News & Analysis as of

Client Referrals Consumer Financial Protection Bureau (CFPB)

Hudson Cook, LLP

CFPB Fines Residential Mortgage Loan Originator $1.75 Million for Kickbacks Involving Referrals to Originator by Brokers

Hudson Cook, LLP on

The Real Estate Settlement Procedures Act prohibits mortgage loan originators from offering incentives to other companies in exchange for referring homebuyers to them for mortgage loans. The Bureau alleged that the...more

Goodwin

FINRA Provides Update on Social Media Influencers, Customer Acquisition and Related Information Protection

Goodwin on

In February, FINRA provided an update (Update) concerning the targeted exam (Sweep) launched in September 2021 to review firms’ practices concerning customer acquisition through social media channels and the way firms share...more

Ballard Spahr LLP

Credit repair companies file motion to dismiss CFPB lawsuit for alleged deceptive marketing

Ballard Spahr LLP on

A motion to dismiss has been filed by the group of credit repair companies sued by the CFPB in Utah federal district court for alleged violations of the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act...more

Goodwin

CFPB Takes First MSA-Related Action in Nearly Two Years; Orders Mortgage Lender to Pay $3.5M Civil Penalty for Kickbacks

Goodwin on

On January 31, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it ordered a California-based mortgage lender to pay $3.5 million in civil penalties for an illegal mortgage kickback scheme. According to...more

Baker Donelson

PHH Mortgage Attacks the CFPB: Will the Bureau Become a Commission?

Baker Donelson on

On April 12, the U.S. Court of Appeals for the D.C. Circuit heard arguments in PHH Mortgage’s appeal of a $109,000,000 disgorgement order by the CFPB. The CFPB found PHH had illegally referred consumers to mortgage insurers...more

Morrison & Foerster LLP

CFPB Bulletin on Marketing Services Agreements: Not Per Se Unlawful, But . . . .

Morrison & Foerster LLP on

The Consumer Financial Protection Bureau (CFPB) on October 8, 2015 issued Compliance Bulletin 2015-05, RESPA Compliance and Marketing Services Agreements (Bulletin). The Bulletin represents another significant signpost along...more

Baker Donelson

Keep Your Eye On the Ball: Begin 2014 With a Renewed Effort at Compliance

Baker Donelson on

While most of the financial world has been focused on the new CFPB mortgage rules that went into effect on January 10, the Bureau has continued its enforcement activities in other areas. On January 16, 2013, the CFPB...more

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