There is a noticeable trend from federal financial institution agencies toward more informal rulemaking. Formal rulemakings are still in place, whether it be the Regulation B small business lending data collection rule, or the proposed Regulation Z r...

The Consumer Financial Protection Bureau (CFPB) has issued its long-awaited final rule on small business lending. The 888-page rule implements Section 1071 of the Dodd-Frank Act. Although Congress enacted this provision in 2010, a proposed rule was n...

The Second Circuit Court of Appeals has ruled the Consumer Financial Protection Bureau (CFPB)’s funding structure as “not unconstitutional”. This is contrary to the conclusion reached by the Fifth Circuit Court of Appeals on Oct. 19...

On March 17, 2023, the Department of Housing and Urban Development (HUD) issued a 184-page final rule reversing an early rule imposed in 2020, which limited the application of the effects test. The effects test refers to the principle that discri...

On March 13, 2023, the Consumer Financial Protection Bureau (CFPB) issued a blog about bias in home appraisals. The CFPB explains the Equal Housing Opportunity Act (ECOA) and the Fair Housing Act (FHA) apply to home appraisals. As such, appraiser con...

In prepared remarks to the CUNA Government Affairs Conference on Feb. 27, 2023, National Credit Union Administration (NCUA) Chairman Todd Harper announced the start of a process to create enhanced consumer compliance testing for credit unions. Harper...

On Feb. 1, 2023, the Consumer Financial Protection Bureau (CFPB) issued a 175-page proposed rule that could significantly impact credit card fees. The proposed rule would reduce credit card late fees to $8, from the current safe harbor of up to $41. ...

On Jan. 18, 2023, the National Credit Union Administration (NCUA) released its 2023 Supervisory Priorities. Compliance, of course, is once again one of their supervisory priorities, with the following focus areas mentioned: Flood Disaster Protection ...