Donald Lampe

Donald Lampe

Morrison & Foerster LLP

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CFPB Poised to Expand Regulation to Small Business Lending: Expect the Unexpected

Recent initiatives by the Consumer Financial Protection Bureau (“CFPB” or Bureau) to dramatically expand its regulation of small business lending present a confluence of concerns to industry participants. These initiatives...more

5/25/2016 - CFPB Dodd-Frank ECOA Fair Lending Financial Institutions FinTech Loans Non-Bank Lenders Small Business

Treasury Issues White Paper on Online Marketplace Lending

On May 10, 2016, the U.S. Department of the Treasury (“Treasury”) issued a white paper, entitled “Opportunities and Challenges in Online Marketplace Lending” (“White Paper”). The White Paper describes Treasury’s review of...more

5/16/2016 - CFPB Online Marketplace Lending Private Sector Request For Information U.S. Treasury White Paper

CFPB Signals Coming Amendments to TRID Rule

In an April 28, 2016, letter to mortgage industry trade groups,1 the Director of the Consumer Financial Protection Bureau (“CFPB”), Richard Cordray, signaled that the agency plans to propose amendments to the TILA-RESPA...more

5/3/2016 - CFPB NPRM RESPA TILA-RESPA Integrated Disclosure Rule (TRID) Truth in Lending Act (TILA)

CFPB Suffers First Official CID Challenge

On April 21, 2016, Judge Richard J. Leon of the United States District Court for the District of Columbia ruled on the first judicial challenge to the Consumer Financial Protection Bureau’s (“CFPB,” or “Bureau”) authority to...more

4/28/2016 - Accreditation Administrative Appeals Appeals CFPB Civil Investigation Demand For Profit Colleges Statutory Authority Unfair or Deceptive Trade Practices

Senate Legislation to Regulate Small-Dollar Loans and Prepaid Cards

On April 7, 2016, Sen. Jeff Merkley (D-OR) introduced the “Stopping Abuse and Fraud in Electronic Lending Act of 2016,” or “SAFE Lending Act of 2016,” amending the Truth in Lending Act (“TILA”) and the Electronic Fund...more

4/15/2016 - CFPB Consumer Lenders EFTA Prepaid Payment Products Truth in Lending Act (TILA)

CFPB Calls for Complaints About Marketplace Lenders

On March 7, 2016, the Consumer Financial Protection Bureau (“CFPB”) made its first official moves on “marketplace lending,” which also may be known as “peer-to-peer” lending. The CFPB described marketplace lending as the use...more

3/10/2016 - CFPB Consumer Complaint System Consumer Financial Products Online Marketplace Lending

Financial Services Report, Spring 2016

Why another law firm newsletter? Over ten years ago, Will Stern answered that question in the first Editor’s Note of the first Financial Services Report. Some things have changed since then—we no longer print and mail paper...more

3/9/2016 - Arbitration CFPB Credit Cards Customer Lists Cybersecurity Debt Collection DOJ EU-US Privacy Shield Fair Lending FCRA FDIC Federal Reserve FTC HMDA Mortgages OCC Payday Loans Preemption SEC TCPA Truth in Lending Act (TILA)

CFPB Publishes HMDA File Specifications for Data Collected in 2017 and 2018

On February 18, the Consumer Financial Protection Bureau (CFPB) and the Federal Financial Institutions Examination Council (FFIEC) published new “File Specifications” for data to be collected pursuant to the Home Mortgage...more

2/24/2016 - CFPB Data Collection FFIEC HMDA Mortgages

The CFPB & UDAAP: A "Know It When You See It" Standard? 2015 Year-End Update

The Consumer Financial Protection Bureau’s (CFPB) exercise of its sweeping authority to prohibit unfair, deceptive, and abusive acts or practices (UDAAP) continues to command the attention of financial institutions and...more

2/10/2016 - Automotive Loans CFPB Consent Order Credit Reports Debt Collection Deposit Accounts Enforcement Actions Lead Generators Mortgages Student Loans UDAAP

Know Before You Sell: CFPB Letter on “Know Before You Owe” Implementation

In response to a written request from the Mortgage Bankers Association (MBA), Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), penned a response dated December 29, 2015, addressing implementation...more

1/12/2016 - CFPB Mortgages TILA-RESPA Integrated Disclosure Rule (TRID)

Higher One, Inc. Enforcement Actions Remind Nonbank Service Providers of Their Legal Obligations When Partnering With Banks

On December 23, 2015, the Federal Reserve Board (“Federal Reserve”) and the Federal Deposit Insurance Corp. (“FDIC” and, collectively with the Federal Reserve, the “Agencies”) announced settlements with Higher One, Inc....more

1/4/2016 - Enforcement Actions FDIC Federal Reserve FTCA Nonbank Firms Section 5 Student Loans Third-Party Service Provider

CFPB Publishes Semi-Annual Rulemaking Agenda

Just in time for the holidays, the CFPB released its Fall 2015 rulemaking agenda on Friday, November 20. The agenda does not include any major surprises, but it does slightly revise the projected timeline for several highly...more

11/24/2015 - Arbitration CFPB Debt Collection Mortgage Servicing Rules Payday Loans Prepaid Payment Products Regulatory Agenda Rulemaking Process

CFPB Bulletin on Marketing Services Agreements: Not Per Se Unlawful, But . . . .

The Consumer Financial Protection Bureau (CFPB) on October 8, 2015 issued Compliance Bulletin 2015-05, RESPA Compliance and Marketing Services Agreements (Bulletin). The Bulletin represents another significant signpost along...more

10/12/2015 - CFPB CFPB Bulletins Client Referrals Enforcement Kickbacks Marketing Services Agreements Mortgage Lenders Mortgages RESPA

CFPB Publishes Results of eClosing Pilot Program

On August 5, the CFPB released a 90-page report summarizing the results of its eClosing pilot program, a research initiative launched in April 2014 to explore whether electronic closing processes offer measurable benefits to...more

8/19/2015 - Borrowers CFPB E-Signatures eClosing Pilot Program Electronic Filing Lenders Mortgages Technology TILA-RESPA Integrated Disclosure Rule (TRID)

CFPB Examination Resource Guide

CFPB has explained to industry participants what to expect in examinationss, both in terms of exam process and covered laws & regs. SUPERVISION AND EXAMINATION MANUAL – VERSION 2.0 First issued in 10/2011, revised &...more

7/31/2015 - CFPB ECOA FDCPA HOEPA Mortgage Loan Originators Mortgage Servicers Mortgages Resource Guide RESPA Truth in Lending Act (TILA) UDAAP

The CFPB & UDAAP: A “Know It When You See It” Standard?

The Consumer Financial Protection Bureau’s (CFPB) exercise of its sweeping authority to prohibit unfair, deceptive, and abusive acts or practices (UDAAP) continues to command the attention of financial institutions and...more

7/29/2015 - CFPB Enforcement Actions Financial Institutions Richard Cordray UDAAP

MBa Compliance Essentials - CFPB EXAMINATIONS: What We Know Now

In This Presentation: - What is “Supervision”? - CFPB’s Examination Principles - Supervision is a Process - Types of Examinations - Preparing for the Examination - EXAM...more

7/2/2015 - Banks CFPB Chief Compliance Officers Consumer Lenders Examination Priorities Industry Examinations Nonbank Firms Supervision

TILA-RESPA Combined Disclosures: The Executive Perspective October 29, 2014

In This Presentation: - ½-Way Point & What We Will Cover - NEW RISK ENVIRONMENT - THINKING ABOUT RISKS FOR 2015 - Business Challenges and Your Bottom Line - What is Behind TRID? - Communications...more

6/25/2015 - CFPB Mortgage Lenders RESPA TILA-RESPA Integrated Disclosure Rule (TRID) Truth in Lending Act (TILA)

Mortgage Servicing Transfers: Meeting the Operational and Regulatory Demands

In This Presentation: - The “Old” Ways - New Federal Framework for Servicers - Dodd-Frank Act - National Mortgage Settlement - CFPB at the Center - CFPB Regulations (Reg X) - CFPB...more

5/29/2015 - CFPB Dodd-Frank Mortgage Servicing Rules National Mortgage Settlement Remedies RESPA Transfers Truth in Lending Act (TILA)

CFPB Announces Final Policy Statement to Share Consumer Complaint Narratives, and Issues an RFI Seeking Comment on a Proposed...

On March 19, 2015, the Consumer Financial Protection Bureau (“CFPB”) announced the issuance of a Final Policy Statement (“Policy Statement”) that expands its Consumer Complaint Database (“Database”) to allow consumers to...more

4/6/2015 - CFPB Consumer Complaint System Consumer Financial Products Policy Statement Request For Information

Supreme Court Allows Agencies to Reinterpret the Law at Their Discretion

In a decision published on March 9, 2015, the Supreme Court ended the D.C. Circuit Court’s Paralyzed Veterans doctrine, which required administrative agencies to utilize the Administrative Procedure Act’s (APA)...more

4/1/2015 - Administrative Procedure Act Notice and Comment Paralyzed Veterans Doctrine Perez v Mortage Bankers Assoc Rulemaking Process SCOTUS Statutory Interpretation

Legislation Introduced to Modify CFPB Structure: Will It Gain Traction?

Earlier this month, a year after the House passed a bill to change the structure of the Consumer Financial Protection Bureau (CFPB), Rep. Randy Neugebauer (R-Tex.) again introduced legislation that would modify the structure...more

3/18/2015 - Administrative Appointments CFPB Proposed Legislation

The CFPB & UDAAP: A ‘Know It When You See It’ Standard?

The Consumer Financial Protection Bureau’s (CFPB) continued and expanded reliance on its sweeping authority to prohibit unfair, deceptive, and abusive acts or practices (UDAAP) continues to command the attention of financial...more

3/12/2015 - Banking Sector CFPB Consumer Lenders Enforcement Statistics Financial Institutions Richard Cordray UDAAP

Bad Day for NewDay: CFPB Section 8 Enforcement Continues

On February 10, 2015, the Consumer Financial Protection Bureau (“CFPB”) added another company to its litany of alleged Real Estate Settlement Procedures Act (“RESPA”) Section 8 offenders (Michigan Title, PHH Corporation, New...more

2/20/2015 - Advertising CFPB Enforcement Enforcement Actions Kickbacks LLC Referral Fees RESPA Section 8 UDAAP Unfair or Deceptive Trade Practices Veterans

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