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Financial Services Report - Fall 2017

EDITOR’S NOTE - Through hurricanes, wild fires, the publication of Hillary Clinton’s book, the birth of Amal and George Clooney’s twins, and the Dodgers’ historic losing streak, Director Richard Cordray and the CFPB’s...more

Leading on Leads? CFPB Takes Action Against Online Lead Aggregators

On September 6, 2017, the Consumer Financial Protection Bureau (CFPB or “the Bureau”) announced that it has taken action against an online lead aggregator. The allegations revolved around the company’s selling personal...more

A First Time for Everything—CFPB Issues Its First No-Action Letter

The Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) recently announced the issuance of its first no-action letter (“NAL”) to Upstart Network, Inc. (“Upstart”), a San Carlos, California-based online lending...more

9/21/2017  /  CFPB , ECOA , No-Action Letters

CFPB and Card Issuers Resolve ECOA Action Involving Cards Offered in U.S. Territories and Cardholders with Spanish Language...

On August 23, 2017, the Consumer Financial Protection Bureau (CFPB) announced the resolution of an administrative action under the Equal Credit Opportunity Act and its implementing regulation, Regulation B (collectively,...more

Entering the HMDA Homestretch: CFPB Proposes Temporary Increase in HELOC Reporting Threshold, Releases New and Updated Filing...

As we have previously reported, in October 2015, the Consumer Financial Protection Bureau (CFPB) issued a sweeping final rule (“2015 Final Rule”) to amend Regulation C, which implements the Home Mortgage Disclosure Act...more

7/27/2017  /  CFPB , HELOC , HMDA , Mortgage Lenders , Mortgages

Financial Services Report - Summer 2017

EDITOR’S NOTE - Summer blockbuster season is officially upon us. Have you seen Wonder Woman yet? What about Guardians of the Galaxy Part 2? It’s déjà vu all over again with Baywatch, Pirates of the Caribbean, Alien,...more

Financial Services Report - Spring 2017

EDITOR’S NOTE - In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s...more

RESPA Two-Step: CFPB Shows Continued Expansive Interpretation of Section 8

On January 31, 2017, the Consumer Financial Protection Bureau (“CFPB”) announced a Consent Order (“Order”) with Prospect Mortgage LLC and certain of its affiliates (“Lender”). The CFPB alleged in the Order widespread...more

Financial Services Report, Winter 2016

EDITOR’S NOTE - Hope you survived all of those awkward Thanksgiving holiday conversations— amazing how divided people are on whether the court got it right in the PHH case, isn’t it? So on we go into the holiday season,...more

Ten Questions and Nine Answers about PHH and the Future of the CFPB Director

The potentially explosive combination of the D.C. Circuit’s October decision in PHH v. CFPB and the outcome of the presidential election has spurred a host of questions about how the PHH litigation may proceed and about the...more

Whither the CFPB? In Uncertain Times, Rep. Hensarling’s Vision May See New Life

Given the outcome of the presidential election, the focus is now on President-Elect Trump’s campaign promises to scale back the Dodd-Frank Act and pursue deregulation of financial services. As of now, little is known about...more

CFPB Requests Information Regarding Data Aggregation Services

On November 17, 2016, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) held a field hearing in Salt Lake City, Utah, and published a Request for Information (“RFI”) regarding access to consumer financial account...more

CFPB Hit by Major Setback in D.C. Circuit

In a decision eagerly awaited by the financial services industry, the D.C. Circuit this week handed the Consumer Financial Protection Bureau (CFPB) a major defeat, throwing out a mortgage lender’s $109 million disgorgement...more

Financial Services Report, Fall 2016

Editor’s Note - So much for summer! The weather is cooling, the kids are back to school, and we better not see you wearing white so long after Labor Day! For those of you having a little trouble getting back in the...more

CFPB, OCC, and Federal Reserve Propose Clarifications to Small Loan Exemption from HPML Appraisal Requirements

On August 4, 2016, the Consumer Financial Protection Bureau (“CFPB”), the Office of the Comptroller of the Currency (“OCC”), and the Board of Governors of the Federal Reserve System (“Federal Reserve”) (together, the...more

CFPB Issues Guiding Principles for Loss Mitigation after HAMP

On August 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) published a new guidance document titled CFPB’s Principles for the Future of Loss Mitigation (the “Guidance”), which outlines a recommended framework for...more

FDIC Releases Proposed Third-Party Lending Guidance

On July 29, 2016, the board of directors of the Federal Deposit Insurance Corporation (FDIC) released a proposal regarding third-party lending guidance (“Proposed Guidance”) as part of a package of materials designed to...more

What You Need to Know Now About the CFPB’s Debt Collection Proposal

On July 28, 2016, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued its outline of proposals under consideration for the regulation of debt collection. This 117-page release, entitled “Small Business Review...more

Senators Ask Banking Agencies to Outline FinTech Oversight

On July 21, 2016, Senators Sherrod Brown (D-Ohio) and Jeff Merkley (D-Ore.) sent a letter to the heads of five federal agencies requesting that they outline the steps they are taking to “ensure effective oversight” of the...more

Short-Term Lenders Face Costly Path To Compliance

On June 2, 2016, the Consumer Financial Protection Bureau released its long-anticipated notice of proposed rulemaking on short-term consumer lending. The proposed rule follows the CFPB’s March 2015 release of an outline of...more

CFPB Publishes Spring 2016 Regulatory Agenda

On June 9, 2016, the Consumer Financial Protection Bureau (CFPB) released its semi-annual regulatory agenda for Spring 2016. The agenda identifies the CFPB’s priorities through April 2017. While it does not include any major...more

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

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

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

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