Advocacy News

E-News 5-24-24 FEDERAL GOVERNMENT RELATIONS CFPB Pushes Back Section 1071 Compliance Deadlines The Consumer Financial Protection Bureau last Friday announced that it had pushed back by several months the compliance deadlines for its Section 1071 small-business data collection rule in response to litigation.  ‌ The compliance deadline for Tier 1 institutions is now July 18, 2025, with the first filing deadline on June 1, 2026. The compliance deadline for Tier 2 institutions is Jan. 16, 2026, with the first filing deadline June 1, 2027. The compliance deadline for Tier 3 institutions is Oct. 18...
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E-News 5-17-24 FEDERAL GOVERNMENT RELATIONS Supreme Court Upholds CFPB Funding Structure This week the U.S. Supreme Court ruled 7-2 that the mechanism Congress established to fund the Consumer Financial Protection Bureau does not violate the Appropriations Clause of the Constitution. Beyond the legal questions addressed in the case, the decision has implications for three other legal actions against the CFPB: the legal challenges to the Section 1071 small-business data collection final rule, the bureau's credit card late fee final rule and the CFPB's update to its UDAAP manual. Those matters will...
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E-News 5-10-24 FEDERAL GOVERNMENT RELATIONS Fed Proposes Expanding Operating Times of Fedwire, NSS to Weekends, Holidays The Federal Reserve is proposing to expand the operations of the Fedwire Funds Service and the National Settlement Service to include weekends and holidays so both would be available every day of the year. Currently, both payments services operate Monday through Friday, excluding holidays. In its announcement, the Fed said that expanding the times of operation of both would “support the safety and efficiency of the U.S. payment system and help to position the nation's payment and...
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E-News 5-3-24 FEDERAL GOVERNMENT RELATIONS Housing Agencies Release New Requirements to Reduce Appraisal Bias The Federal Housing Administration and Federal Housing Finance Agency announced Wednesday new policies allowing borrowers to challenge property appraisals if they believe they were inaccurate or biased. FHA's new requirement for lenders participating in its single-family mortgage program will enable borrowers to request a re-assessment if they believe bias was involved. At the same time, FHFA's new reconsideration of value, or ROV, policies at Fannie Mae and Freddie Mac will let borrowers...
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