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Entries in Consumer Financial Protection Bureau (4)


Maine AchievesTruth-in-Lending Harmony, Adopts Regulation Z-3

Maine financial regulators have now finalized Regulation Z-3 in order to harmonize the State’s Truth-in-Lending rules with recently adopted changes approved by the Consumer Financial Protection Bureau.

The joint rulemaking was issued October 15, 2013 by Maine’s Bureau of Financial Institutions (Chapter 138) and Maine’s Bureau of Consumer Credit Protection (Chapter 240).

Under the new rules, federal Regulation Z (12 CFR Part 1026) and Regulation M (12 CFR Part 1013) are conformed to Maine law.  The new rule also includes changes to both rules that were adopted on September 13th of this year by the CPFB.

The original notice of rulemaking was issued on August 20, 2013 as reported in Banking Law Update

Regulation Z-3 became effective on October 15, 2013.


Maine Financial Regulators Propose "Regulation Z-3"

On Tuesday August 20th, the Maine Bureau of Financial Institutions and the Maine Bureau of Consumer Credit Protection issued a notice of proposed rulemaking entitled Regulation Z-3. The new rule would be codified as Chapter 138 of the rules of BOFI, and Chapter 240 of the rules of BCCP.

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Showdown in Washington: Obama Appoints CFPB Chief under Legal Cloud 

Last July, President Obama appointed Richard Cordray of Ohio to lead the Consumer Financial Protection Bureau, which was established in 2010 as part of the Dodd-Frank Act. In the following months, the Senate refused to act on Cordray’s appointment, mostly due to Republican opposition to the mission of the new agency. On January 4th of this year, the President sought to break the deadlock by making a “recess appointment” of Cordray while the Senate was not in session.

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Consumer Financial Protection Bureau releases its first examination manual

The Consumer Financial Protection Bureau (“CFPB”) has released the first version of its Supervision and Examination Manual. The Manual is organized into three parts and is intended to be a guide for examiners regarding how financial service providers should be examined for compliance with consumer financial laws.

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