Laws and Regulations 2017-05-20T14:54:04+00:00

Consumer Financial Protection Bureau (CFPB)

In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in response to the financial crisis that began in 2007. This legislation was the broadest sweeping reform made to financial regulation since the Great Depression. One of the most significant outcomes of the Dodd-Frank Act was the establishment of a new consumer protection agency – the Consumer Financial Protection Bureau (CFPB).

The CFPB supervises a range of companies to assess their compliance with federal consumer financial laws. The CFPB has supervisory authority over banks, thrifts and credit unions with assets greater than $10 billion. The Bureau also supervises over non-depository financial institutions such as mortgage originators and servicers, payday lenders, and private student loan institutions of all sizes. Finally, the CFPB supervises larger participants of other consumer financial markets such as consumer reporting, consumer debt collection, student loan servicing, international money transfer, and auto finance.

Visit the CFPB Website

Consumer Financial Protection Bureau (CFPB)

In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in response to the financial crisis that began in 2007. This legislation was the broadest sweeping reform made to financial regulation since the Great Depression. One of the most significant outcomes of the Dodd-Frank Act was the establishment of a new consumer protection agency – the Consumer Financial Protection Bureau (CFPB).

The CFPB supervises a range of companies to assess their compliance with federal consumer financial laws. The CFPB has supervisory authority over banks, thrifts and credit unions with assets greater than $10 billion. The Bureau also supervises over non-depository financial institutions such as mortgage originators and servicers, payday lenders, and private student loan institutions of all sizes. Finally, the CFPB supervises larger participants of other consumer financial markets such as consumer reporting, consumer debt collection, student loan servicing, international money transfer, and auto finance.

Go to CFPB Website

CFPB Regulations

Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 2017-05-20T14:31:09+00:00

Congress passed the Dodd-Frank Act in 2010 as a response to the financial crisis of 2007-08. The law dramatically reformed the US financial regulatory system, bringing increased transparency and accountability to the financial system. Title X of the Dodd-Frank Act established a new consumer protection agency, the CFPB, which was granted the authority to write rules, supervise compliance, and enforce consumer financial protection laws.

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Regulation B: Part 1003 – Equal Credit Opportunity Act (ECOA) 2017-05-20T14:32:26+00:00

Regulation B protects consumers from discrimination in any aspect of a credit transaction and covers creditor activities before, during and after the extension of credit. Creditors are prohibited from discriminating the creditworthiness of applicants based on their race, color, religion, national origin, sex, marital status, or age. The regulation also requires creditors to notify applicants of actions taken on their request for credit, to collect certain information for monitoring purposes, and to provide applicants with free copies of appraisals and other written valuations in connection with dwelling secured loans.

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Regulation C: Part 1003 – Home Mortgage Disclosure (HMDA) 2017-05-08T07:29:23+00:00

Regulation C requires financial institutions to collect, report, and disclose certain information about their mortgage lending activity. Financial institutions are required to report data to the appropriate Federal agency about home purchase loans, home improvement loans, and refinancings. These reporting requirements are intended to provide the public with data that can be used to determine whether financial institutions are serving the housing needs of their communities and to identify possible discriminatory lending patterns.

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Regulation D: Part 1004 – Alternative Mortgage Transaction Parity 2017-05-20T14:33:02+00:00

AMTPA was originally enacted in 1982 to authorize state-chartered or licensed “housing creditors” to make alternative mortgage transactions that otherwise would have been prohibited by state, so long as creditors complied with applicable federal regulations. Amended by the Dodd-Frank in 2011, Regulation D applies to all “alternative mortgage transactions” (generally means adjustable rate mortgages) for which the application was received on or after July 22, 2011. The regulation is intended to strike a balance between access to responsible credit and consumer protection.

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Regulation E: Part 1005 – Electronic Funds Transfer (EFT) 2017-05-20T14:33:25+00:00

Regulation E establishes the basic rights, liabilities, and responsibilities of consumers who use electronic fund transfer and remittance transfer services. The regulation’s primary objective is to protect consumers from unauthorized electronic funds transfers and remittance transfers.

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Regulation F: Part 1006 – Fair Debt Collection Practices Act (FDCPA) 2017-05-20T14:33:38+00:00

The FDCPA restrict the means and methods by which collectors can contact debtors as well as the time of day and number of times contact can be made. The regulation is intended to eliminate abusive debt collection practices by debt collectors and to promote consistent State action to protect consumers against debt collection abuses.

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Regulation G: Part 1007 – S.A.F.E. Mortgage Licensing Act – Registration of Residential Mortgage Loan Originators 2017-05-20T14:33:51+00:00

The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 mandates a nationwide licensing and registration system for residential mortgage loan originators (MLOs). The purpose of the Act is to increase accountability of mortgage loan originators and enhance consumer protections.

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Regulation H: Part 1008 – S.A.F.E. Mortgage Licensing Act – State Compliance and Bureau Registration System 2017-05-20T14:34:04+00:00

This Act directs states to adopt minimum uniform standards for the licensing and registration of residential mortgage loan originators and to participate in a nationwide mortgage licensing system and registry database of residential mortgage loan originators. The purpose of the Act is to enhance consumer protection and reduce fraud.

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Regulation I: Part 1009 – Disclosure Requirements for Depository Institutions Lacking Federal Deposit Insurance 2017-05-20T14:34:18+00:00

This part applies only to depository institutions lacking Federal deposit insurance. The regulation requires such institutions to provide certain notices disclosing the institution’s lack of FDIC insurance.

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Regulation J: Part 1010 – Land Registration 2017-05-20T14:34:33+00:00

Regulation J implements the Interstate Land Sales Full Disclosure Act (ILSA) which protects lot purchasers by requiring certain land developers to register their plans and to provide prescribed disclosures to prospective lot purchasers.

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Regulation K: Part 1011 – Purchasers’ Revocation Rights, Sales Practices and Standards 2017-05-20T14:34:46+00:00

Regulation K generally applies to developers or agents with respect to the sale or lease of any lot. The regulation governs purchasers’ revocation rights and describes misleading sales and advertising practices under ILSA.

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Regulation L: Part 1012 – Special Rules of Practice 2017-05-20T14:34:59+00:00

Regulation L establishes special rules of practice relating to pre-filing assistance and adjudicatory proceedings under ILSA.

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Regulation M: Part 1013 – Consumer Leasing 2017-05-20T14:35:12+00:00

Regulation M implements the consumer leasing provisions of the Truth in Lending Act. The regulation’s purpose is to ensure that consumers receive meaningful and accurate disclosures in connection with consumer lease transactions.

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Regulation N: Part 1014 – Mortgage Acts and Practices-Advertising 2017-05-20T14:35:27+00:00

Regulation N prohibits any material misrepresentation in any commercial communication (i.e., advertisement) regarding the terms of a mortgage credit product.

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Regulation O: Part 1015 – Mortgage Assistance Relief Services 2017-05-20T14:35:44+00:00

Regulation O implements the Mortgage Assistance Relief Services Rule (MARS Rule) which prohibits unfair and deceptive acts or practices with respect to mortgage-loan or foreclosure-relief services. The rule applies to “any person that provides, offers to provide, or arranges for others to provide, any mortgage assistance relief service,” other than the dwelling loan holder, the servicer of a dwelling loan, or any agent or contractor of such individual or entity.

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Regulation P: Part 1016 – Privacy of Consumer Financial Information 2017-05-20T14:35:56+00:00

Regulation P governs how financial institutions handle consumers’ nonpublic personal information. The regulation requires a financial institution to provide notice to customers about its privacy policies, describes the conditions under which a financial institution may share nonpublic personal information with third parties, and provides an opt-out method for consumers to prevent certain information sharing.

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Regulation V: Part 1022 – Fair Credit Reporting (FCRA) 2017-05-20T14:36:09+00:00

Regulation V implements the requirements of the Fair Credit Reporting Act (FCRA). The FCRA generally applies to persons that use information from consumer credit reports to determine a consumer’s eligibility for products, services or employment. Regulation V also includes the amendment that implements the Fair and Accurate Credit Transactions Act (FACTA) which primarily protects consumers from identity theft by setting standards for information privacy, accuracy, and limits consumer information sharing.

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Regulation X: Part 1024 – Real Estate Settlement Procedures Act (RESPA) 2017-05-20T14:36:23+00:00

Regulation X, or “RESPA,” is intended to protect consumers when they apply for and have mortgage loans. RESPA requires lenders, mortgage brokers, or servicers of home loans to provide specific disclosures regarding the real estate settlement process. RESPA also prohibits certain practices, such as kickbacks, places limitations upon the use of escrow accounts, and imposes certain loan servicing requirements.

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Regulation Z: Part 1026 – Truth in Lending (TILA) 2017-05-20T14:36:48+00:00

Regulation Z is intended to ensure that credit terms are disclosed in an accurate and meaningful way so consumers can easily compare credit terms. The regulation applies to all consumer credit transactions and requires creditors to use the same methods for computing the cost of credit, uniform terminology and expressions of rates. The regulation also provides substantive consumer protections such as rescission rights, protection against inaccurate and unfair billing practices, limitations on home equity lines of credit, and standards for most dwelling-secured loans.

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Regulation DD: Part 1030 – Truth in Savings (TISA) 2017-05-20T14:37:03+00:00

Regulation DD requires that depository institutions, except credit unions, provide meaningful disclosures to consumers so they can make informed decisions about their accounts at depository institutions. The regulation prescribes specific notice requirements for account opening and subsequent changes and imposes certain advertising rules.

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Regulation AA: Part 227 – Unfair and Deceptive Acts or Practices (UDAAP) 2017-05-20T14:39:42+00:00
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CFPB Resources and Guidance

CFPB Supervision and Examination Manual – Version 2.0 2017-05-20T14:40:01+00:00
Learn More About CFPB Supervision and Examination
CFPB Official Guidance & Compliance Bulletins 2017-05-20T14:40:11+00:00
Learn More About CFPB Official Guidance & Compliance Bulletins
CFPB Supervisory Highlights 2017-05-20T14:40:20+00:00
Learn More About CFPB Supervisory Highlights
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