The CFPB and Compliance Costs: Genuine Concern or Lip Service?

By Matthew D. Urban, Attorney On March 20, 2013, the Consumer Financial Protection Bureau (CFPB) announced in a blog post¹ its intent to study the costs that financial institutions, including credit unions,  incur in order to comply with consumer finance regulations.  Specifically they indicated a desire to know the extent and nature of compliance costs…

Changes to Rules Affecting the Garnishment of Accounts Containing Federal Benefit Payments

By John B. C. Porter, Partner  The Department of the Treasury, the Social Security Administration, the Department of Veterans Affairs, the Railroad Retirement Board and the Office of Personnel Management (“Agencies”) published a proposed rule on April 19, 2010, to address concerns related to the garnishment of certain exempt Federal benefit payments direct deposited into…

CFPB Mortgage Rules

By David A. Wolfe, Attorney On May 29, the Consumer Financial Protection Bureau (CFPB) finalized several amendments to its ability-to-repay and qualified mortgage rules.  Originally adopted in January 2013 and taking effect next January, these rules require residential mortgage lenders to consider a borrower’s ability to repay before extending credit and provide certain protections from…