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Update on the J.G. Wentworth CID Fight

Earlier this summer we wrote about the challenge by J.G. Wentworth, LLC to the CFPB's jurisdictional reach. Now, the Chamber of Commerce of the United States of America has asked that it be allowed to file an amicus brief in...more

CFPB Wants to Share Its Confidential Information with the World

On August 24, 2016, the CFPB published proposed amendments to broaden its ability to share confidential information with agencies. If the proposed rule is finalized, the CFPB would be permitted to share information with...more

Another Target Objects to CFPB Jurisdiction

What would your company do if it received a broad civil investigative demand (CID) from the CFPB demanding the production within 30 days of thousands of pages of documents regarding operations, services, products, and...more

7/15/2016  /  CFPB , CID , Dodd-Frank , Jurisdiction , UDAAP

CFPB Issues Proposed Rule for Payday Lending

Yesterday the CFPB released its long-awaited proposed rule covering payday loans, auto title loans, deposit advance products and certain high-cost installment and open-end loans. The Bureau proposes that this population of...more

Supreme Court Reshapes Consumer Financial Law with Two Recent Decisions

The Supreme Court issued two interesting decisions recently that will affect the consumer financial industry. In Spokeo, Inc. v. Robins, the Court held that when it comes to Fair Credit Reporting Act (FCRA) violations,...more

Five Steps to Boosting TCPA Compliance

The Telephone Consumer Protection Act (TCPA) continues to be a tool utilized by the plaintiffs' bar for class action litigation. But the Act is also being wielded in run-of-the-mill bankruptcy adversary proceedings as...more

CFPB in 2016

A new year is upon us and what better resolution for the financial services industry than thinking ahead and planning for the CFPB's potential agenda in 2016? After the flurry of mortgage activity in both 2014 and 2015,...more

CFPB: Reverse Mortgages Subject to Scrutiny

In a likely preview of an area subject to future regulation and enforcement, on June 4, 2015, the Consumer Financial Protection Bureau (CFPB) released results of a focus group study on reverse mortgage advertisements and also...more

Senator Shelby Speaks to Baker Donelson; Releases Financial Regulatory Proposal

U.S. Senator Richard Shelby (R-Alabama), chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, last week released the text of the discussion draft of "The Financial Regulatory Improvement Act...more

CFPB Hot Topics for 2015

Despite rumblings from the new Congress about reining in the Consumer Finance Protection Bureau (CFPB), the Bureau has indicated a packed agenda for 2015. Following an aggressive push in 2014, the attention of the CFPB...more

Proposed Data Reporting Rule Issued

If you are looking for some light reading these last few weeks of summer, you might want to take a look at the recently released proposed rule regarding changes to the Home Mortgage Disclosure Act (HMDA) also known as...more

CFPB Focusing on Mortgage Closing Process

Following an initial focus on altering loan qualification guidelines and servicing regulations, the Consumer Financial Protection Bureau (CFPB) has turned its attention to the loan closing process for home mortgages....more

2/26/2014  /  CFPB , Mortgages

Thoughts on the Remarks of CFPB Deputy Director Antonakes at the MBA Servicing Conference

As I sat in an Orlando convention center ballroom last week, I noted that the sense of anticipation for the remarks of CFPB Deputy Director Steven Antonakes seemed to range from "not that interested" to "just trying to get a...more

2/26/2014  /  CFPB , Enforcement , Mortgages

New Consumer Resources are Offered by the CFPB

In conjunction with the January 10, 2014, effective date for new mortgage rules, the CFPB published a number of new resources for consumers. These resources include sample letters for consumers to send their servicers, tip...more

1/28/2014  /  CFPB , Mortgages

Five Questions to Ask Before January 10, 2014 - CFPB Focus

1. Compliance Procedures. Have you updated your written policies and procedures for each of your products or services to encompass the new rules and regulations? Once updated, have you provided copies to your employees? Have...more

Recent CFPB Report to Congress

On November 12, 2013, Richard Cordray, Director of the CFPB, appeared at the hearing of the Senate Banking, Housing and Urban Development Committee to discuss the CFPB's Annual Report to Congress. During the hearing, Senators...more

An Overview of the Receivership Process in Tennessee

Lenders have a number of options when faced with a borrower in default. In Tennessee, one option to seriously consider is seeking appointment of a receiver. A receiver will step into the role of the borrower or management...more

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