The New York State Department of Financial Services issued its final rule on February 1, 2023, implementing the state's new Commercial Finance Disclosure Law. Commercial financing providers that are subject to the law have a...more
On December 7, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Notice of Intent to Make Preemption Determination under the Truth in Lending Act (TILA) specifically regarding whether TILA preempts the New York...more
The most important ruling by a court on the TCPA is one that has not quite happened yet. The D.C. Court of Appeals is currently considering ACA International's challenge to the ultra-expansive interpretation of the TCPA...more
Having increased in number each of the past seven years, lawsuits alleging violations of the Telephone Consumer Protection Act of 1991 (TCPA) continue to plague the consumer finance industry. As should be expected with an...more
Businesses across America are waiting with bated breath for a ruling in ACA International, et al. v. FCC, a case brought by a debt collection industry group challenging the FCC’s order interpreting the Telephone Consumer...more
On the eve of the New Year, the Consumer Financial Protection Bureau (CFPB) took steps to calm industry concerns about the effect of the new TILA RESPA Integrated Disclosure (TRID) rules enacted by the CFPB. Effective October...more
Responding to civil investigative demands (CIDs) issued by the CFPB is one of the larger challenges faced by financial institutions in acclimatizing to the new regulatory agency. Moreover, the CFPB has demonstrated that it...more
Noting that the residential mortgage origination process is often "fraught with anxiety" for consumers, CFPB Director Richard Cordray announced an upcoming pilot project that would assess how electronic closings could...more
Eight months ago, we sent a client alert when the Georgia Supreme Court released its opinion responding to questions certified by the U.S. District Court for the Northern District of Georgia in You v. J.P. Morgan Chase Bank,...more
In a move that has since stirred up controversy on Capitol Hill, the United States Department of Justice (DOJ) in January filed an enforcement action and entered into a consent order with Four Oaks Bank & Trust Company, a...more
The new Consumer Financial Protection Bureau (CFPB) servicing rules effective January 10, 2014 will change the legal landscape for mortgage servicers tremendously. Servicers now have very little time to accommodate the new...more
While the new regulations implemented by the Consumer Financial Protection Bureau (CFBP) are designed to apply primarily to big banks and loan servicers, the regulatory environment for small and community banks will also be...more
While it has only just begun its third year, the CFPB has already left its mark with a series of recent enforcement actions. Below are four examples of how the CFPB has wielded the broad scope of its mandate....more
9/20/2013
/ Bonuses ,
Capital One ,
Consumer Financial Protection Bureau (CFPB) ,
Debt-Relief Industry ,
Enforcement Actions ,
ILSA ,
Interest Rates ,
Marketing ,
Misrepresentation ,
Mortgages ,
Unfair or Deceptive Trade Practices
One of the most unsettled issues facing mortgage servicers and lenders has been the uncertainty regarding the host of new regulatory rules regarding loan servicing and origination set to go into effect on January 10, 2014....more
Today, the Georgia Supreme Court, in You v. JP Morgan Chase Bank, N.A. et al., S13Q0040, held that the assignee of a security deed can conduct a non-judicial foreclosure sale without holding or owning the underlying...more