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Financial Services Weekly News - May 2016 #4

by Goodwin on

Breaking News - Solicitor General Files Brief in Madden v. Midland Funding - On May 24, the U.S Solicitor General (SG) filed a brief with the U.S. Supreme Court (the Court) in the matter of Madden v. Midland...more

ARB Rejects CFPA Whistleblower Claim On Protected Activity Grounds

On November 6, 2015, the DOL’s Administrative Review Board affirmed the dismissal of Consumer Financial Protection Act (“CFPA”) whistleblower claims of a terminated mortgage broker, concluding that the complainant did not...more

Loan Originator Compensation: CFPB Grabs the “Steering” Wheel

The CFPB took action against two mortgage companies for violations of the Loan Originator Compensation Rule (“LO Comp Rule”), which prohibits compensation to loan originators based on loan terms, claiming that the companies’...more

FTC provides 2014 enforcement report to CFPB

by Ballard Spahr LLP on

The Federal Trade Commission has provided its annual Financial Acts Enforcement Report to the CFPB covering the FTC’s enforcement activities in 2014 related to compliance with Regulation Z (Truth in Lending), Regulation M...more

CFPB's Latest Supervisory Report Signals Enforcement Trends

by Baker Donelson on

The CFPB's most recent Supervisory Highlights report, which covers the second half of 2014, confirms that the bureau is continuing an aggressive focus on debt collection, overdraft fees, mortgage origination, fair lending and...more

CFPB Proposals for Small-Dollar Loans: An Attempt to Kill an Industry?

by Pepper Hamilton LLP on

On March 26, the Consumer Financial Protection Bureau (CFPB or Bureau) announced several proposals to regulate short-term and longer-term consumer loans. According to the Bureau, the proposals will likely have the effect of...more

South Dakota Amends Money Lending Regulations

by Ballard Spahr LLP on

On March 12, Gov. Dennis Daugaard signed HB 1027, amending the regulations governing the South Dakota Money Lending License. Under existing law, a license is required for any person that “engages in the business of lending...more

CFPB 2014 complaints report shows large increase in debt collection and credit reporting complaints

by Ballard Spahr LLP on

The CFPB’s Consumer Response Annual Report analyzing complaints handled in 2014 indicates that volume rose 53% from 163,700 complaints in 2013 to 250,200 in 2014. The report provides data on the most common types of...more

Plenty for firms to think about as the FCA publishes its 2015/2016 Business Plan

by Reed Smith on

The UK’s Financial Conduct Authority (FCA) has published its business plan for 2015/2016, setting out the areas on which it intends to focus over the coming year....more

2014 Survey Of Class Action Cases In Virginia: The Statistics

by Williams Mullen on

In Virginia, class action lawsuits are not permitted in state court. This limitation, however, does not mean that companies doing business in Virginia are not defending class action lawsuits in Virginia....more

CFPB settles second loan originator compensation case

by Ballard Spahr LLP on

The CFPB entered into a stipulated order and final judgment with Franklin Loan Corporation (Franklin) to settle allegations that Franklin paid its employee loan originators compensation based on the interest rates charged on...more

Five Questions to Ask Before January 10, 2014 - CFPB Focus

by Baker Donelson on

1. Compliance Procedures. Have you updated your written policies and procedures for each of your products or services to encompass the new rules and regulations? Once updated, have you provided copies to your employees? Have...more

Banking & Financial Services E-Note - September 30, 2013

by Burr & Forman on

In This Issue: - NCUA Drafts Rule Subjecting Big Credit Unions to Stress Tests Report Finds FDIC Has Filed as Least 32 D&O Lawsuits This Year - CFPB Cracks Down on "Furnishers" Giving Credit Report Information -...more

Mortgage Banking Update - November 02, 2012

by Ballard Spahr LLP on

In This Issue: - CFPB and FHFA Begin Developing Nationwide Mortgage Database - Federal Court Finds County Recorder's Office Has Standing To Pursue Claims Against MERS - CFPB Issues Final Debt Collection Larger...more

Mortgage Banking Update - October 4, 2012

by Ballard Spahr LLP on

In This Issue: - Maryland Ruling Highlights Risks of Mortgage Loans Secured by Property Under Litigation - FDIC Revises Classification System for Citing Violations - CFPB Settlement Requires $112.5 Million...more

CFPB's Flatland Fee

by Jonathan Foxx on

Kicked in the gut by a "flat fee" proposal, the already winded mortgage industry seems to be barely able to catch its breath from the CFPB's recent lurching toward yet another vaguely expected and somewhat ill-defined...more

CFPB Offers A View Of Profit Sharing

by Jonathan Foxx on

The CFPB recently announced that it will update the TILA loan originator compensation rule (Rule) in July of 2012. The updated rule may cause some new concerns regarding the implementation of the current Rule or it just may...more

Turbervilles Private Client Newsletter - Winter 2011

by Turbervilles on

Welcome to our Winter Newsletter. In this edition, we report on why people are starting to record their internet and computer passwords in their wills. A woman injured while having her hair coloured in a salon is...more

Texas Apartment Landlord - FCRA Q & A

by Jerry Carlton on

Information for Texas residential landlords on complying with the Fair Credit Reporting Act when obtaining consumer credit reports Information for Texas landlords to deal with trespassers and uninvited solicitors...more

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