The North Carolina Commercial Receivership Act went into effect a year ago. The Act, codified in Article 38A of Chapter 1 of the North Carolina General Statutes, was the first substantive update to existing North Carolina...more
The NCUA’s Board just approved a final rule “increasing the threshold below which appraisals are not required for commercial real estate transactions from $250,000 to $1,000,000.” This rule goes into effect October 22, 2019....more
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
Business loans have “become a larger share of credit unions’ loans and assets.” Of those credit unions with between $100 million and $500 million in assets, over three quarters are making business loans. Of those with more...more
This article is a follow up to Bruce Wallace’s April 13, 2017 update, "Is your Motor Vehicle Loan Safe?" regarding how insurance policies may not protect the credit union’s lien. Specifically, Mr. Wallace’s update dealt with...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
Late last year, the Department of Justice (“DOJ”) and the Consumer Financial Protection Bureau (“CFPB”) brought a joint action against Hudson City Savings Bank (“Hudson Bank”) for redlining. Hudson Bank, based in New Jersey,...more
9/19/2016
/ Civil Monetary Penalty ,
Civil Rights Act ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
ECOA ,
Federal Housing Administration (FHA) ,
Minorities ,
Mortgage Lenders ,
Mortgages ,
Redlining
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
This past October 15th, the Consumer Financial Protection Bureau announced the purported finalization of its “new rule” for “updating the reporting requirements” under the Home Mortgage Disclosure Act HMDA.” The point of the...more
In this post, we’re going to examine the subject of redlining in the context of residential mortgage loans. We’re then going to turn our attention to the recent joint action by the Consumer Financial Protection Bureau...more
The effective date for implementation of the “TILA-RESPA Integrated Disclosure” rule, or “TRID” for short, is just around the corner – October 3rd. Originally the effective date was August 1st but that date was extended by...more
9/28/2015
/ Closing Documents ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
HUD ,
Mortgage Escrow Account ,
Mortgage Rules ,
Mortgages ,
Regulation X ,
Regulation Z ,
RESPA ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
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
The Consumer Financial Protection Bureau (“CFPB”) recently issued or perhaps had to issue a proposed amendment to the “Know Before You Owe mortgage disclosure rule,” also known as the “TILA-RESPA Integrated Disclosure” rule,...more
7/24/2015
/ Closing Documents ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Veterans Affairs ,
Dodd-Frank ,
Federal Reserve ,
HUD ,
Mortgage Brokers ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgages ,
Proposed Amendments ,
Real Estate Settlement Procedures Act ,
Regulation Z ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
Today we’re taking a look at the Consumer Financial Protection Bureau’s cases against Sprint Corporation (“Sprint”) and Cellco Partnership d/b/a Verizon Wireless (“Verizon”) for mobile cramming. For starters, what does...more
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
Armed with some background on what the Consumer Financial Protection Bureau (“CFPB”) is and does (from my 11-11-14 blog entry), let’s dive directly into the issue of rules. For starters, let’s look into the CFPB’s new rules...more
Let’s begin—honestly—by acknowledging that the very words, “the Consumer Financial Protection Bureau” tend to make our eyes glaze over, whether you’re a supporter or opponent of the CFPB’s cause or work for an institution...more