Angela Kleine

Angela Kleine

Morrison & Foerster LLP

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Latest Publications


Big Data, Big Government – Big Trouble? A Hard Look at the Final HMDA Rule

If all goes according to plan, financial institutions will report over 250 million data points related to mortgage loan applications and originations in 2018. If the mortgage market returns to the high volumes seen in 2005,...more

11/30/2015 - CFPB Covered Financial Institutions Covered Transactions Data Collection Fair Lending HMDA Mortgage Loan Originators

House Votes to Nix Indirect Auto Bulletin and Expand QM

The U.S. House of Representatives passed legislation on November 18, 2015, that would revoke the CFPB’s guidance on indirect auto lending and expand the qualified mortgage rule’s safe harbor. The Reforming CFPB Indirect Auto...more

11/20/2015 - Automotive Loans CFPB Dodd-Frank Pending Legislation Qualified Mortgage Rule

HOLY HMDA! CFPB Finalizes Changes to Home Mortgage Disclosure Rule

On October 15, 2015, the CFPB released a final rule amending Regulation C, 12 C.F.R. part 1003, which implements the Home Mortgage Disclosure Act (HMDA). Like the August 2014 proposed rule, the final rule includes changes to...more

10/21/2015 - CFPB Covered Financial Institutions Covered Transactions Data Collection Depository Institutions Disclosure Requirements Final Rules HMDA Mortgage Lenders Mortgage Servicers Mortgages Public Disclosure Regulation C Reporting Requirements

CFPB Bulletin on Marketing Services Agreements: Not Per Se Unlawful, But . . . .

The Consumer Financial Protection Bureau (CFPB) on October 8, 2015 issued Compliance Bulletin 2015-05, RESPA Compliance and Marketing Services Agreements (Bulletin). The Bulletin represents another significant signpost along...more

10/12/2015 - CFPB CFPB Bulletins Client Referrals Enforcement Kickbacks Marketing Services Agreements Mortgage Lenders Mortgages RESPA

CFPB Watch: MSAs Going the Way of Arbitration Clauses?

Following a now familiar approach, the CFPB issued a bulletin today that suggests deep disapproval of an entirely legal practice. This time, its target is marketing servicing agreements (MSAs), which are agreements that...more

10/9/2015 - Anti-Kickback Statute CFPB Enforcement Kickbacks Marketing Services Agreements Real Estate Market Referral Fees RESPA

CFPB Lays Down the Gauntlet on Student Loan Servicing

The CFPB and the U.S. Departments of Education and the Treasury have released a Joint Statement of Principles on Student Loan Servicing, accompanied by a CFPB report. In the CFPB’s press release announcing the publications,...more

9/30/2015 - Borrowers CFPB Department of Education Joint Policy Statements Lenders Loan Servicing Refinancing Student Loans U.S. Treasury

One-Two Punch: CFPB Indirect Auto and Add-On Product Orders

The CFPB announced two new enforcement action settlements on September 28: one for alleged discriminatory auto loan pricing and the other for alleged deceptive credit card add-on product marketing practices....more

9/29/2015 - Automotive Loans CFPB Civil Monetary Penalty Compliance Consent Order Credit Cards Discriminatory Lending Practices DOJ Enforcement Actions Fair Lending Marketing Settlements Terms and Conditions Unfair or Deceptive Trade Practices

CFPB: “F” is for “Foreclosure,” “FDCPA”

The CFPB has weighed in on whether a trustee foreclosing on a California home qualifies as a “debt collector” under the federal Fair Debt Collection Practices Act. In Ho v. ReconTrust, N.A. (9th Cir. Aug. 7, 2015), the Bureau...more

8/13/2015 - CFPB Debt Collection FDCPA Foreclosure Trustees

New Fair Housing Rule

HUD today announced a new Fair Housing Act rule to “affirmatively further[] fair housing.” The Fair Housing Act, passed in 1968, directs HUD to promote fair housing and equal opportunity, including addressing segregated...more

7/9/2015 - Fair Housing Act (FHA) HUD

Disparate Impact Doctrine Survives Supreme Court Review

After years of debate and false starts, the Supreme Court has held that the Fair Housing Act (“FHA”) permits disparate impact claims. In Texas Department of Housing and Community Affairs v. Inclusive Communities Project,...more

6/27/2015 - ADEA Affordable Housing Discrimination Disparate Impact Fair Housing Act (FHA) HUD SCOTUS Texas Dept of Housing v Inclusive Communities Title VII

Disparate Whatever

The House has approved an amendment aimed at barring the Department of Justice (DOJ) from enforcing the U.S. Department of Housing & Urban Development’s (HUD) fair lending disparate impact rule. The amendment is to H.R. 2578,...more

6/10/2015 - Disparate Impact Enforcement Enforcement Actions Fair Lending HUD SCOTUS Texas Dept of Housing v Inclusive Communities

Financial Services Report, Summer 2015

In This Issue: - Arbitration Report - Beltway Report - Bureau Report - Mobile & Emerging Payments Report - Mortgage & Fair Lending Report - Operations Report - Preemption Report -...more

6/9/2015 - Arbitration Agreements CashCall CFPB Consumer Bankruptcy Consumer Financial Products Creditors Debt Collection Debtor-Creditor Fair Lending Federal Arbitration Act Mobile Payments Mortgages TCPA

No Reversing Course on Reverse Mortgages

On June 4, the CFPB released a study on reverse mortgage advertisements. The Bureau seems particularly focused on this product because it is popular among older Americans, whom it characterizes as more “vulnerable.” Not...more

6/8/2015 - Advertising CFPB Mortgage Lenders Mortgages Reverse Mortgages

Déjà Vu: State AG Consumer Reporting Settlement Follows Landmark New York Agreement

On May 20, 2015, 31 states’ attorneys general settled with three major credit reporting agencies (CRAs) for six million dollars and commitments to make a number of changes to their business practices. With the exception of...more

5/28/2015 - Attorney Generals Credit Reporting Agencies Credit Reports Data Collection FCRA Marketing Settlement

CFPB Launches Official Inquiry Into Student Loan Servicing

The CFPB has announced an inquiry into student loan servicing practices. The inquiry includes a formal Request for Information from borrowers, institutions, financial service providers, and others, and call to borrowers to...more

5/19/2015 - CFPB Private Student Loans Student Loans Students

CFPB Ups the Ante in RESPA Crackdowns

On April 29, 2015, the CFPB, in conjunction with the Maryland Attorney General, filed six proposed consent orders—five of which are against individual defendants—in its latest RESPA enforcement action. The Bureau alleges that...more

5/4/2015 - C-Suite Executives CFPB Consent Order Kickbacks Mortgage Loan Officer RESPA Strategic Enforcement Plan Title Companies

Second Time’s the Charm? Supreme Court Takes Up Landmark FCRA Case to Address Whether Congress Can Create Standing

Zombie or no-injury plaintiffs seeking to represent zombie or no-injury classes are on the rise. In these suits, plaintiff was not injured, and there’s no way to prove who, if anyone, in the class was. Thomas Robins is one of...more

4/29/2015 - Article III Class Action FCRA Federal Jurisdiction Imminent Harm Private Right of Action SCOTUS Spokeo v Robins Standing Statutory Damages

CFPB Keeps its Sights on Military Mortgage Ads

The CFPB has announced another enforcement action targeting alleged deceptive mortgage advertising to veterans. The Bureau claims that the defendant lender targeted veterans with ads that falsely implied an affiliation...more

4/13/2015 - Advertising CFPB Military Service Members Mortgage Lenders Mortgages

April Fool’s – Not

On April 1st, the Bureau issued updated exam procedures on the new TILA and RESPA rules. They cover TILA RESPA Integrated Disclosures (applicable for exams after the August 2015 effective date), Higher-Priced Mortgage Loan...more

4/13/2015 - CFPB Integrated Disclosures RESPA Truth in Lending Act (TILA)

CFPB Urges SCOTUS: Hands Off That FCRA Holding

Time to dust off those federal jurisdiction hornbooks! The Consumer Financial Protection Bureau (CFPB) and Office of the Solicitor General (collectively, “the government”) submitted an amicus brief to the Supreme Court in...more

4/4/2015 - CFPB Consumer Reports FCRA Hiring & Firing Petition for Writ of Certiorari SCOTUS Solicitor General Spokeo Spokeo v Robins Standing Websites

CFPB Seeks Comments on Consumer Credit Card Market

On Tuesday, March 17, the Consumer Financial Protection Bureau (CFPB) announced a “Request for Information Regarding Credit Card Market.” It follows the 2009 CARD Act’s requirement that the CFPB conduct a review of the...more

3/22/2015 - Ability-to-Repay CARD Act CFPB Consumer Credit Protection Debt Collection ECOA Request For Information UDAAP

Financial Services Report - Spring 2015

In This Issue: - Beltway Report - Bureau Report - Mobile & Emerging Payments Report - Mortgage & Fair Lending Report - Operations Report - Preemption Report - Privacy...more

3/10/2015 - Arbitration Banking Sector Consumer Financial Products FIRREA Mobile Banking Mortgages Payment Systems

Financial Services Report - Winter 2014

In This Issue: - Beltway Report - Bureau Report - Mobile & Emerging Payments Report - Mortgage & Fair Lending Report - Operations Report - Preemption Report - Privacy...more

12/19/2014 - Arbitration Banking Sector Banks Consumer Financial Products Dodd-Frank Fair Lending Federal Reserve Mobile Payments Mortgages Payment Systems Privacy Laws Regulation AA Structured Financial Products TCPA

D.C. Court Strikes Down HUD Disparate Impact Rule

The District Court of the District of Columbia has issued a decisive order vacating HUD’s 2013 Fair Housing Act disparate impact rule. The rule, as we’ve discussed, has always been based on a shaky legal foundation, but is...more

11/10/2014 - Discrimination Disparate Impact DOJ Fair Housing Act (FHA) Fair Lending HUD

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