Consumer Protection Finance & Banking

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CFPB issues new “snapshot” report on consumer complaints

The CFPB has issued a report on consumer complaints received from July 21, 2011 through June 30, 2014. According to the CFPB’s “Snapshot,” it handled approximately 395,300 complaints during this period, with its Consumer...more

S.D.N.Y. U.S. Attorney Obtains FHA, GSE False Claims Settlement

On July 1, the U.S. Attorney for the Southern District of New York announced that a large bank agreed to pay $10 million to resolve allegations that prior to 2011 it violated the False Claims Act and FIRREA by failing to...more

CFPB hearing in El Paso on proposal to disclose consumer complaint narratives sheds light on CFPB position, reveals concerns of...

The CFPB held a field hearing yesterday in El Paso, Texas, at which it described its proposal to expand the complaint data it publicly discloses in its Consumer Complaint Database to include consumer complaint narratives. We...more

CFPB to Shine Spotlight on Mini-Correspondent Mortgage Lending?

On July 9, 2014, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued Policy Guidance on the issue of Mortgage Brokers Transitioning to Mini-Correspondent Lenders (“Policy Guidance”), which highlights risks...more

New York DFS Proposes Sweeping Virtual Currency Licensing Scheme

Yesterday, the New York Department of Financial Services (“NYDFS”) issued a proposed rule for public comment setting forth a novel and comprehensive “BitLicense” regulatory scheme for entities engaged in “Virtual Currency...more

Holder Vows To Continue Operation Choke Point; House Considers Bill To Stop It

Depending on whom you ask, Operation Choke Point has a promising future ahead of it – or will soon be history. The controversial initiative by the Department of Justice (DOJ) is intended to limit certain lenders and...more

New York Fines Two Major Insurers

Two recent Consent Orders issued by the New York State Department of Financial Services against major insurers appear to signal the Department’s enhanced focus on insurers’ detailed compliance with regulatory requirements....more

Federal Reserve Takes Action Against Bank For Vendor’s Allegedly Deceptive Practices

On July 1, the Federal Reserve Board announced a joint enforcement action with the Illinois Department of Financial and Professional Regulation against a state bank that allegedly failed to properly oversee a nonbank...more

Advertising News & Analysis - July 2014 #2

In this issue: - Cooking up Trouble with Crowdfunding? - FTC Schools L'Oreal USA's "Youth Code" Claims - Will 2014 Retool the New Lanham Act? - Upcoming Events - Excerpt from Cooking up...more

CFPB and FTC to hold roundtable on debt collection and the Latino community

On October 23, 2014, the CFPB and FTC will be co-hosting a roundtable titled “Debt Collection & the Latino Community” to examine how debt collection issues affect Latino consumers, especially those who have limited English...more

Disputing Debts under the FDCPA – The Effect of the Fourth Circuit’s Opinion in Clark v. Absolute Collection Service, Inc.

In January of this year, the United States Court of Appeals for the Fourth Circuit (“Fourth Circuit”) decided the case of Clark v. Absolute Collection Service, Inc. (741 F.3d 487, 4th Cir. 2014). The question of first...more

CFPB Proposes Publishing Detailed Consumer Complaints

On July 16, the Consumer Financial Protection Bureau (CFPB) published a proposal to expand public disclosure of details of consumer complaints filed via its web-based public consumer complaint database....more

HUD Announces Two Maternity Leave Fair Housing Agreements

On July 1, HUD announced a conciliation agreement with a California mortgage lender, pursuant to which the lender will pay $48,000 to resolve allegations that it violated the Fair Housing Act when it denied or delayed...more

Walking Dead? Beware the Zombie Foreclosure

The so-called "zombie foreclosure" is a new, big CFPB issue. A zombie foreclosure is a foreclosure that is started, then the borrowers either move out of the property before receiving or just after receiving notice....more

CFPB Proposes Public Disclosure of Consumer Complaint Narratives

Will the CFPB start disclosing consumers’ gripes and rants? Would it provide endless hours of salacious reading, like complaints posted on popular online review sites like Yelp and Angie’s List? Could it become a platform for...more

The High Costs and Consequences of a CFPB CID

Dodd-Frank gives the Consumer Financial Protection Bureau (CFPB) the power to enforce and implement federal consumer financial protection laws, including home mortgage and other consumer credit regulations, plus powerful...more

CFPB Expands Its Enforcement Efforts Against Payday Lending

In November, 2013, the Consumer Financial Protection Bureau announced its first enforcement action against a payday lender. Cash America International was fined $5 million and was ordered to refund $14 million to its...more

All Consuming: Legal Updates for Consumer Finance Professionals - July 2014

In This Issue: - Zombie (Debt Collector) Beware: West Virginia Expands Prohibited Actions: America's fascination with zombies infiltrated the West Virginia Legislature during the 2014 Regular Session, resulting...more

Suntrust Reaches $320 Million Settlement

SunTrust Banks (“SunTrust”) reached a settlement with Federal prosecutors last week in which it agreed to a $320 million settlement for a combination of consumer relief and housing counseling services. SunTrust issued a press...more

New York DFS Unveils Shared Appreciation Mortgage Rule

The New York Department of Financial Services (DFS), in accordance with Section 6-F of the New York Banking Law, recently adopted regulations authorizing shared mortgage appreciation modifications in limited...more

Mortgage Servicers Face Consumer Lawsuits Under CFPB “Periodic Statement” Final Rule

The CFPB’s final rule amending Regulation Z, which implements the Truth in Lending Act (TILA) as amended by Dodd-Frank, became effective January 10. Among other things, the new rule requires mortgage servicers to provide...more

CFPB Provides Guidance on Ability-To-Repay Rule Application to Assumptions of Residential Mortgage Loans

The CFPB recently provided guidance on the application of the Regulation Z ability-to-repay rule (Section 1026.43) to assumptions of residential mortgage loans for purposes of clarifying the application of the rule in cases...more

CFPB proposes to publicly disclose consumer complaint narratives

The CFPB is proposing to expand the complaint data that it publicly discloses in its Consumer Complaint Database to include consumer complaint narratives. ...more

HUD Seeks Comments On Limits Of Insurability Of Fixed Interest HECM Products, Announces Other HECM Program Changes

On July 10, HUD published a request for comment on its recent amendments to the Home Equity Conversion Mortgage (HECM) reverse mortgage program to limit the insurability of fixed interest rate reverse mortgages....more

The CFPB's Most Recent Consent Order: Defining "Abusive" Acts and Practices Through Enforcement

Last week, the CFPB announced a settlement with payday lender ACE Cash Express of an enforcement action for alleged unfair, deceptive, and abusive practices (UDAAP). The Consent Order reflects the CFPB’s continued focus on...more

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