CFPB Issues Final Rule on Application Process for Designation of Rural Area

The CFPB issued a final rule on March 3, 2016 establishing an application process by which a person may identify an area that the CFPB has not yet established as a “rural area,” pursuant to provisions of the Dodd-Frank Act.

The application may be submitted via email to CFPB_Rural_Application@cfpb.gov. It should identify the area requested for designation, provide a justification for designating the area as a “rural area,” and include certain required information about the applicant.

To read the final rule, visit: https://www.federalregister.gov/ articles/2016/03/03/2016-04643/application- process-for-designation-of-rural-area-under- federal-consumer-financial-law-procedural

CFPB Issues Final Rule on Operations in Rural Areas

The CFPB issued a final rule, effective March 31, 2016, amending two provisions of the Truth in Lending Act’s Regulation Z to address the HELP Rural Communities Act enacted in December of 2015.

Under Regulation Z, certain small creditors are eligible for a special exception allowing origination of balloon-payment qualified mortgages, as well as an exemption from the escrow-account requirement for higher-priced mortgages. The final rule expands the universe of small creditors eligible for these provisions. The final rule also amends Regulation Z to refer to the newly-instituted application process for seeking “rural” designation of an area.

To read the final rule, visit: https://www.federalregister.gov/ articles/2016/03/25/2016-06834/operations-in- rural-areas-under-the-truth-in-lending-act- regulation-z-interim-final-rule

CFPB Issues Final Rule on Integrated Mortgage Disclosure Rule

On February 10, 2016, the CFPB issued  a  final rule correcting a typographical error in the Final Rule related to tolerances for property insurance premiums, property taxes, homeowner’s association dues, condominium fees, and cooperative fees.

To read the final rule, visit: https://www.federalregister.gov/ articles/2013/12/31/2013-28210/integrated- mortgage-disclosures-under-the-real-estate- settlement-procedures-act-regulation-x-and-the

CFPB Issues Official Guidance Regarding Credit Card Agreements

On March 30, 2016, the CFPB issued official guidance regarding the submission of credit card agreements. Both TILA and Regulation Z require credit card issuers to submit credit card agreements currently offered to their customers to the CFPB. The CFPB then posts these agreements on its website.  In April 2015, that obligation was suspended for one year. With that suspension having expired, the next submission is due on May 2, 2016.

To read the full notice, visit: http://files. consumerfinance.gov/f/201604_cfpb_submission- of-credit-card-agreements-under-the-truth-in- lending-act-regulation-z.pdf

CFPB Issues Bulletin on FCRA Obligation of Reasonable Written Policies and Procedures

On February 3, 2016, the CFPB issued a bulletin emphasizing a furnisher’s obligation under FCRA to establish and implement reasonable written policies and procedures regarding the accuracy of the information it furnishes regarding consumers to credit reporting agencies (“CRAs”).

This obligation has been required under Regulation V since July of 2010. A furnisher’s policies and procedures must be appropriate to the nature, size, complexity, and scope of each furnisher’s activities, and must encompass reporting to all types of CRAs. The CFPB noted that some financial institutions were not compliant with this obligation as it pertains to furnishing to specialty CRAs.

To read the bulletin, visit: http://files. consumerfinance.gov/f/201602_cfpb_supervisory- bulletin-furnisher-accuracy-obligations.pdf

CFPB Issues Report on Online Payday Loan Payments

The CFPB issued a report on April 20, 2016 discussing the practices of online payday lenders regarding the handling of failed ACH payments.

To read the report, visit: http://files. consumerfinance.gov/f/201604_cfpb_online- payday-loan-payments.pdf

CFPB Releases 2015 Consumer Response Annual Report

On April 1, 2016, the CFPB released its annual report on consumer complaints. The report discusses a broad array of complaints, including debt collection, credit reporting, mortgage, bank account, credit card, consumer loan, student loan, payday loan, prepaid card, and money transfer complaints.

To read the report, visit: http://files. consumerfinance.gov/f/201604_cfpb_consumer- response-annual-report-2015.pdf

CFPB Releases FDCPA Annual Report

On March 22, 2016, the CFPB released its fifth annual FDCPA report. The report describes activities undertaken by the CFPB and FTC during 2015 regarding administration of the FDCPA.

To read the report, visit: http://files. consumerfinance.gov/f/201603_cfpb-fair-debt- collection-practices-act.pdf

CFPB Issues Tenth Issue of Supervisory Highlights

On March 8, 2016, the CFPB issued its tenth issue of Supervisory Highlights, in which it shares findings from recent examinations in several areas, including student loans, remittances, debt collection, mortgages, and consumer reporting.

To read this issue, visit: http://files. consumerfinance.gov/f/201603_cfpb_supervisory- highlights.pdf