CFPB Director Richard Cordray, CFPB Associate Director Steve Antonakes and a panel of financial industry experts and consumer advocates convened in Chicago on October 2nd to discuss credit, debit, and payroll card issues. Director Cordray announced the release of a CFPB Credit CARD Act report and summarized lingering concerns in the card marketplace, such as hidden…

The CFPB recently released an updated Small Entity Compliance Guide and explanatory video on its international remittances rule to reflect the most recent substantive amendment (from May 22), which made two changes. First, the May 22 amendment made optional the requirement to disclose certain third-party fees and foreign taxes (provided that certain other disclosures are…

Senate Bill 1988 amends the Uniform Disposition of Unclaimed Property Act to lower the reporting threshold for abandoned property from $25 to $5. The IBA was neutral on the bill.

With the IBA’s support, Senate Bill 2186 passed both chambers in the last weeks of the session. The bill is a Uniform Law Commission initiative that amends Article 4A of the Uniform Commercial Code (UCC). The amendments clarify that when federal regulations governing international fund remittances go into effect, the UCC will continue to apply to…

Following months of negotiations, the IBA and proponents of Senate Bill 1602 – which addressed only tenants’ rights – agreed to legislation that also addresses many concerns of credit bidders and other purchasers of foreclosed residential properties. The agreed language was placed onto Senate Bill 56, which passed both chambers in the final three days…

House Bill 2432, Senate Amendment 2, which passed both chambers, harmonizes the language in Illinois’ Electronic Funds Transfer Act (EFTA) with the recent federal law removing the requirement for ATMs to include physical signage disclosing usage fees. While the Governor has yet to sign the bill, Illinois banks can rely on the federal law today,…

On June 5, the Chicago City Council passed a new tenants’ rights ordinance by a vote of 49­ – 4 – 1. The final version of the ordinance imposes mandatory relocation fees and rent control requirements on mortgagees and other judicial sale purchasers when a foreclosed property includes residential rental units. Under the ordinance, any…

Another important change going into effect on June 1 is the law frequently referred to as Senate Bill 16 (Public Act 97-1164), which makes several important changes to the Illinois laws regarding mortgage foreclosures and abandoned properties. The new law creates an expedited (“fast track”) mortgage foreclosure procedure for abandoned properties, imposes new filing fees…

CFPB Escrow Account Rules for HPMLs  The first of the new mortgage regulations from the Consumer Financial Protection Bureau (CFPB) — amending Regulation Z's escrow account requirements for Higher-Priced Mortgage Loans (HPMLs) — goes into effect on June 1 (the other mortgage rules are not effective until January of next year).   The rule makes…

The CFPB has posted new video guides as part of its efforts to help the financial industry comply with its new mortgage rules. The videos include a one-hour overview of the rules and individual videos on the Ability-to-Repay and Qualified Mortgage Rule, 2013 HOEPA Rule, ECOA Valuations and TILA Higher-Priced Mortgage Loans Appraisal Rules, Loan…