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The Brave New World of Consumer Compliance

Compliance has changed from a checklist-based, technical science to a principles-based, qualitative art. Gone are the days when an institution that is compliant with all substantive consumer protection laws can breathe easy;...more

CFPB Fines Online Mortgage Company And Its Owner For Alleged Deceptive Rate Advertising

On August 12, the CFPB announced a consent order with a nonbank mortgage lender, its affiliated appraisal management company (AMC), and the individual owner of both companies to resolve allegations that the lender deceptively...more

CFPB announces settlement with mortgage lender and its owner charged with “bait-and-switch” scheme

On August 12, the CFPB announced that it has issued a Consent Order under which Atlanta-based Amerisave Mortgage Corporation, its affiliate appraisal management company, Nova Appraisal Management Company, and a principal and...more

Dodd-Frank News: July 2014 Dodd Frank Wall Street Reform and Consumer Protection Act Update

In This Issue: - Recent Cases ..RESPA ..FDCPA ..TCPA ..FCCPA & FDCPA ..TILA - In The News ..CFPB to Begin Collecting Complaints Regarding Prepaid Cards ..CFPB Proposes Letting...more

“Operation Mis-Modification” Targets Foreclosure Relief Companies

The CFPB continues to ramp up its enforcement actions and its collaboration with state AG offices as part of the new “Operation Mis-Modification.” The CFPB, the FTC and fifteen states announced a series of lawsuits...more

Arkansas Amends Rules Regarding Fair Mortgage Lending Act

The Arkansas Securities Department (Department) recently amended provisions to the Rules of the Fair Mortgage Lending Act (Rules) that became effective on February 9, 2014. The new Rules concern the licensing of loan officers...more

Financial Services Law -- Dec 09, 2013

#Badidea: JPMorgan Chase Stumbles on Twitter - JPMorgan Chase’s recent activity on Twitter provides an example of the need for financial institutions to use caution when using social media....more

Financial Services Law -- Dec 06, 2013

#Badidea: JPMorgan Chase Stumbles on Twitter - JPMorgan Chase’s recent activity on Twitter provides an example of the need for financial institutions to use caution when using social media....more

Financial Services Report - Quarterly News, Fall 2013

In This Issue: Beltway Report; Bureau Report; Privacy Report; Mobile Payments Report; Mortgage Report; Operations Report; Preemption Report; Arbitration Report; and TCPA Report. Excerpt from Beltway Report:...more

FTC Settles First Mortgage Advertising Rule Enforcement Action

The Federal Trade Commission recently announced a settlement of its first enforcement action under its Mortgage Acts and Practices - Advertising Final Rule (MAPR)....more

FTC Obtains Settlement Regarding Marketing Of Mortgage Refinancing Services To Servicemembers; Announces First Settlements In...

On June 27, the FTC announced that a mortgage broker will pay a $7.5 million civil penalty to resolve alleged violations of the agency’s Telemarketing Sales Rule (TSR) and Mortgage Acts and Practices – Advertising Rule (MAP...more

'Do Not Call' Violations Lead to $7.5 Million Civil Penalty

On Thursday, June 27, 2013, the Federal Trade Commission (“FTC”) announced that Mortgage Investors Corporation of Ohio, Inc. (“Mortgage Investors”) will pay a $7.5 million civil penalty for alleged violations of the...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - May 24, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY - PAYMENTS - Excerpt from Consumer...more

CFPB goes after another mortgage modification business

The CFPB announced that on December 3, 2012, it filed a second action in the U.S. District Court for the Central District of California seeking to shut down an alleged mortgage modification scam....more

CFPB and FTC Warn Mortgage Companies about Potentially Misleading Advertisements

On November 19, the CFPB announced that it issued warning letters to about a dozen nonbank mortgage lenders and brokers regarding advertisements targeted towards older Americans and veterans that may violate the Mortgage Acts...more

CFPB and FTC Warn Against Misleading Consumers with False Mortgage Advertisements

The CFPB, in partnership with the FTC, is issuing warning letters to approximately a dozen mortgage lenders and mortgage brokers advising them to clean up potentially misleading advertisements, particularly those targeted...more

CFPB and FTC announce joint action against mortgage advertisers

The CFPB and FTC announced that they have sent warning letters to mortgage advertisers urging them to review their marketing materials to ensure that they comply with the Mortgage Acts and Practices-Advertising Rule...more

CFPB, FTC Announce Crackdown on Deceptive Mortgage Advertising

On November 19, 2012, the Federal Trade Commission and the Consumer Financial Protection Bureau announced that they have launched a new coordinated effort to protect consumers, focusing on mortgage advertisements that they...more

Business Law Newsletter - July 2012

In This Issue: - Tax Law: Important Tax Developments From the First Quarter of 2012...Page 1 - Alert for Trademark Owners: Trademark Monitoring and Registration Scams...Page 2 - Excerpt from Important Tax...more

FTC Wins Judgment in Mortgage Modification Case

On July 2, the Federal Trade Commission (FTC) announced that it obtained a $2.6 million judgment against three defendants for failing to provide mortgage modification services after collecting upfront fees from borrowers. The...more

FTC Obtains Injunction, Asset Freeze on Alleged Mortgage Scam

The Federal Trade Commission has obtained an order from the federal court for the Central District of California for a preliminary injunction and asset freeze against all the defendants in an alleged mortgage modification...more

FTC Takes Action on Fraudulent Mortgage Relief Companies

Every cent counts these days. And it is no wonder that scam programs are on the rise, including many socalled mortgage relief companies that promise to reduce your mortgage but deliver nothing. Of late the FTC has taken...more

FTC’s Mortgage Acts and Practices Advertising Rule May Not Help Consumers

The FTC recently issued the Mortgage Acts and Practices – Advertising Final Rule. This rule is the FTC’s response to a congressional directive to address unfair or deceptive acts in the mortgage loan industry. Briefly, the...more

Facing Foreclosure? Warning: Read This Important Message From the Federal Trade Commission

Scammers are targeting homeowners having trouble paying their mortgages! Some scammers claim to be able to "rescue" homeowners from foreclosures, while others promise loan modifications for a fee. The Federal Trade...more

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