Monthly Archives: April 2014

New Bill Would Alleviate CFPB Processes for Community Banks

Last week, Dan Coats, United States Senator for Indiana, introduced legislation that would lighten the burden on community banks and credit unions. The Community Financial Protection Act would modify the way in which the Consumer Financial Protection Bureau (“CFPB”) requests information about financial institutions with less than $10 billion in assets. Most significantly, the bill […]

Illinois Attorney General Enforcing Dodd-Frank

Section 1042 of the Dodd-Frank Act authorizes state attorneys general to bring lawsuits in the name of the state against state-licensed entities to enforce Dodd-Frank provisions. Up until now, this power has not been exercised, except where an attorney general has joined with the Consumer Financial Protection Bureau (“CFPB”) to prosecute lenders. In People of the […]

Not So Fast: CFPB Issues Additional Information Regarding Distant TILA-RESPA Compliance Deadline

Although the TILA-RESPA Integrated Disclosure rule does not take effect until August 1, 2015, and creditors actually cannot use the new forms until that date, many financial institutions are seeing a barrage of publications from the CFPB regarding the new form. Recently, the CFPB published another “small entity compliance guide” that is geared to assist […]