Dodd-Frank News Center

CFPB chooses organizations for 2020 Your Money, Your Goals cohort

This story appeared in Bank Digest. 

The Consumer Financial Protection Bureau has selected 34 organizations to join the 2020 Your Money, Your Goals cohort, which entitles them to “receive training and technical assistance to strengthen their ability to serve people in their own communities experiencing financial challenges,” according to a Bureau blog post. The authors said the organizations include 25 nonprofits and nine government entities.

CFPB updates TRID Rule FAQs

This story appeared in Bank Digest.

The Consumer Financial Protection Bureau has released answers to frequently asked questions pertaining to compliance with the TILA-RESPA Integrated Disclosure Rule (TRID Rule), which created a single set of integrated disclosure forms for mortgage loan transactions to satisfy the disclosure requirements of both the Truth in Lending Act and the Real Estate Settlement Procedures Act. The new questions and answers added to the list concern lender credits.

Kraninger speaks at Credit Union National Association conference

This story appeared in Bank Digest.  

Consumer Financial Protection Bureau Director Kathleen Kraninger spoke at the Credit Union National Association's Government Affairs Conference in Washington, D.C., on Feb. 25, 2020. In her prepared remarks, Kraninger discussed "the role of the Bureau in the consumer financial marketplace and how we prevent consumer harm by establishing clear rules of the road."

Specifically, Kraninger discussed amendments the Bureau is proposing to its Ability to Repay/Qualified Mortgage rule and its remittance rule. She also discussed the process the CFPB will undertake to review economically significant regulations and the Bureau's Start Small, Save Up initiative that promotes emergency savings for consumers.

Agencies correct capital simplification final rule

This story appeared in Bank Digest.  

 

The Office of the Comptroller of the Currency, Federal Reserve Board, and Federal Deposit Insurance Corporation have issued a technical correction to their November 2019 final rule entitled "Regulatory Capital Rule: Capital Simplification for Qualifying Community Banking Organizations." The rule, which was effective Jan. 1, 2020, provides for a simple measure of capital adequacy for certain community banking organizations, consistent with Section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act.

CFPB to hold symposium on consumer access to financial records

This story appeared in Bank Digest.

The Consumer Financial Protection Bureau announced it will hold a symposium on Consumer Access to Financial Records and Section 1033 of the Dodd-Frank Act on Feb. 26, 2020, at 9:30 a.m., in Washington, D.C. Section 1033 addresses consumers' rights to access information about their financial accounts.

The symposium, which is the fourth in a series announced last year to explore consumer protections in the financial services marketplace, will feature remarks by CFPB Director Kathleen Kraninger and will consist of three panels of experts. The event will be webcast on the Bureau's website.

CFPB blog post discusses ways to recognize Social Security scams

This story appeared in Bank Digest.

A Consumer Financial Protection Bureau blog post discusses Social Security scams and how to recognize them. According to the author, the Social Security Administration's Office of the Inspector General is "warning the public that scammers are making phone calls and then following up with emails containing falsified documents aimed at convincing people to pay."

The post lists ways to identify that calls or emails relating to Social Security issues are scams and describes how to report these scams.

FDIC releases stress test scenarios

This story appeared in Bank Digest.

The Federal Deposit Insurance Corporation has released the hypothetical economic scenarios for use in the upcoming stress tests for covered institutions with total consolidated assets of more than $250 billion. The Dodd-Frank Act requires certain financial companies, including certain state nonmember banks and state savings associations, to conduct stress tests. In 2018, Congress increased the size of what is considered a covered institution from $10 billion to $250 billion.

CFPB blog post discusses avoiding falling behind on auto loan payments

This story appeared in Bank Digest.

A Consumer Financial Protection Burau blog post provides advice for consumers on how they can work with their lenders to avoid falling behind on their auto loan payments. According to the authors, "If you think you may fall behind on your auto loan, call your lender and explain your situation. The sooner you contact your lender, the more choices the lender may be able to offer you."

The post lists several options that may be available to consumers, such as asking to change the payment due date, requesting a payment plan, asking for a payment extension or deferral, and refinancing the auto loan.

CFPB updates 'Supervision and Examination Manual'

This story appeared in Bank Digest.  

The Consumer Financial Protection Bureau has updated its "Supervision and Examination Manual," which is the Bureau's guide for examiners to use in overseeing companies that provide consumer financial products or services.

Specifically, the Bureau updated the "Consumer reporting, larger participants" examination procedures to incorporate new Fair Credit Reporting Act obligations created under the Economic Growth, Regulatory Relief, and Consumer Protection Act and to add an examination conclusions and wrap-up module.

In addition, the Bureau updated the "Education loan" examination procedures to incorporate a change to the Fair Credit Reporting Act created under EGRRCPA.

CFPB seeks renewal of 'Financial Empowerment Training Programs' information collection

This story appeared in Bank Digest.

The Consumer Financial Protection Bureau is requesting to renew the Office of Management and Budget approval for an existing information collection entitled "Application Forms for Financial Empowerment Training Programs." According to the CFPB's notice, the proposed information collection request consists of application forms that will be used by community-based organizations, local, state, or federal government entities, and national nonprofit organizations to indicate their desire and ability to participate in various initiatives of the Bureau's Office of Community Affairs, which is responsible for developing strategies to improve the financial capability of low-income and economically vulnerable consumers.

On Nov. 15, 2019, the CFPB issued a 60-day notice requesting comments on the proposal. Written comments on the current notice must be received by March 11, 2020, and will be reviewed by the OMB as part of its review of this request.