Stephen M. Quinlivan

Stephen M. Quinlivan

Stinson Leonard Street

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Regulators Approve Securitization Risk Retention Rule

Six federal agencies approved a final rule requiring sponsors of securitization transactions to retain risk in those transactions. The final rule implements the risk retention requirements in the Dodd-Frank Wall Street...more

10/23/2014 - CFPB Compliance Dodd-Frank FDIC Federal Reserve Risk Retention SEC

CFPB Considering Issuing No-Action Letters

The CFPB has issued a proposed policy where it would issue no-action letters in limited circumstances. The proposed policy is designed for new financial products or services where there may be uncertainty about how they fit...more

10/14/2014 - CFPB Dodd-Frank No-Action Letters

CFPB to Regulate Larger Nonbank Auto Lenders

The CFPB is proposing to oversee larger nonbank auto finance companies for the first time at the federal level. Currently, the Bureau supervises large banks making auto loans, but not nonbank auto finance companies. ...more

9/22/2014 - Automotive Loans Banks CFPB Nonbank Firms

Lender Agrees to Pay CFPB $2.75 Million Fine for Distorting Credit Records

The CFPB obtained a consent order from an auto finance company that allegedly distorted consumer credit records for years. The auto finance company, which according to the CFPB lends primarily to subprime borrowers, allegedly...more

8/22/2014 - Automotive Industry Automotive Loans CFPB Consent Order Credit Reports Lenders

CFPB Revises Mortgage Servicing Transfer Guidance

The CFPB believes there are potential risks to consumers that may arise in connection with transfers of residential mortgage servicing rights. The CFPB has stated its concern in this area remains heightened due to the...more

8/21/2014 - CFPB Mortgage Servicers Mortgages Real Estate Transfers

FNMA Survey Indicates QM Rules Lead to Increased Lender Costs

FannieMae has released a survey that indicates the CFPB’s Ability-to-Repay (“ATR”) and Qualified Mortgage (“QM”) rules will lead to increased lender costs. Specifically, most firms (74%) reported that they expect their...more

8/15/2014 - Ability-to-Repay CFPB Fannie Mae Mortgages Qualified Mortgage Rule

CFPB Cautions on Bitcoin and Begins Collecting Complaints on Virtual Currencies

The CFPB has issued a useful consumer advisory on virtual currencies. The advisory notes Bitcoin transactions may not be anonymous and “Information about each and every Bitcoin transaction is publicly shared and stored...more

8/12/2014 - Bitcoins CFPB Consumer Complaint System Popular Privacy Concerns Virtual Currency

CFPB Proposes Amendments to Home Mortgage Disclosure Act

The CFPB has proposed a rule to improve information reported about the residential mortgage market. According to the CFPB, the rule would shed more light on consumers’ access to mortgage credit by updating the reporting...more

7/25/2014 - CFPB Disclosure HMDA Mortgages

OSHA Publishes Interim Rule For Handling Whistleblower Retaliation Complaints

OSHA has published the interim final text of regulations governing the employee protection (or whistleblower) provisions of the Consumer Financial Protection Act of 2010, or CFPA, Section 1057 of the Dodd-Frank Wall Street...more

4/5/2014 - ALJ CFPB OSHA Retaliation Whistleblower Protection Policies Whistleblowers

CFPB Director Offers Views On Auto Lending

In a recent speech, CFPB Director Richard Cordray gave his views that the law specifies that the CFPB generally does not have jurisdiction over auto dealers and their practices, but the CFPB does have jurisdiction over the...more

11/19/2013 - Automotive Loans CFPB

CFPB Takes Action Against Inaccurate Mortgage Loan Reporting

The CFPB has ordered Mortgage Master, Inc. and Washington Federal to pay civil penalties for violating the Home Mortgage Disclosure Act, or HMDA, which requires certain mortgage lenders to accurately collect and report data...more

10/10/2013 - CFPB HMDA Mortgages Reporting Requirements

CFPB Warns Employers Against Exclusive Use Of Payroll Cards

The CFPB has published a bulletin expressing its view that employers cannot require their employees to receive wages on a payroll card. The bulletin also gives the CFPB’s view on some of the federal consumer protections that...more

9/13/2013 - CFPB Employer Liability Issues Minimum Wage Payroll Cards Wages

CFPB Provides Notice On Duty To Investigate Consumer Credit Report Disputes

The CFPB has issued a notice regarding companies that supply information to consumer reporting companies. The CFPB released a bulletin stressing that, under the CFPB’s view of the law, these companies, called furnishers, are...more

9/5/2013 - CFPB Credit Reports Investigations Notifications

CFPB’s Cordray Ratifies Recess Appointment Actions

The head of the CFPB, Richard Cordray, was initially appointed by a recess appointment which has generated speculation as to its validity and resulted in certain court actions. Mr. Cordray’s appointment was subsequently...more

9/3/2013 - CFPB Recess Appointments Richard Cordray

Many Banks Not Ready For New CFPB Mortgage Rules

In a letter to various regulators, the American Bankers Association noted survey data which highlights practical challenges associated with fully complying with all of the CFPB’s requirements for new mortgage-related rules...more

8/29/2013 - American Bankers Association Banks CFPB Community Banks Compliance Mortgages

CFPB Encourages Self-Policing And Self-Reporting

The CFPB has issued a bulletin encouraging self-policing, self-reporting, remediation, and cooperation....more

7/1/2013 - CFPB Enforcement Actions Remediation Self-Policing Self-Reporting

CFPB Issues Procedural Rule To Establish Supervisory Authority Over Certain Nonbank Persons

The CFPB has published a final rule that establishes procedures to implement section 1024(a)(1)(C) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010....more

6/28/2013 - CFPB Dodd-Frank Nonbank Firms

U.S. Chamber Of Commerce Complains To CFPB On Data Collection

The Center for Capital Markets Competitiveness, an arm of the U.S. Chamber of Commerce, has sent a letter to the CFPB complaining about its data collection efforts....more

6/25/2013 - CFPB Chamber of Commerce Data Protection Dodd-Frank

CFPB Amends Ability-To-Repay Rule

The CFPB has amended its Ability-to-Repay rule to facilitate access to credit by creating specific exemptions and modifications to the CFPB’s Ability-to-Repay rule for small creditors, community development lenders, and...more

5/30/2013 - Ability-to-Repay CFPB Creditors Lenders Mortgages Qualified Mortgage Rule

CFPB Takes Action Against Real Estate Kickbacks Under RESPA

The CFPB has ordered a Texas homebuilder, Paul Taylor, to surrender more than $100,000 he received in kickbacks for referring mortgage origination business to Benchmark Bank and to Willow Bend Mortgage Company. ...more

5/21/2013 - CFPB Kickbacks Real Estate Market RESPA

CFPB Revises Rule Protecting Consumers Sending Money Internationally

The CFPB has revised its rule that creates certain protections for consumers who transfer money internationally. The revisions are intended to preserve the new consumer protections provided under the rule while facilitating...more

5/1/2013 - CFPB Money Transfer

CFPB Amends Card Act Rule To Make It Easier For Stay-At-Home Spouses And Partners To Get Credit Cards

The CFPB has updated existing regulations to make it easier for spouses or partners who do not work outside of the home to qualify for credit cards....more

4/30/2013 - CFPB Credit Cards Stay-At-Home Spouses

CFPB Takes Action Against Mortgage Insurers To End Kickbacks To Lenders

The CFPB has announced four enforcement actions to end what the Bureau believes to be improper kickbacks paid by mortgage insurers to mortgage lenders in exchange for business. The CFPB filed complaints and proposed consent...more

4/8/2013 - CFPB Insurers Kickbacks Lenders Mortgages Penalties

CFPB To Pursue Auto Lenders For Illegal Discriminatory Markups

The CFPB has released a bulletin explaining its belief that certain lenders that offer auto loans through dealerships are responsible for unlawful, discriminatory pricing. According to the CFPB, potentially discriminatory...more

3/25/2013 - Car Dealerships CFPB Fair Lending Lenders

CFPB Issues Final Rule On FOIA And Litigation Procedures

The CFPB has issued a final rule that establishes procedures for the public to obtain information from the Bureau of Consumer Financial Protection, under the Freedom of Information Act, the Privacy Act of 1974, and in legal...more

2/18/2013 - CFPB Confidential Information Dodd-Frank FOIA

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