The U.S. Court of Appeals for the Eighth Circuit recently affirmed a punitive damages award in an approximately 8-to-1 ratio to compensatory damages
The Consumer Financial Protection Bureau recently issued a proposed rule regarding integrated disclosure for mortgage transactions and, more recently
The Consumer Financial Protection Bureau ("CFPB") recently issued 293 pages of proposed changes (the "Amendments") to the federal mortgage disclosure
Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) transferred rulemaking authority for a number of consumer financial protection laws from seven federal agencies to the Consumer Financial Protection Bureau (the “Bureau” or “CFPB”) as of July 21, 2011.
Section 1063(i) of the Dodd-Frank Act required the CFPB to publish in the Federal Register a list of the rules and regulations it would enforce after the Transfer Date.
The Dodd-Frank Act responded to public criticism that the federal consumer credit protection laws were not vigorously enforced by the banking regulators, by creating a new independent watchdog for that purpose housed within the Federal Reserve.