July 7, 2022
In This Issue:
- CFPB News
- Come and Take It? Not So Fast. Eminent Domain Revised
CFPB News
CFPB Sets Out Rulemaking Agenda
National Law Review | June 30, 2022
The Consumer Financial Protection Bureau (CFPB) quietly released its spring rulemaking agenda, which sets forth five rules that the CFPB expects to complete before May 31, 2023. Unlike in the past, the CFPB did not issue a press release or post the agenda on its website. As required by law, the CFPB submitted the agenda to the Office of Budget and Management, which subsequently published it.
The five rulemakings are as follows:
A rule to implement Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which requires a covered entity (such as a bank) to make available to consumers upon their request transaction data and other information concerning a consumer financial product or service that they have obtained from the covered entity. The CFPB published an Advance Notice of Proposed Rulemaking in November 2020 concerning implementation of Section 1033 and seeking comments.
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U.S. Chamber of Commerce Launches Campaign to Rein In Out-of-Control CFPB Director Rohit Chopra
U.S. Chamber | June 28, 2022
The U.S. Chamber of Commerce launched an extensive campaign to expose and defeat Consumer Finance Protection Bureau (CFPB) Director Rohit Chopra’s ideologically driven agenda to radically change the nature of America’s financial services industry. If allowed to proceed, his agenda would harm consumer choice and innovation.
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TLTA Editor's Note: As ALTA's Diane Tomb noted in ALTA's recent advocacy update, the U.S. Chamber said that Chopra’s actions surrounding “junk fees” were a “heavy-handed attempt to vilify legal products that have well-disclosed terms.” ALTA submitted a comment letter in response to the CFPB’s request for information (RFI) on “junk fees” earlier this year.
Come and Take It? Not So Fast. Eminent Domain Revised
Texas A&M Real Estate Research Center | June 6, 2022
This last legislative session, several bills were passed by the Texas Legislature and signed into law by Gov. Greg Abbott that will alter eminent domain discussions between landowners and condemning authorities (companies or government entities putting in pipelines, utilities, roads, etc.).
Under the revised laws, landowners will receive more information up front regarding the contract terms of an easement and the eminent domain process. These revisions should improve the transparency of the process for the landowner and, hopefully, the initial offer received from the entity seeking to use private property.
Read More »
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