News & Analysis as of

Senate Committees Hold Hearings on Student Loans

In the wake of recent focus on student loan debt, the Senate Committee on Banking, Housing and Urban Affairs held a hearing on the “Student Loan Servicing: the Borrower’s Experience.” The concern shown in some testimony at...more

Heard at the Country Music Hall of Fame: CFPB Director Performs in Nashville

Among the displays offering tribute to Reba and The Man in Black, Richard Cordray and some of his fans at the CFPB held a public hearing at the Country Music Hall of Fame in Nashville on March 25, 2014. Rather than the...more

CFPB settles RESPA referral fee charges against mortgage lender based on rent payments

The CFPB has announced that it has issued a Consent Order to settle charges that a mortgage lender and its principal violated RESPA Section 8 by paying illegal kickbacks to a bank in exchange for mortgage loan referrals....more

CFPB’s fact vs. fiction guide: useful information for consumers or defense planning?

With the January 10 effective date imminent, the CFPB has issued what it labels a “fact vs. fiction guide” on its ability-to-repay/qualified mortgage rule. According to the CFPB, the guide is intended “to help dispel some of...more

CFPB, DOJ Announce First Joint Fair Lending Action Against Indirect Auto Finance Company

This morning, the CFPB and the DOJ announced their first ever joint fair lending enforcement action to resolve allegations that an auto finance company’s dealer compensation policy, which allowed for auto dealer discretion in...more

CFPB and State Regulators Take Enforcement Action for Alleged UDAAP Violations

The CFPB announced an enforcement action against a nonbank mortgage lender and its mortgage servicer alleging the companies engaged in unfair, deceptive and abusive acts or practices in violation of the Consumer Financial...more

Former Colorado regulator and consumer advocate Laura Udis to join CFPB as manager for payday lending program

We have learned that, starting Monday, Laura Udis will join the CFPB as the Payday and Small Dollar Lending Program Manager in Research, Markets and Regulations. Ms. Udis comes to the CFPB from the Consumer Federation of...more

CFPB Amends Examination Procedures to Incorporate Amendments to Mortgage Rules

The CFPB issued updates to its examination procedures for the Real Estate Settlement Procedures Act and the Truth in Lending Act to reflect recent amendments to Regulation X and Z, the implementing regulations. For example,...more

Litigation Exposure Under The 2013 Dodd-Frank Mortgage Servicing Regulations

In This Issue: - Introduction - Potential Litigation Exposure Under the New Mortgage Servicing Regulations Governing Responses to Borrower Inquiries ..Which of the New Servicing Regulations Governing Responses...more

Joint Release on Borrowers Affected by Government Shutdown

On October 9, the Fed, CFPB, FDIC, NCUA and OCC issued a release encouraging financial institutions to work with borrowers affected by the government shutdown to provide workout arrangements....more

Agencies propose changes to QRM exemption and additional exemptions

Federal regulators have issued their long-awaited revised qualified residential mortgage (QRM) proposal. The proposal, which implements Section 941 of the Dodd-Frank Act, was issued jointly by the FDIC, Fed, OCC, SEC and,...more

CFPB issues new report on private student loan complaints

The CFPB has issued a “Mid-year snapshot of private student loan complaints” that discusses issues raised in the 2,002 complaints the CFPB received from October 2012 through March 2013....more

Eighth Circuit Holds Borrowers Must File Suit Within TILA Three-Year Rescission Period

On July 12, the U.S. Court of Appeals for the Eighth Circuit held that a borrower seeking rescission under TILA must file suit within three years, and that merely providing the lender notice is insufficient to preserve the...more

CFPB finalizes additional revisions to mortgage rules

On July 10, 2013, the CFPB issued a final version of modifications proposed in April 2013 to mortgage rules adopted in January 2013. Most of the modifications address the ability to repay/qualified mortgage rule, and...more

A bit of balance from a consumer advocate

Jeff Sovern and I come at most issues from different sides of the street but I want to credit him for the open mind he showed in his recent blog post on deposit advance loans....more

CFPB Solidifies Loan Originator Compensation Restrictions, Dumps Zero-Zero Requirement

Even though the loan originator compensation rule (the “Final Rule” or “Rule”) finalized by the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) in January passed without as much fanfare as the Bureau’s Qualified...more

CFPB to hold student loan field hearing on May 8

UniversityThe CFPB has announced that on May 8, 2013, it will hold a field hearing in Miami-Dade County, Florida on student loan borrowers. CFPB Director Richard Cordray will be giving remarks at the event....more

You Need to Pay Attention to the Consumer Financial Protection Bureau

For those companies who pay attention to the always evolving regulatory environment as we do at Brownstein Hyatt Farber Schreck, you have likely heard the debate regarding the validity of rules promulgated by organizations...more

Director Cordray targets payday and student lenders in remarks to Consumer Advisory Board

Director Cordray’s prepared remarks for yesterday’s meeting of the CFPB Consumer Advisory Board contained some particularly ominous signs for student and payday lenders. ...more

Third Circuit Holds Notice Sufficient To Preserve Borrower’s Three-Year TILA Rescission Right

On February 5, the U.S. Court of Appeals for the Third Circuit held that a borrower need only provide written notice of intent to rescind a loan within the statutory three-year rescission period to preserve that right; a...more

Third Circuit TILA rescission decision adopts CFPB position

The Third Circuit has now joined the Fourth Circuit in ruling that a lawsuit seeking rescission filed more than there years after loan consummation is timely as long as the borrower sent a written notice of rescission within...more

CFPB Adopts Rules To Prevent Loan Originators From Steering Consumers Into Risky Mortgages

The CFPB has issued rules to prevent mortgage lenders from steering borrowers into risky and high-cost loans. According to the CFPB, the rules ban certain incentives that loan originators had to sell unsafe loans to consumers...more

CFPB Issues Final Ability-to-Repay and Qualified Mortgage Rule

Rule lists criteria that lenders must consider in determining a prospective borrower has the ability to repay a loan and defines Dodd-Frank's concept of a "qualified mortgage." On January 10, the Consumer Financial...more

U.S. Consumer Financial Protection Bureau Issues Rules on Qualified Mortgages and Ability to Repay

Congress in the Dodd-Frank Act responded to concerns about the quality of mortgage loans by establishing incentives for lenders to seek to ensure that borrowers had the ability to repay mortgage loans made to them. In...more

The Consumer Financial Protection Bureau Finalizes the Ability-To-Repay and Qualified Mortgage Rule

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) amended the Truth in Lending Act (TILA) to provide for an expanded ability-to-repay requirement for the mortgage lending industry. The Consumer...more

29 Results
|
View per page
Page: of 2