Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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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 Services Industry 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 Sector Financial Services Industry Mortgage Lenders Mortgage Servicers Mortgages

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 Financial Services Industry Mortgages Nursing Homes Popular Reverse Mortgages Skilled Nursing Facility

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 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

ABA seeks removal of mortgage rate calculator from CFPB website

The American Bankers Association has sent a letter to the CFPB urging it to take down from its website its new mortgage interest rate calculator tool. The CFPB launched the new tool earlier this month, in conjunction with its...more

1/30/2015 - American Bankers Association Banks CFPB Interest Rates Mortgage Lenders Mortgages

House Financial Services Committee approves oversight plan; Committee chair gets new subpoena authority

The House Financial Services Committee voted unanimously today to approve the Committee’s oversight plan for the 114th Congress. The plan provides that the Committee intends to continue its close examination of the...more

1/22/2015 - Amended Regulation CFPB Choke Point Consumer Financial Products Dodd-Frank Financial Services Committee Mortgages

Mortgage company that entered into CFPB consent order moves to dismiss class action claims

Earlier this week, Castle & Cooke Mortgage, LLC, the mortgage company that entered into a consent order with the CFPB in November 2013 to settle charges that it violated the Regulation Z loan originator compensation rule (“LO...more

10/31/2014 - CFPB Class Action Consent Order Mortgages Motion to Dismiss

CFPB seeking approval for field study of Owning a Home project

The CFPB has published a notice stating that as part of its Owning a Home project, it plans to seek approval from the Office of Management and Budget to conduct a field study of the project. The project consists of a various...more

9/30/2014 - CFPB Mortgages OMB Research Tools

Florida and Connecticut AGs file lawsuit asserting Dodd-Frank enforcement authority

On July 29, 2014, another Section 1042 lawsuit was filed jointly by the Attorneys General of Florida and Connecticut in a Florida federal court. The lawsuit alleges that four individuals and their four businesses formulated...more

9/18/2014 - Attorney Generals Dodd-Frank Enforcement Mortgage Servicing Rules Mortgages UDAAP

CFPB launches new financial education efforts directed at low-income consumers

Last week, the CFPB announced a new partnership with national and local nonprofit and public social services programs across the country to train staff to provide financial education and tools to clients with low-to-moderate...more

8/4/2014 - CFPB Mortgages

CFPB to issue whitepaper on methodology for identifying auto finance discrimination and consider use of advisory opinions

While Director Cordray’s appearance at the House Financial Services Committee’s hearing on the CFPB’s fifth Semi-Annual Report yesterday was accompanied by the usual dose of political theater, his testimony did yield the...more

6/20/2014 - Automotive Industry Automotive Loans Banks CFPB Choke Point Discrimination DOD DOJ ECOA Fannie Mae FDIC FHA Financial Services Committee Freddie Mac Information Reports Lenders Military Lending Act Mortgages Qualified Mortgage Rule

CFPB confirms plans for auto finance larger participant rule in rulemaking agenda

In the latest semi-annual update of its rulemaking agenda, the CFPB officially confirmed that it plans to propose a rule to define “larger participants of a market for auto lending.” ...more

5/28/2014 - Automotive Industry Automotive Loans CFPB Debt Collection Dodd-Frank Gramm-Leach-Blilely Act Mortgages Payday Loans Proposed Regulation

CFPB staff evaluations show racial disparities, American Banker reports

Given the CFPB’s fair lending focus, there is certainly a strong dose of irony in the American Banker’s report yesterday that CFPB staff evaluations show a pattern of racial disparities. The article states that, according to...more

3/7/2014 - CFPB Mortgages Performance Reviews Racial Discrimination

House Financial Services Committee to hold hearing on QM rule

The House Financial Services Committee has announced that on Tuesday, January 14, it will hold a hearing entitled “How Prospective and Current Homeowners Will Be Harmed by the CFPB’s Qualified Mortgage Rule.”...more

1/13/2014 - CFPB Mortgages Qualified Mortgage Rule

CFPB revises three mortgage publications

The CFPB has issued a notice announcing that it has made revisions to the following three mortgage-related consumer publications: “What You Should Know About Home Equity Lines of Credit,” “Consumer Handbook on...more

1/13/2014 - CFPB HUD Mortgages

NY Issues Shared Appreciation Mortgage Proposal for Underwater Borrowers

New York's Department of Financial Services (DFS) has issued proposed regulations that authorize shared appreciation mortgages (SAMs) to be made to borrowers who are "underwater" on their mortgages. Under a SAM, the mortgage...more

1/7/2014 - Department of Financial Services FHA Loan Modifications Mortgages Value Appreciation

CFPB adjusts HMDA data collection and TILA mortgage escrow thresholds

In notices published in yesterday’s Federal Register, the CFPB adjusted the thresholds of the asset-size exemptions for collecting HMDA data and establishing an escrow account for certain mortgage loans under TILA. ...more

12/31/2013 - Banks CFPB Creditors Escrow Accounts Exemptions HMDA Mortgage Escrow Account Mortgages Regulation Z TILA

House members urge CFPB to delay effective dates of mortgage rules

A letter dated November 5, 2013 to Director Cordray signed by 118 House members urges the CFPB to delay the effective dates of its ability-to-repay/qualified mortgage rule and other mortgage rules from January 2014 to January...more

11/7/2013 - CFPB Delays Mortgages Qualified Mortgage Rule Richard Cordray

CFPB to hold mortgage field hearing on November 20

The CFPB has announced that on November 20, 2013, it will hold a field hearing in Boston on “Know Before You Owe: Mortgages.” The event will feature remarks by Director Cordray and testimony from consumer groups, industry...more

11/5/2013 - CFPB Mortgages RESPA TILA

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