Consumer Financial Protection Bureau › Servicing Policies

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.

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News & Analysis as of May 25, 2013

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - April 19, 2013

by BuckleySandler LLP on 4/22/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - Excerpt from Consumer...more

CFPB Issues Proposal To Supervise Student Loan Servicers

by John L. Culhane, Jr., Alan S. Kaplinsky, Christopher J. Willis | Ballard Spahr LLP on 3/19/2013

The Consumer Financial Protection Bureau has issued a proposal to supervise nonbank servicers of private and federal student loans who qualify as “larger participants” in the student loan servicing market. Comments on the...more

CFPB Plans Heightened Scrutiny Of Mortgage Servicing Transfers

by BuckleySandler LLP on 2/19/2013

On February 11, the CFPB issued Bulletin 2013-01 to address concerns about “potential risks to consumers” posed by the increased number and size of recent servicing transfers between financial institutions. ...more

U.S. Consumer Financial Protection Bureau Issues Rules on Mortgage Servicing; Creates New Rights for Borrowers, Raising Issues...

by Dechert LLP on 1/25/2013

On January 17, 2013, the Consumer Financial Protection Bureau (“Bureau”) took another major step in the restructuring of the U.S. residential mortgage sector by issuing final rules (collectively, the “Rule”) regarding...more

CFPB Final Rule on Mortgage Servicing Standards

by Orrick - Structured Finance Group on 1/22/2013

On January 18, the CFPB released final rules, effective January 10, 2014, which set forth national mortgage loan servicing standards....more

CFPB Issues Final Mortgage Servicing Rules

by Richard J. Andreano, Jr., John D. Socknat, Michael S. Waldron | Ballard Spahr LLP on 1/18/2013

The CFPB today issued its final rules implementing provisions of the Dodd-Frank Act that relate to mortgage servicing, which will take effect on January 10, 2014....more

Dodd-Frank Implementation: Navigating the Road Ahead

by Jay G. Baris, Alexandra Steinberg Barrage, Leonard N. Chanin, Henry M. Fields, Rick Fischer, Oliver I. Ireland, Jeremy C. Jennings-Mares, David H. Kaufman, David M. Lynn, Jerry R. Marlatt, more +Barbara R. Mendelson, Thomas J. Noto, Obrea O. Poindexter, James Schwartz, Andrew M. Smith, James R. Tanenbaum | Morrison & Foerster LLP on 12/29/2012

Table of Contents: Introduction; Financial Stability Reform; Resolution Planning; Agencies and Agency Oversight Reform; Securitization Reform; Derivatives Regulation; Investor Protection Reform; Credit Rating Agency...more

Withdrawal of portions of CFPB mortgage servicing proposal suggested by consumer advocates

by Ballard Spahr LLP on 10/15/2012

In their letter commenting on the CFPB’s mortgage servicing proposal, Americans for Financial Reform and numerous other consumer advocacy groups, including Consumers Union, have asked the CFPB to consider withdrawing and...more

Special Alert: Summary of CFPB Mortgage Servicing Rules Proposals

by BuckleySandler LLP on 9/24/2012

Following years of discussion about the wisdom of “national servicing standards” and piecemeal efforts to impose rules of conduct through enforcement actions against individual servicers, the Consumer Financial Protection...more

CFPB Proposes National Mortgage Servicing Rules

by Morrison & Foerster LLP on 9/13/2012

On August 10, 2012, the U.S. Bureau of Consumer Financial Protection (the “CFPB”) released two proposed rules (the “Proposed Rules”) intended to implement the mortgage servicing provisions of the Dodd-Frank Wall Street Reform...more

CFPB Proposed Mortgage Servicing Guidelines

by Orrick - Structured Finance Group on 8/23/2012

On August 10, the CFPB announced two notices of proposed rulemaking regarding mortgage servicing. ...more

Consumer Financial Protection Bureau Update: The Proposed Mortgage Servicing Rules

by Schnader Harrison Segal & Lewis LLP on 8/17/2012

On August 10, 2012, the Consumer Financial Protection Bureau (“CFPB”) issued two notices containing rules intended to protect homeowners from errors and abuses by their mortgage servicers. The proposed rules would...more

CFPB tries new method to get input on mortgage servicing proposals

by Ballard Spahr LLP on 8/16/2012

We recently wrote about the criticism leveled at the CFPB by industry for limiting the ability of small business representatives to provide input in connection with the CFPB’s implementation of the small business or “SBREFA”...more

U.S. Consumer Financial Protection Bureau Proposes Mortgage Servicing Reforms

by Dechert LLP on 8/15/2012

The mortgage finance system in the United States is under radical reconstruction as a result of the events of 2007-2009. The Dodd-Frank Act (Dodd-Frank) impacts mortgage origination, servicing and securitization through a...more

CFPB Proposes National Mortgage Servicing Standards

by BuckleySandler LLP on 8/15/2012

On August 10, the CFPB proposed two sets of rules covering a number of residential mortgage servicing practices. The rules would amend Regulation Z (TILA) and Regulation X (RESPA) to implement certain mortgage servicing...more

CFPB releases mortgage servicing proposals

by Ballard Spahr LLP on 8/10/2012

The CFPB has released its proposed mortgage servicing rules. The proposals consist of a 250-page Real Estate Settlement Procedures Act (Regulation X) rule and a 178-page Truth in Lending Act (Regulation Z) rule. Comments on...more

CFPB wants comments on plans for testing mortgage servicing disclosures and collecting compliance cost information

by Ballard Spahr LLP on 5/17/2012

Two recent notices published by the CFPB in the Federal Register shed some light on the CFPB’s plans for testing the mortgage servicing disclosures it’s developing and for collecting information about the potential compliance...more

CFPB Previews Mortgage Servicing Rules

by BuckleySandler LLP on 4/17/2012

On April 9, the CFPB previewed its upcoming mortgage servicing rules, which likely will be proposed this summer and finalized in January 2013. The key aspects of the proposal relate broadly to (i) monthly mortgage statements,...more

Consumer Financial Protection Bureau Considering the Proposal of New Mortgage Servicing Rules

by Snell & Wilmer L.L.P. on 4/13/2012

The Consumer Financial Protection Bureau (CFPB) has announced that it is considering proposing new mortgage servicing rules. The potential new rules are intended to provide additional protections to consumers. According to...more

CFPB Proposes New Rules for Mortgage Servicing Industry

by King & Spalding on 4/13/2012

On April 10, 2012, the Consumer Financial Protection Bureau (CFPB) outlined new rules it is proposing to adopt to increase accountability and transparency in the mortgage servicing industry. Pursuant to its authority under...more

InfoBytes Special Alert: CFPB Publishes Supervision and Examination Manual Including Mortgage Servicing Examination Procedures

by BuckleySandler LLP on 10/24/2011

On October 13, the Consumer Financial Protection Bureau (the "CFPB" or the "Agency") released the first edition of its Supervision and Examination Manual (the "Manual"). The Manual consists of three parts. Part I describes...more

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