The Consumer Financial Protection Bureau is a United States federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Agency is responsible for educating... more +
The Consumer Financial Protection Bureau is a United States federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Agency is responsible for educating consumers about financial products and services, enforcing federal consumer financial laws and studying trends in consumer financial markets.
The New Normal: Taking Responsibility for Your Vendors
Critical Mortgage Regulatory Updates by the Consumer Financial Protection Bureau for 2013 and 2014
A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules
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Corporate Law Report: Managing Cyber Risks, BYOD, Obama's NLRB Crisis, Iran Sanctions, and More
Corporate Law Report: U.S. Manufacturing, Social Media, Online Endorsements, Hart Scott Rodino, More
What’s Next from the CFPB
On June 7, the CFPB published a loan originator rule compliance guide and a mortgage servicing rules compliance guide....more
CFPB Director Richard Cordray was among the speakers at a program last week celebrating the fifth anniversary of the Philadelphia Residential Mortgage Diversion Program....more
On June 11, the CFPB released a white paper with initial findings from its study of bank and credit union overdraft practices. ...more
The CFPB’s leadership ‘brain drain” seems to be continuing, with Politico reporting that Richard Hackett, the Bureau’s Assistant Director for installment and liquidity lending markets, is planning to leave the CFPB later this...more
Tomorrow, June 18, the House Financial Services Committee will hold a hearing on “CFPB Budget Review.” According to the memo to Committee members from Committee Majority Staff, the hearing “will examine the past and planned...more
The CFPB recently filed an enforcement complaint and stipulated judgment against a Florida-based debt services company, which represents the first of its kind alleging that the company is liable under Dodd Frank and the...more
The question of whether plaintiffs suing under the Fair Housing Act may bring disparate impact claims is back on the U.S. Supreme Court's docket as a result of the Court's decision today to grant certiorari in Mount Holly v....more
In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY - CRIMINAL...more
On June 4, the CFPB released new TILA and ECOA examination procedures, which were updated to incorporate certain of the CFPB mortgage rules finalized in January 2013 that address appraisals, escrow accounts, and mortgage loan...more
The CFPB and Federal Deposit Insurance Corporation have jointly launched a new financial resource tool to assist older adults and their caregivers in avoiding elder financial exploitation. Named “Money Smart for Older...more
The CFPB’s website now has a regulatory implementation page that provides “one stop shopping” for all of its 2013 mortgage rules and related implementation materials....more
It’s not necessary to read more than the cover page to know that the debt collection industry does not fare well in the report issued this week by the New Economy Project (NEP). The cover page reads: “The Debt Collection...more
In January 2013, the Consumer Financial Protection Bureau (“CFPB”) issued a number of new final rules to implement amendments to the Truth in Lending Act (“TILA”), Real Estate Settlement Procedures Act (“RESPA”), and Equal...more
The CFPB has issued two more Small Entity Compliance Guides on its mortgage-related rules. The latest guides cover the mortgage servicing rule and loan originator compensation rule finalized by the CFPB in January 2013....more
As we reported, the CFPB has asked the Office of Management and Budget to approve the Bureau’s plans to conduct a national telephone survey of 1,000 credit card holders as part of its study of the use of mandatory arbitration...more
MFY Legal Services, an organization whose services include providing free legal assistance to New York City residents, has appealed the CFPB’s decision to withhold mortgage complaint narratives it requested pursuant to the...more
On June 11, the Consumer Financial Protection Bureau (“CFPB”) issued its anticipated white paper on its study of bank overdraft programs. The 72-page Report: (1) discusses the recent Regulation E amendments and case law...more
Yesterday, just after midnight, the CFPB released its initial data findings from its 15-month (and counting) Study of Overdraft Programs....more
The Consumer Financial Protection Bureau recently published a whitepaper resulting from a year-long inquiry into the overdraft programs for consumer checking accounts, outlining the incidence of consumer overdrafts, the high...more
On May 31, 2013 the Consumer Financial Protection Bureau (“CFPB”) announced that it had expanded the information contained in its Consumer Complaint Database to include credit reporting complaints, money transfer complaints...more
On June 3, FHA Commissioner Carol Galante issued a statement in response to lenders’ concern that new monthly mortgage insurance premium requirements will increase the APR on FHA mortgages resulting in more mortgages...more
In this presentation: - The similarities and differences between the CFPB UDAAP (Consumer Financial Protection Act), FTC UDAP (FTC Act), and the federal banking agencies UDAP legal authorities (FTC Act and Regulation...more
On June 4, the CFPB published an update to its exam procedures for the new mortgage regulations issued in January 2013 relating to appraisals, escrow accounts, and compensation and qualifications for loan originators....more
On May 31, the CFPB published for the first time consumer complaints about credit reporting, which the CFPB began accepting in October 2012, and money transfer complaints, which it began accepting in April 2013....more
On May 30, 2013, the Bureau of Consumer Financial Protection (“CFPB”) filed a complaint in federal district court against American Debt Settlement Solutions, Inc. (“ADSS”), a Florida debt-relief company, and its owner....more
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