Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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Our thoughts on “Ask CFPB”

In a new blog post, the CFPB promotes its “Ask CFPB” website feature as “a source of clear, impartial answers to hundreds of financial questions.” We agree that the feature can be a source of potentially helpful...more

5/17/2016 - Arbitration Bank Accounts CFPB Credit Reports Debt Collection Mortgages Student Loans

CFPB April 2016 Complaint Report Highlights Mortgage Complaints, Complaints From California Consumers

The Consumer Financial Protection Bureau (CFPB)has issued its April 2016 complaint report which highlights complaints about mortgages and complaints from consumers in California. The CFPB began taking complaints about...more

5/16/2016 - Banking Sector CFPB Consumer Complaint System Consumer Financial Products Mortgage Lenders Mortgage Servicers Mortgages

CFPB issues 2015 fair lending report

The CFPB has issued a report covering its fair lending activities during 2015.  The report states that in 2015, CFPB fair lending supervisory and public enforcement actions required institutions to provide approximately $108...more

5/3/2016 - Banking Sector CFPB Discrimination DOJ ECOA Fair Lending Financial Institutions HMDA HUD Memorandum of Understanding Mortgage Lenders Mortgages Reporting Requirements

CFPB April 2016 complaint report highlights mortgage complaints, complaints from California consumers

The CFPB has issued its April 2016 complaint report which highlights complaints about mortgages and complaints from consumers in California.  The CFPB began taking complaints about mortgages in December 2011....more

4/28/2016 - CFPB Consumer Complaint System Debt Collection Financial Services Industry Mortgage Servicers Mortgages Popular

Ninth Circuit rejects Director Cordray’s recess appointment as defense to CFPB enforcement action; dissenting judge disagrees

Since it was filed in a California federal court in July 2012, we have been following CFPB v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by falsely promising loan modifications in...more

4/20/2016 - Canning v NLRB CFPA CFPB Dodd-Frank Fees Loan Modifications Mortgages Recess Appointments Regulation O Richard Cordray

Constitutionality of CFPB structure at issue in D.C. Circuit oral argument

The constitutionality of the CFPB’s structure was front and center at this past Tuesday’s oral argument in PHH Corporation et al. v. CFPB before the U.S. Court of Appeals for the D.C. Circuit. The case involves PHH’s appeal...more

4/14/2016 - ALJ Appeals Banking Sector CFPB Enforcement Actions Mortgages Popular Referral Fees RESPA Section 8 Separation of Powers

CFPB releases 2015 complaint report

The CFPB’s Consumer Response Annual Report analyzing complaints handled in 2015 indicates that volume rose 8% from 250,700 complaints in 2014 to 271,600 in 2015. The report provides data on the most common types of complaints...more

4/6/2016 - Annual Reports CFPB Consumer Complaint System Consumer Financial Products Debt Collection Mortgages Popular

CFPB issues fourth annual report on servicemember complaints

The CFPB’s Office of Servicemember Affairs released its fourth annual report highlighting complaints submitted in 2015 by servicemembers, veterans, and their families. The report states that in 2015, the CFPB received...more

3/24/2016 - Annual Reports CFPB Consumer Complaint Management Credit Reports Debt Collection Military Service Members Mortgages Veterans

Money transfer complaints highlighted in CFPB December 2015 complaint report

The CFPB has issued its December 2015 complaint report which highlights money transfer complaints and complaints from consumers in Georgia and the Atlanta metro area. General findings include the following: As of...more

12/28/2015 - CFPB Consumer Complaint System Debt Collection Money Transfer Mortgages

CFPB Makes No Change to Exemption Thresholds for Appraisal Requirement, Regs Z, M

The CFPB has published notices in the Federal Register announcing that it is making no change to three exemption thresholds that are subject to annual inflation adjustments. Effective January 1, 2016, through December 31,...more

12/8/2015 - Appraisal Clauses CFPB Inflation Adjustments Mortgages Regulation M Regulation Z Threshold Requirements

CFPB and DOJ Announce Redlining Settlement

Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle...more

10/9/2015 - Banking Sector Banks CFPB DOJ ECOA Fair Housing Act (FHA) Financial Institutions Mortgage Lenders Mortgages Race Discrimination Redlining Residential Real Estate Market

CFPB and DOJ announce redlining settlement

Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle...more

9/28/2015 - Banking Sector Banks CFPB Community Reinvestment Act Compliance Consumer Financial Products Consumer Lenders CRA Discrimination DOJ ECOA Fair Housing Act (FHA) Fair Lending Financial Institutions Investigations Mortgage Brokers Mortgage Lenders Mortgage Servicers Mortgages OCC Race Discrimination Redlining Statistical Analysis

CFPB Highlights Mortgage Complaints in Third Monthly Complaint Report

The CFPB has issued its September 2015 complaint report, the third in its new series of monthly complaint reports. The new report spotlights mortgage complaints and complaints from consumers in the Denver, Colorado, metro...more

9/25/2015 - CFPB Consumer Complaint System Consumer Financial Products Credit Reporting Agencies Debt Collection Financial Institutions Foreclosure Loan Modifications Mortgage Lenders Mortgage Servicers Mortgages

CFPB highlight mortgage complaints in third monthly complaint report

The CFPB has issued its September 2015 complaint report, the third in its new series of monthly complaint reports. The new report spotlights mortgage complaints and complaints from consumers in the Denver, Colorado metro...more

9/23/2015 - CFPB Consumer Complaint Management Consumer Financial Products Consumer Lenders Debt Collection Financial Institutions Foreclosure Loan Modifications Mortgage Lenders Mortgage Servicers Mortgages Payday Loans

No deference for CFPB amicus brief from Ninth Circuit

Many readers probably remember Edwards v. First American Financial Corp. for its ill-fated journey to the U.S. Supreme Court. The Supreme Court had granted certiorari to decide the issue of whether a plaintiff who brings a...more

8/28/2015 - Amicus Briefs Article III Certiorari CFPB Consumer Lenders Financial Institutions Kickbacks Mortgage Brokers Mortgage Lenders Mortgages RESPA Safe Harbors SCOTUS Standing Statutory Damages Title Companies

CFPB issues second monthly complaint report

The CFPB has issued its August 2015 complaint report, the second in its new series of monthly complaint reports. When it announced the launch of the new reports last month, the CFPB stated that each report would spotlight a...more

8/28/2015 - Banking Sector Banks CFPB Consumer Complaint System Consumer Lenders Financial Institutions Mortgage Lenders Mortgage Servicers Mortgages

House Financial Services Committee passes CFPB-related bills including bill creating TRID Rule hold harmless period

On July 29, the following four CFPB-related bills were passed by the House Financial Services Committee: H.R. 3192, the “Homebuyers Assistance Act”: The bill would provide a hold harmless period for the TILA/RESPA Integrated...more

8/10/2015 - Anti-Steering Rules Banking Sector Banks CFPB Consumer Lenders DOJ Financial Institutions First Time Homebuyers FTC Lenders Minority-Owned Businesses Mortgage Lenders Mortgages Real Estate Market Small Business TILA-RESPA Integrated Disclosure Rule (TRID) Women-Owned Businesses

CFPB to hold event on financial management for seniors

The CFPB has announced that it will hold an event in Springfield, Virginia on August 17, 2015 about financial management for seniors and their caregivers. The event will feature remarks from Director Cordray and Virginia...more

8/4/2015 - Assisted Living Facility Banks CFPB Elder Abuse Financial Abuse Financial Institutions Financial Planning Mortgages Nursing Homes Popular Reverse Mortgages Skilled Nursing Facility

House Financial Services Committee passes CFPB-related bills including bill creating TRID Rule hold harmless period

Wednesday, the following four CFPB-related bills were passed by the House Financial Services Committee: H.R. 3192, the “Homebuyers Assistance Act”: The bill would provide a hold harmless period for the TILA/RESPA Integrated...more

7/31/2015 - Anti-Steering Rules Automotive Industry Automotive Loans Banking Sector Banks CFPB DOJ Financial Institutions Financing First Time Homebuyers Mortgage Loan Originators Mortgages Qualified Mortgage Rule Residential Real Estate Market TILA-RESPA Integrated Disclosure Rule (TRID)

Defense Department dramatically expands scope of Military Lending Act

The Department of Defense (DoD) dramatically expanded the scope of the Military Lending Act (MLA) on July 22, 2015, publishing its Final Rule amending the MLA’s implementing regulation. The DoD consulted with the CFPB in...more

7/28/2015 - Automotive Loans Consumer Credit Protection Consumer Lenders Department of Defense (DOD) Higher Education Act Lenders Military Lending Act Military Service Members Mortgages Payday Loans Title IV

CFPB and Florida AG obtain judgments against foreclosure relief companies

The CFPB announced that, together with the Florida AG, it has obtained judgments against several Florida companies and their individual operators who were charged in a complaint filed in a Florida federal court with using...more

6/2/2015 - CFPB Default Judgment Foreclosure Relief Companies Mortgages Receivership Regulation O Unfair or Deceptive Trade Practices

CFPB Issues Compliance Bulletin on Unlawful Discrimination Based on Receipt of Mortgage Assistance

In a new compliance bulletin (Bulletin 2015-02), the CFPB “reminds” creditors of their obligation not to discriminate against applicants because their income includes vouchers from the Section 8 Housing Choice Voucher (HCV)...more

5/20/2015 - Affordable Housing CFPB Discrimination Housing Choice Vouchers Mortgages Section 8

CFPB Files Complaint Against Companies Offering Mortgage Payment Program

In a complaint filed yesterday in a California federal court, the CFPB alleges that two related companies offering a biweekly mortgage payment program and their individual owner engaged in deceptive telemarketing acts or...more

5/18/2015 - CFPB Enforcement Actions Mortgages Telemarketing Sales Rule

CFPB issues report on reverse mortgage complaints

The CFPB has issued a “Snapshot of reverse mortgage complaints” covering complaints submitted to the CFPB from December 2011 (when the CFPB began accepting consumer complaints on reverse mortgages) through December 2014....more

2/11/2015 - CFPB Consumer Financial Products Mortgages Reverse Mortgages

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