consumer Financial Protection Bureau. The FTC issued five separate NPRMs
On August 20. 2020 the United States District Court for the Western District of Texas entered an order lifting one the stays in the case of Community Financial Services Association of America, LTD., et al., v. Consumer Financial Protection Bureau, et al. The lawsuit filed by two trade groups challenging the CFPB’s 2017 final payday loan rule. The stay was originally entered in June 2018 on the heels of the trade groups’ motion for a
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