CFPB

 The Consumer Financial Protection Bureau (Bureau or CFPB) is rescinding its May 2022 interpretive rule regarding the scope of State enforcement under section 1042 of the Consumer Financial Protection Act of 2010 (CFPA) and related provisions.

The Consumer Financial Protection Bureau (CFPB) is publishing a statutorily mandated small business lending rule concurrently with this Policy Guidance. The rule amends Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) made by section 1071 of the Consumer Financial Protection Act of 2010 (CFPA).

The Bureau of Consumer Financial Protection (CFPB) issues this bulletin (Interim ILS Guidance) to address certain administrative issues relating to the Interstate Land Sales Full Disclosure Act (ILS). Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”), on the designated transfer date,July 21, 2011, all of the consumer protection functions of the Department of Housing and Urban Development (HUD) relating to the ILS transfer to the CFPB, and the CFPB has all powers and duties that were vested in the Secretary of HUD relating to the ILS.

This Bulletin is being issued in response to several inquiries the Consumer Financial Protection Bureau (“Bureau”) has received regarding the payment of compensation to loan originators under Regulation Z, 12 C.F.R. § 1026.36 (“Compensation Rules”). Loan originator compensation rules were originally adopted by the Federal Reserve Board in September 2010 (75 Fed. Reg. 58,509 (Sept. 24, 2010)), and covered institutions were required to comply with the provisions on April 6, 2011.

In response to recent inquiries, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issues this bulletin to provide guidance about compliance with the fair lending requirements of the Equal Credit Opportunity Act (“ECOA”), and its implementing regulation, Regulation B. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act” or “Act”) granted CFPB authority to supervise and enforce compliance with the ECOA for entities within CFPB’s jurisdiction and to issue regulations and guidance to interpret the ECOA.

Credit card issuers market various “add-on” products to card users, including debt protection, identity theft protection, credit score tracking, and other products that are supplementary to the credit provided by the card itself. This bulletin outlines the Consumer Financial Protection Bureau’s (“CFPB” or “the Bureau”) expectation that institutions under its supervision and their service providers offer such products in compliance with Federal consumer financial law.

The Consumer Financial Protection Bureau (CFPB or the Bureau) expects to issue a proposal next month to refine three elements of its rule regarding foreign remittance transfers. The proposal will be narrowly targeted to address the rule’s provisions on: (1) errors resulting from incorrect account numbers provided by senders of remittance transfers; (2) the disclosure of certain foreign taxes and third-party fees; and (3) the disclosure of sub-national, foreign taxes. The Bureau will proceed on a fast track with a notice of proposed rulemaking, which will propose these changes.