Read Consumer Protection updates, news, and legal commentary from leading lawyers and law firms:
Is Edward Snowden a Whistleblower?
Unique Privacy Concerns for Mobile Apps
Instapundit: America's IP Laws Need to be "Pruned Back"
Bill on Bankruptcy: Trustees Sleep Easy after High Court Ruling
Could This Law School Ranking Unseat US News?
Bill on Bankruptcy: Kodak Plan Bumps the Debt, Craters Stock
Tips for Mobile App Privacy Compliance
Bill on Bankruptcy: Easterbrook Turns the Tide on Student Loans
Bill on Bankruptcy: Stockton May Win the Battle, Lose the War
Buchheit: Cyprus Could Need a Second Bailout
Bill on Bankruptcy: Sigmund Freud, Marx Brothers, Bernie Madoff
Craft Beer Boom in Michigan
Law Prof: I May File Law School Ethics Charges
Monster Energy Drink Accused of Teen Death
A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules
Beware of Notarios
What’s Next from the CFPB
Weekly Brief: Lawyers Laid Off After Foreclosure Settlement
Dean: There's No Oversupply of Lawyers
Jennifer Abril on The Story of Fragrances
Have you been wondering whether the Consumer Financial Protection Bureau (“CFPB”) is focusing its enforcement efforts on the Real Estate Settlement Procedures Act (“RESPA” or “Act”)? After the public announcement of two...more
On June 4, New York Attorney General Eric Schneiderman (AG) announced a lawsuit against a major financial institution for allegedly violating state law by failing to timely file in foreclosure cases “requests for judicial...more
On June 4, the CFPB released new TILA and ECOA examination procedures, which were updated to incorporate certain of the CFPB mortgage rules finalized in January 2013 that address appraisals, escrow accounts, and mortgage loan...more
Defendants allegedly adopted a uniform practice designed to maximize fees assessed on delinquent borrowers’ accounts. As part of the scheme, Defendants “formed an enterprise with their respective subsidiaries, affiliates,...more
SIX FORMER BOA EMPLOYEES TESTIFY THAT BOA MODIFICATION AND FORECLOSURE SPECIALISTS WERE PAID AND INSTRUCTED TO LIE TO HOMEOWNERS, PAID WITH GIFT CARDS IF THEY SUCCESSFULLY THREW THE HOMEOWNER INTO FORECLOSURE AND WERE...more
The CFPB’s website now has a regulatory implementation page that provides “one stop shopping” for all of its 2013 mortgage rules and related implementation materials....more
Bank of America was found to LACK STANDING to Foreclose. It turns out that Chase never paid for anything. While it could be argued that they assumed the liability on billions of dollars in deposits, they also got the...more
In January 2013, the Consumer Financial Protection Bureau (“CFPB”) issued a number of new final rules to implement amendments to the Truth in Lending Act (“TILA”), Real Estate Settlement Procedures Act (“RESPA”), and Equal...more
The CFPB has issued two more Small Entity Compliance Guides on its mortgage-related rules. The latest guides cover the mortgage servicing rule and loan originator compensation rule finalized by the CFPB in January 2013....more
MFY Legal Services, an organization whose services include providing free legal assistance to New York City residents, has appealed the CFPB’s decision to withhold mortgage complaint narratives it requested pursuant to the...more
Attached is an affidavit of a senior loan collector for BOA that was filed in United States District Court for the District of Massachusetts under case number MDL 2193. Simone Gordan stated the following under oath: ...more
On June 4, the CFPB published an update to its exam procedures for the new mortgage regulations issued in January 2013 relating to appraisals, escrow accounts, and compensation and qualifications for loan originators....more
On May 29, the CFPB issued a final rule to delay the effective date of a prohibition on creditors financing credit insurance premiums in connection with certain mortgage transactions. ...more
This week, the CFPB published an update to its examination procedures to account for the new mortgage regulations going into effect in January 2014. The update includes Interim TILA Examination Procedures and Interim ECOA...more
In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - PRIVACY/DATA SECURITY -...more
http://www.sec.gov/litigation/admin/2012/33-9368.pdf This SEC decision is one that deserves several readings. The SEC have drilled down far enough to discover that the banks made settlements on buy-backs, kept the money...more
The CFPB Amends Ability-to-Repay and Qualified Mortgage Standards - On Wednesday, May 29, 2013, the Consumer Financial Protection Bureau (the “CFPB”) issued amendments to Regulation Z, which implements the Truth in Lending...more
Although this year’s conference displayed a willingness of regulators to cooperate with industry efforts to comply with new regulations, the CFPB nevertheless shows no hesitation in filing enforcement actions, using civil...more
On June 4, eight industry groups sent a letter addressed to HUD Secretary Shaun Donovan and CFPB Director Richard Cordray requesting much needed written guidance from HUD and the CFPB that makes clear that compliance with the...more
On May 29, 2013, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending its Ability to Repay/Qualified Mortgage (ATR/QM) rule, originally issued on January 10, 2013....more
On May 29, the Consumer Financial Protection Bureau (CFPB) finalized rules to facilitate access to credit by creating specific exemptions and modifications to the CFPB’s Ability-to-Repay rule for small creditors, community...more
On May 24, Minnesota enacted SF 1276, which adds pre-foreclosure requirements for most mortgage servicers. ...more
This decision is important because of the reasoning, the logic and most importantly the application of New York law. Virtually all the REMIC trusts were common law trusts formed under New York law for a lot of reasons. So...more
I learned recently some rather extraordinary news: my firm is currently the only mortgage risk management firm in the country offering testing of a Residential Mortgage Lenders and Originator’s (RMLO’s) Anti-Money Laundering...more
On May 17, 2013, the Consumer Financial Protection Bureau (“CFPB”) issued a consent order to Paul Taylor Homes Limited, Paul Taylor Corp. and Paul Taylor individually (altogether “Taylor”) based on the CFPB’s findings that...more
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