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Congresswoman Urges OCC to Scrutinize Mortgage Servicing Rights Sales to Nonbank Servicers

Congresswoman Maxine Waters, who serves as the ranking member on the House of Representatives Committee on Financial Services, sent a letter to the Office of the Comptroller of the Currency and the Office of Mortgage...more

CFPB Director Defends Mortgage Rules, Discusses Plans In Other Markets

On January 28, the House Financial Services Committee held a lengthy hearing with CFPB Director Richard Cordray in connection with the CFPB’s November 2013 Semi-Annual Report to Congress, which covers the period April 1, 2013...more

House Financial Services Subcommittee Holds Hearing on How QM Harms Homeowners

On January 14, 2014, the House Subcommittee on Financial Services held a hearing entitled “How Prospective and Current Homeowners Will Be Harmed by the CFPB’s Qualified Mortgage Rule.” Four lender representatives and one...more

House Financial Services Committee to hold hearing on QM rule

The House Financial Services Committee has announced that on Tuesday, January 14, it will hold a hearing entitled “How Prospective and Current Homeowners Will Be Harmed by the CFPB’s Qualified Mortgage Rule.”...more

U.S. House of Representatives Oversight and Investigations Subcommittee Examines Disparate Impact Theory in Fair Housing and...

On November 19, 2013, the Oversight and Investigations Subcommittee of the U.S. House of Representatives Committee on Financial Services conducted a hearing titled "A General Overview of Disparate Impact Theory." Under the...more

CFPB Director Testifies Before Senate Banking Committee

On November 12, CFPB Director Richard Cordray testified before the Senate Banking Committee in connection with the CFPB’s recent Semi-Annual Report to Congress, which covered the period April 1, 2013 through September 30,...more

Cordray reaffirms CFPB regulatory approach

As a follow-up to our recent post on Director Cordray’s plans on whether to pursue political office, we offer the highlights below from last week’s Politico Morning Money Breakfast Briefing. During the event, Politico Chief...more

Financial Services Legislative and Regulatory Update -- November 4, 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; Miscellaneous; and Upcoming Hearings. Excerpt from Leading the Past Week - For the first week since Labor Day, it felt like...more

Financial Services Legislative and Regulatory Update -- October 14, 2013

In This Issue: Leading the Past Week; Legislative Branch; and Executive Branch. Excerpt from Leading the Past Week - If Congress is acting like children, as some have opined, then last week had all the roller...more

Financial Services Legislative and Regulatory Update -- September 30, 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; Miscellaneous; and Upcoming Hearings. Excerpt from Leading the Past Week - Working through a rare weekend session, the Congress...more

Director Cordray comments on effective date of mortgage rules, prepaid card rule and new Deputy Director

CFPB Director Richard Cordray was among the federal financial regulators who attended a closed door meeting yesterday with President Obama. Other regulators attending the meeting included the Chairs of the Fed, FDIC and SEC....more

Impasse on CFPB Director Resolved

One of the most unsettled issues facing mortgage servicers and lenders has been the uncertainty regarding the host of new regulatory rules regarding loan servicing and origination set to go into effect on January 10, 2014....more

Financial Services Legislative and Regulatory Update -- July 11‚ 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and International. Excerpt from Leading the Past Week - Clearly the leading news last week was the Supreme Court’s decision...more

New York Assembly Presents Insurance Reform Overhaul in Wake of Superstorm Sandy

We previously reported on the New Jersey Legislature’s attempts to enact a bill that would allow policyholders to sue an insurer for bad faith in the wake of Superstorm Sandy. New Jersey Assembly Bill A3710 is still...more

Financial Services Legislative And Regulatory Update -- March 25‚ 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - Members rushed out of town at the end of last week for a two-week...more

Defendants In CFPB Enforcement Action Renew Challenge To Validity Of Director’s Appointment

On February 11, a law firm and related parties sued by the CFPB for allegedly deceiving consumers through a network of mortgage loan modification businesses filed a brief in which they renewed a challenge to the CFPB...more

Past CFPB actions may portend fate of mortgage rules

Following the invalidation of three presidential “recess” appointments to the NLRB by the D.C. Circuit Court of Appeals in Noel Canning v. NRLB, theories continue to swirl about the fate of Director Cordray....more

Weekly Brief: Lawyers Laid Off After Foreclosure Settlement  [Video]

Jan. 10 (Bloomberg Law) -- Bloomberg Law's Lee Pacchia runs through the legal news for the week. A major settlement between Fannie Mae and several large banks has resulted in many lawyers suddenly finding themselves...more

Could the CFPB’s first filed enforcement action result in a challenge to Director Cordray’s appointment?

The CFPB has filed its first enforcement action. It did so in a sealed complaint filed on July 18 in federal court in California against a law firm that offered mortgage assistance relief services to consumers. The complaint...more

House Members Urge CFPB To Adopt QM Rule With Safe Harbor

This week, 90 members of the House of Representatives reportedly sent a letter to CFPB Director Richard Cordray urging the CFPB to include a clear and strong safe harbor in its final “ability to repay” or “qualified mortgage”...more

Special Alert: California Legislature Approves Key Parts of State’s “Homeowner Bill of Rights”

On July 2, the California State Legislature passed AB 278 and SB 900 (“the Bills”), two substantively identical pieces of legislation that implement significant portions of the “Homeowner Bill of Rights” initiative announced...more

New York’s Proposed Foreclosure Fraud Prevention Act Would Criminalize “Robo-Signing”

On June 22, the New York State Assembly passed the “Foreclosure Fraud Prevention Act of 2012,” which defines residential mortgage foreclosure fraud and criminalizes “robo-signing” and other “fraudulent or deceptive” practices...more

New York Attorney General: Foreclosure Fraud and “Robosigning”

New York Attorney General, Eric T. Schneiderman, has announced the introduction of a bill that would protect New Yorkers from fraudulent business practices in the foreclosure process, including “robosigning.” The...more

Massachusetts State Senate Advances Foreclosure Legislation

The Massachusetts Senate last week passed Senate Bill 2298, “An Act to Prevent Unlawful and Unnecessary Foreclosures.” The Senate vote came just weeks after the House of Representatives passed similar legislation, (see MLS...more

CFPB Seeks More Input on Ability-To-Repay Rule

Consistent with recent rumors that adoption of a final ability-to-repay/qualified mortgage rule would be delayed until after the November election, the CFPB has reopened the comment period on the proposed rule. (The original...more

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