Yesterday, the Consumer Financial Protection Bureau (CFPB) introduced a ballsy regulatory move in the form of a new proposed rule that will hopefully “unravel a set of audacious legal maneuvers...
A new regulation will "sharply limit" banks' use of binding arbitration to keep consumers' disputes out of the courts. The Consumer Financial Protection Bureau is on the verge of correcting a fundamental perversion of our justice system and restore to consumers their right to their day in court when they are wronged by a bank or credit card company. Show More Summary
The Consumer Financial Protection Bureau wants to give David a bigger stone to sling at Goliath. In this case, David represents consumers who feel cheated by Goliath financial-service companies. Currently, many of the contracts consumers...Show More Summary
The Consumer Financial Protection Bureau proposed banning financial firms from forcing arbitration to avoid lawsuits. But industry officials say the rule will lead to frivolous legal action.
Add another 377 pages to the ever-burgeoning length of the Dodd-Frank Act. Today, the Consumer Financial Protection Racket Bureau announced that it would use its authority under the act to prohibit the use of mandatory arbitration clauses...Show More Summary
Ding, dong, the witch of mandatory arbitration is (on its way to being) dead.
The Consumer Financial Protection Bureau is proposing a rule that would limit clauses forcing customers to agree to arbitration instead of pursuing class action suits.
Contracts that prevent consumers from filing class-action lawsuits against banks could soon be illegal under new rules to be proposed Thursday by the Consumer Financial Protection Bureau. The centerpiece of the proposal — more than a year in the making and fiercely opposed by the finance industry...
If you have ironed out your bugs and confusion in the seven months since the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosure (TRID) rule took effect, don’t get too comfortable. More changes to the biggest mortgage transaction overhaul we’ve had in four decades are on the way. Show More Summary
Some people consider the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosure (TRID) rule burdensome, and some people even jokingly refer to the acronym as “The Reason I Drink.” But for others like eLend -- a company that uses technology to simplify the mortgage process -- TRID is an opportunity...
The Real Estate Settlement Procedures Act has been around since 1974 -- but the changes over the past few years, combined with the creation and implementation of the Consumer Financial Protection Bureau (CFPB), have caused some confusion in the industry. What is the act? What does it mean for agents and for consumers? Here's what you need to know about RESPA -- explained...
The Consumer Financial Protection Bureau (CFPB) wants to reform the payday lending industry. And it is not surprising that the industry has attracted regulatory attention. Payday lenders regularly trap people in debt with effective APRs above 500%. This week the CFPB released a reporthighlighting the steep hidden fees and unexpected costs [...]
Consumers who turn to online lenders when they need extra cash often miss payments and rack up hundreds of dollars in bank fees, according to a report issued Tuesday by the Consumer Financial Protection Bureau. In its report, released ahead of proposed new rules governing the payday and online...
A D.C. Circuit panel seems ready to disrupt the power structure of the Consumer Financial Protection Bureau. Supreme Court nominee Merrick Garland continues his meet-and-greets on Capitol Hill. And the lawyers in the latest health care case over contraceptives respond to the justices about a possible compromise. This is a roundup from ALM and... Read the whole entry... »
A federal court heard oral arguments in a mortgage lender's challenge to a Consumer Financial Protection Bureau fine. The judges present seemed open to ruling the entire agency unconstitutional. An unfavorable ruling would be the biggest legal setback yet for the CFPB, but it is liable to be overturned on appeal. Show More Summary
Today, the Consumer Financial Protection Bureau hosted its latest webinar on the TILA-RESPA Integrated Disclosure process, which is better known as TRID. Since its implementation on October 3, 2015, TRID has caused many headaches for...Show More Summary
Government is really great when it is allowed to act. Witness the Consumer Financial Protection Bureau, created by the Dodd-Frank Wall Street reform despite the best efforts by Republicans to smother it in the cradle. Add in the Federal...Show More Summary
The Consumer Financial Protection Bureau is about to release sweeping new rules that take aim at the payday lending industry, a controversial attempt to rein in loans that offer lifelines to lower-income borrowers but come with staggeringly high fees. But the controversy isn’t just about the scope of the regulations. It’s about the bureau making the rules. […]
Photographer: Michael Nagle/Bloomberg (3 minute read) QM that’s why. The Qualified Mortgage became a thing in January, 2014. Proposed, promulgated and made law of the land by the CFPB (Consumer Financial Protection Bureau) as a safe haven for lenders that played by the rules. Unveiled and delivered to the mortgage lending universe [...]
In October 2015, the real estate industry had a new rule to deal with. The anticipation for the new Consumer Financial Protection Bureau's (CFPB'S) TILA-RESPA Integrated Disclosures rule, or TRID, was weighty, and nobody knew what to expect. Would the CFPB delay implementation? (Yes, as it turned out.) Would the new rules cause closing delays? (Jury's still out.)...