In the spring of last year, the Consumer Financial Protection Bureau (“CFPB”) filed an enforcement action against Ocwen Financial Corporation (“Ocwen”) and its subsidiaries for violation of mortgage servicing rules. The suit...more
Ocwen Financial Corporation (Ocwen) is one of the country’s largest nonbank mortgage loan servicers, and it has had its hands full the last six months. On April 20, the Consumer Financial Protection Bureau (CFPB) filed an...more
This past October, the Consumer Financial Protection Bureau (“CFPB”) took action against Navy Federal Credit Union, the largest credit union in the country. In doing so, the CFPB relied upon one of its favorite enforcement...more
So much has been written in recent weeks about the battle between PHH Corporation and the Consumer Financial Protection Bureau in the U.S. Court of Appeals for the D.C. Circuit. The panel heard oral argument on April 12,...more
5/21/2016
/ Administrative Appeals ,
Administrative Law Judge (ALJ) ,
Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Counsel ,
Disgorgement ,
Enforcement Actions ,
Kickbacks ,
Mortgage Insurance ,
Referral Fees ,
RESPA ,
Safe Harbors ,
Separation of Powers ,
Statute of Limitations
Today we’re taking a look at the CFPB’s recent enforcement case against Citibank, N.A. (“Citibank”) and two of Citibank’s subsidiaries, Department Stores National Bank (“DSNB”) and Citicorp Credit Services, Inc. (USA) (“CCSI...more
8/25/2015
/ Affiliates ,
Citibank ,
Civil Penalty Fund ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Monitoring ,
Debt Collection ,
Enforcement Actions ,
OCC ,
Subsidiaries ,
Telemarketing ,
Telemarketing Sales Rule ,
Third-Party Service Provider ,
Unfair or Deceptive Trade Practices
Corinthian Colleges (“Corinthian”) announced this past Sunday, April 26 that Corinthian was ceasing operations at its remaining physical campuses. This April 26 announcement specifically refers to the remaining 30 or so...more
My most recent blog entries have been focused on the CFPB’s new mortgage servicing rules and the Flagstar Bank enforcement case. I’m going to switch gears for a moment and take a look at the Corinthian Colleges case. ...more
Let’s revisit the Flagstar Bank case which I touched on in my November 20, 2014 posting. This is an important case for a number of reasons, most notably because it was the CFPB’s first enforcement action under the CFPB’s new...more
1/9/2015
/ Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Flagstar Bank ,
Fraud ,
HUD ,
Loan Modifications ,
Loss Mitigation ,
Mortgage Servicers ,
Mortgage Servicing Rules