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Financial Services Weekly News - July 2016 #4

Editor's Note - What Exactly Is Bitcoin? In a case featuring a sting operation beginning with meetings in a coffee shop, ice cream store and hotel lobby and ending with the sale of bitcoins to an undercover Miami Beach...more

CFPB July 2016 complaint report highlights credit card complaints, complaints from Washington consumers

CFPB has issued its July 2016 complaint report which highlights complaints about credit cards and complaints from consumers in Washington and the Seattle metro area. The CFPB began taking credit card complaints on July 21,...more

Diversity assessment and remedial measures required by CFPB consent order

On June 29, 2016, BancorpSouth Bank announced a proposed settlement and consent order with the CFPB and the U.S. Department of Justice of charges that the bank’s mortgage lending practices violated the Equal Credit...more

CFPB Updates Webinar Question Index

The CFPB has posted on its website an updated index to include the various questions regarding the TILA/RESPA Integrated Disclosure (TRID) rule that were addressed during the March 1, 2016 and April 12, 2016 webinars on the...more

CFPB Supervisory Highlights – January 2016 to April 2016

On June 30, 2016, the Consumer Financial Protection Bureau (“CFPB”) released the twelfth edition of its Supervisory Highlights report (“Report”), which focused on supervision work completed between January and April 2016. The...more

NY Strengthens Law Concerning Zombie Properties as Well as Good Faith Negotiations

New York Senate Bill S8159 - On June 23, 2016, the New York State Legislature passed a bill imposing new requirements upon mortgage servicers seeking to foreclose on defaulted home loans. The bill — S8159, dubbed the...more

CFPB and Fed propose new Regs M and Z commentary on adjustments to exemption thresholds

The CFPB and Federal Reserve Board have proposed amendments to their official Regulations Z and M staff commentaries to memorialize the calculation method used by the agencies each year to adjust the thresholds for exempt...more

BancorpSouth Bank Agrees to Pay More Than $10 million to Settle Charges of Redlining and Discrimination in Mortgage Underwriting...

On June 29, the Consumer Financial Protection Bureau (CFPB), the Department of Justice (DOJ), and BancorpSouth Bank (BancorpSouth) agreed to settle allegations of redlining and discrimination in violation of the Equal Credit...more

CFPB touts initiatives in “fact sheets”

To commemorate its fifth anniversary, the CFPB released a series of “fact sheets” touting its initiatives. The “fact sheets” consist of the following: CFPB: By the numbers. The CFPB lists various statistics, such as...more

CFPB Week in Review

The Consumer Financial Protection Bureau (CFPB) had another busy week. Here is an overview of what the CFPB was up to recently: Enforcement Actions and Litigation - Enforcement Action Against Santander Bank...more

CFPB to Hold Second Research Conference

The Consumer Financial Protection Bureau (CFPB) has announced that it plans to host its second research conference on consumer finance on December 15-16, 2016. (The first such conference was held in May 2015.)...more

CFPB to Release Amendments to the Mortgage Servicing Rules; Bradley Webinar to Follow | Financial Services Perspectives

The CFPB’s amendments to the mortgage servicing rules in Regulations X and Z are officially slated for release this month and we anticipate that they will come out any day now. Mortgage servicers, many of whom may feel like...more

HMDA resources for data collected in 2017 and 2018

As we have reported, the Consumer Financial Protection Bureau (CFPB) released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring “Covered Institutions” to report certain...more

CFPB Acts Against Lead Aggregator for Unfair and Abusive Practices

The Consumer Financial Protection Bureau (CFPB) recently filed actions against online lead aggregator D and D Marketing, Inc. d/b/a T3Leads and its co-founders alleging unfair and abusive practices in violation of the...more

CFPB, DOJ Settle Fair Lending Claims Involving Allegations of Redlining, Discretionary Underwriting and Pricing, Overt...

The Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) recently announced a proposed consent order with BancorpSouth Bank to settle charges that the bank’s mortgage lending practices violated the Fair...more

CFPB: The Quarterly Review - July 2016

In This Issue: •The CFPB Speaks •Rulemaking •Debt Collection •Payday Lending •Mortgages •Upcoming in 2016 - In the second quarter of 2016, the CFPB continued its strong pace of activity, initiating two...more

CFPB to hold second research conference

The CFPB has announced that it plans to host its second research conference on consumer finance on December 15-16, 2016. (The first such conference was held in May 2015.) The announcement contains a call for complete...more

Careful Who You Trust. A Lender Can Be Liable For The Negligence And Misrepresentations Of Its Loan Servicers, Even Absent Any...

In the recent case of Daniels v. Select Portfolio Serving, Inc., the California Court of Appeal has held that a lender may be liable for the negligence and misrepresentations of the lender’s servicer, without any contractual...more

CFPB Releases Supervisory Report

In a special edition of its Supervisory Highlights publication, the Consumer Financial Protection Bureau (CFPB) detailed its Supervision findings regarding the mortgage servicing industry's compliance with CFPB regulations....more

CFPB Cites Violations of Regulation X

The CFPB recently cited several loan servicers for violations of Regulation X that stemmed from "outdated and deficient servicing technology." The CFPB announced in its June 2016 Supervisor Highlights: Mortgage Servicing,...more

Summary of Updated Mortgage Servicing Examination Procedures

On June 22, 2016, the CFPB released a special edition of its Supervisory Highlights focused on examinations of mortgage servicers between January 2014 and April 2016. Additionally, it released its third update to the mortgage...more

CFPB and DOJ settle fair lending claims involving allegations of redlining, discretionary underwriting and pricing, and overt...

The CFPB and DOJ recently announced a proposed consent order with BancorpSouth Bank to settle charges that the bank’s mortgage lending practices violated the Fair Housing Act and the Equal Credit Opportunity Act....more

CFPB and DOJ Settle Fair Lending Claims Involving Allegations of Redlining, Discretionary Underwriting and Pricing, and Overt...

The Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) recently announced a proposed consent order with BancorpSouth Bank to settle charges that the bank’s mortgage lending practices violated the...more

CFPB Highlights Mortgage Servicing Examination Findings and Technology Issues

In an unmistakable warning shot to mortgage servicers, the CFPB recently issued a “Mortgage Servicing Special Edition” of its Supervisory Highlights. The CFPB also updated portions of its Mortgage Servicing Examination...more

Financial Services Weekly News - July 2016

Regulatory Developments - NY DFS Adopts Final Anti-Terrorism Program Regulation - On June 30, New York’s Department of Financial Services (DFS) adopted a risk-based anti-terrorism and anti-money laundering...more

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