Consumer Protection Residential Real Estate Administrative Agency

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Court to CFPB: Unconstitutional and Wrong on RESPA

In a landmark decision impacting the consumer financial services industry and beyond, a three-judge panel of the U.S. Court of Appeals for the D.C. Circuit has declared unconstitutional a core component of the structure of...more

D.C. Circuit Rules CFPB Unconstitutional, and Wrong on RESPA

The D.C. Circuit held today that the single-director structure of the CFPB violates Article II of the United States Constitution, and added important substantive rulings on the Real Estate Settlement Procedures Act (RESPA)....more

In Long-awaited Decision, D.C. Circuit Reverses CFPB Enforcement Ruling and Finds CFPB Structure Unconstitutional In Part

On October 11, 2016, the D.C. Circuit issued its opinion in PHH Corporation v. Consumer Financial Protection Bureau. In the long-anticipated decision, the court found the CFPB’s structure unconstitutional in insulating the...more

CFPB Declared Unconstitutional

The United States Court of Appeals for the District of Columbia Circuit today ruled on a critical case “about executive power and individual liberty.” In the matter of PHH Corporation, et. al., v. the Consumer Financial...more

HUD Settles with FHA Lender Over Alleged Underwriting Violations

On September 23, the U.S. Department of Housing and Urban Development (HUD) announced that on April 7, 2016 it had entered into a settlement with a Federal Housing Administration (FHA) approved lender over allegations that...more

HUD Fair Housing Guidance Raises ECOA Risk in Serving LEP Consumers

New guidance issued by the U.S. Department of Housing and Urban Development (HUD) on Fair Housing Act (FHA) protections for persons with limited English proficiency (LEP) could have reverberations under the Equal Credit...more

HUD expands fair housing liability to include LEP discrimination

Last week, HUD issued new guidance confirming that persons with limited English proficiency (LEP) are protected under the Fair Housing Act (FHA). LEP includes a limited ability to read, write, speak, or understand English. ...more

Cutting Through the Constitutionality Haze in the Battle Between PHH Corporation and the Consumer Financial Protection Bureau

So much has been written in recent weeks about the battle between PHH Corporation and the Consumer Financial Protection Bureau in the U.S. Court of Appeals for the D.C. Circuit. The panel heard oral argument on April 12,...more

CFPB Reopens Comment Period on Proposed Amendments to Servicing Rules

On April 21, 2016, the CFPB reopened the comment period on a narrow portion of its December 15, 2014 notice of proposed rulemaking (the “NPR”), which would amend the mortgage servicing rules in Regulation X and Regulation Z....more

The Single Director Structure of the CFPB Needs to Change

At times the CFPB can take actions that appear very aggressive. To fully realize the agency's power and ability it helps to understand their formation and their structure, and to remember that the CFPB was specifically...more

CFPB Director’s Divisive View of RESPA Limitations Period Central to Ongoing UDAAP Action

In the ongoing Integrity Advance enforcement action by the Consumer Financial Protection Bureau (“CFPB” or “Bureau”), the Office of Enforcement this month filed a brief arguing that its claims for alleged unfair, deceptive,...more

PHH Fine on Hold, Says D.C. Circuit

On August 3, 2015, the D.C. Circuit Court of Appeals entered an order staying Consumer Financial Protection Bureau (CFPB) Director Richard Cordray’s June 4, 2015, order imposing injunctive relief and disgorgement of over $109...more

ABA seeks supervisory and enforcement standards consistent with Inclusive Communities

The American Bankers Association has sent a letter to the DOJ, Fed, OCC, FDIC, HUD and CFPB requesting confirmation “in interagency guidance, updated exam procedures, and where appropriate amended regulations that the...more

New Law Establishes A Bill Of Rights For CCRC Residents And Streamlines Several Statutory Requirements For CCRCs

On June 23, 2015, Governor Malloy signed into law Public Act. No. 15-115, An Act Establishing a Bill of Rights for Residents of Continuing-Care Retirement Communities ("the Act"). The Act establishes several protections for...more

CFPB officially moves TRID effective date to October 3

The CFPB has issued a final rule postponing the effective date for all provisions of the TILA-RESPA Final Rule and Amendments to October 3, 2015. The final rule also includes certain technical amendments to reflect the new...more

OCC Identifies Safety and Soundness Risks to National Banks and Federal Savings Associations and Supervisory Priorities

A new report issued by the federal Office of the Comptroller of the Currency (OCC) identifies top safety and soundness risks to national banks and federal savings associations, as well as OCC supervisory priorities for the...more

CFPB Enforces RESPA in its First Appellate Decision of the Director

In the first appeal of an administrative enforcement proceeding before the Consumer Financial Protection Bureau (“Bureau”), the administrative law judge (ALJ) concluded that PHH Corporation, a mortgage lender, referred...more

CFPB Issues Final Decision in In Re: PHH Corp.: First Agency Decision in Contested Administrative Proceeding

Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued the Director’s final decision in the CFPB’s enforcement action against PHH Corp. (PPH). The decision is the agency’s first ruling in a contested...more

CFPB takes aim (again) at loan originator compensation

Two days after announcing a proposed consent order with a mortgage company and its CEO to settle charges that the company paid bonuses and higher commissions to loan officers in violation of the Regulation Z loan originator...more

CFPB Director Cordray Issues First-Ever Agency Appellate Decision in RESPA Case

The Director of the Federal Consumer Financial Protection Bureau (CFPB), Richard Cordray, issued a decision yesterday in the first appeal of a Bureau administrative enforcement action. Cordray’s decision upholds in part,...more

CFPB Orders Mortgage Originator to Pay $19 Million for Steering Violations – CEO to Pay $1 Million

The CFPB filed a complaint in federal district court against RPM Mortgage, Inc. and its CEO, Erwin Robert Hirt, for illegally paying bonuses and higher commissions to loan originators to incentivize them to steer consumers...more

CFPB settles loan originator compensation case

The CFPB has entered into a proposed consent order with a mortgage company and its CEO to settle charges that the company paid bonuses and higher commissions to loan officers in violation of the Regulation Z loan originator...more

CFPB Enforcement Action Appeals: Quick Resolution with Unchecked Discretion

On March 9, 2015, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray presided over oral argument in the first appeal hearing of an administrative enforcement action. The appeal involves two companies that...more

OCC Updates Consumer Compliance Examination Manual To Incorporate Integrated Disclosures

The Office of the Comptroller of the Currency has released revised TILA and RESPA chapters of its examination manual for consumer compliance exams. The revised chapters incorporate the detailed procedural and substantive...more

Shelby Draft Regulatory Relief Bill Addresses Various Residential Mortgage Issues

On May 12, 2015 Senator Richard Shelby (R-AL) released a draft of a regulatory reform bill entitled the Financial Regulatory Improvement Act of 2015. The draft bill addresses various residential mortgage lending issues, a...more

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