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Summary of Updated Mortgage Servicing Examination Procedures

On June 22, 2016, the CFPB released a special edition of its Supervisory Highlights focused on examinations of mortgage servicers between January 2014 and April 2016. Additionally, it released its third update to the mortgage...more

Recent CFPB Enforcement Actions Focus on Data Security and Discriminatory Lending

In the past two months, consent orders were reached in two high profile enforcement actions. In February 2016, a consent order came out between the Consumer Financial Protection Bureau (CFPB), Department of Justice (DOJ) and...more

CFPB's October Complaint Snapshot Focuses on Credit Card Complaints

The Consumer Financial Protection Bureau (CFPB) has been taking complaints from consumers about all financial service products, including credit cards, since its inception on July 21, 2011. As of October 1, 2015, the CFPB has...more

CFPB Shifts Focus to Auto Lending Industry

Auto lenders and servicers be advised: the Consumer Financial Protection Bureau (CFPB) turns its lonely eyes to you. On June 17, 2015, the CFPB brought an action in the Southern District of Ohio against Security National...more

Have You Checked Your Vendor Agreements Lately?

In April 2012, the CFPB released a bombshell on financial institutions – not only could they be held responsible for any violations of consumer protection laws, but now they could also be held responsible for the actions of...more

State Attorneys General Bringing Actions Under Dodd-Frank

As the CFPB celebrates its three-year anniversary, the current trend appears to be lawsuits brought by state attorneys general or state regulators pursuant to their authority under Dodd-Frank Section 1042. Under Section 1042,...more

Fidelity Mortgage Consent Order Sends Strong Message the CFPB Will Enforce Laws, No Matter Size of Violator

On January 16, 2014, the CFPB issued a Consent Order resolving a claim that Fidelity Mortgage Corporation (Fidelity), a mortgage lender, and its president, Mark Figert, violated RESPA Section 8 by paying illegal kickbacks to...more

CFPB Mortgage Servicing and Origination Examining Procedures

The beginning of 2014 marked the implementation of new rules for mortgage servicers, lenders and brokers. According to CFPB Director Richard Cordray in his testimony before the House Financial Services Committee, the goal...more

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