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Jonathan Foxx – Lenders Compliance Group

CFPB's Flatland Fee

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

| Business Torts, Consumer Protection, Finance & Banking, Labor &...

The SAR catches a RAT

Can a SAR catch a RAT? In its just released review of Suspicious Activity Report (SAR) trends, tips, and issues, FinCEN included a brief, but illustrative statement about how a SAR filing eventually led to an indictment…more

| Business Torts, Consumer Protection, Criminal Law, Finance & Banking,...

Fair Lending Compliance - Some Red Flags

The Consumer Financial Protection Bureau (CFPB) will make Fair Lending a focus of its examinations. I have written extensively on these examinations. Our firm is committed to providing comprehensive audit and due diligence…more

| Business Torts, Civil Remedies, Consumer Protection, Finance & Banking,...

CFPB Offers A View Of Profit Sharing

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

| Commercial Law & Contracts, Consumer Protection, Finance & Banking,...

FTC Issues New Consumer Privacy Guidelines

In this article, we will take a brief look at consumer privacy protection updates at the Federal Trade Commission (FTC), the watchdog enforcement agency charged with protecting consumer privacy, issued a sweeping revisions to…more

| Civil Remedies, Consumer Protection, Finance & Banking, Privacy, Real...

CFPB Issues S.A.F.E. Act Examination Procedures

On March 7, 2012, the Consumer Financial Protection Bureau (CFPB) issued guidance regarding examination procedures pertaining to compliance with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act or…more

| Business Organizations, Business Torts, Consumer Protection, Finance &...

CFPB: Treatment of Privileged Information

On March 12, 2012, the Bureau of Consumer Financial Protection (CFPB) announced proposed amendments to the confidential treatment of information obtained from persons in connection with its exercise of authorities under federal…more

| Civil Remedies, Consumer Protection, Finance & Banking, Privacy, Real...

Anti-Money Laundering Debuts for Nonbank Mortgage Companies

A new era in filing requirements is about to begin. For the first time, the Financial Crimes Enforcement Network, known as “FinCEN,” will require nonbank mortgage lenders and originators to implement an Anti-Money Laundering…more

| Civil Remedies, Consumer Protection, Criminal Law, Finance & Banking,...

The Cost of Consumer Financial Protection

Recently, I met with several accomplished compliance professionals for lunch. There was considerable discussion about the continuing growth of the regulatory frameworks, the bureaucracies to maintain them, and economic burden on…more

| Civil Remedies, Consumer Protection, Criminal Law, Finance & Banking,...

FHA: Avoiding the Mortgagee Review Board

Periodically, we review with you the types of administrative actions taken by HUD's Mortgagee Review Board (MRB). The review of the MRB's published administrative actions should be considered a teaching moment for all FHA…more

| Civil Remedies, Finance & Banking, Real Estate - Residential

CFPB's New "Feedback Tool"

On February 16, 2012, the Consumer Financial Protection Bureau (Bureau or CFPB) launched a new initiative, dubbed the Streamlining Regulations Feedback Web Tool. According to the Bureau, the tool will enable the public and…more

| Civil Remedies, Commercial Law & Contracts, Consumer Protection, Finance...

Fannie and Freddie: New Appraisal Portal - Deadline Approaches

A critical appraisal requirement deadline approaches! The requirement went into effect on December 1, 2011. The deadline is March 19, 2012. On and after March 19, 2012, Fannie Mae and Freddie Mac (GSEs) will mandate…more

| Consumer Protection, Finance & Banking, Real Estate - Residential

Mortgage Crisis Commission: Tragedy or Farce?

Here we go again! A commission. The politician's way of seeming to do something, though really doing nothing, all the while defusing criticism and dispersing risk. Three years late and stunted politically at its very…more

| Civil Remedies, Consumer Protection, Finance & Banking, Real Estate -...

Controlling Credit Risk

In this article I provide a brief outline of two key areas where credit risk review and risk management conjoin directly to impact a financial institution’s capability to conduct business and manage a thicket of regulations…more

| Business Torts, Civil Remedies, Consumer Protection, Finance & Banking,...

CFPB: Nonbank Supervision Program

On January 5, 2012, the Consumer Financial Protection Bureau (CFPB) launched its nonbank supervision program. This program has the goal of implementing supervisory audits and reviews of nonbanks, such as mortgage loan…more

| Civil Remedies, Commercial Law & Contracts, Consumer Protection, Finance...

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