News & Analysis as of September 18, 2024

Real Estate Settlement Procedures Act

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The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions. less -

CFPB Bites of the Month - July 2024

Hudson Cook, LLP on 7/30/2024

In this month's article, we share some of our top "bites" for the prior and current month covered during the July 2024 webinar....more

New York’s Interest-On-Escrow Law May Not Be Preempted by the National Bank Act

McGlinchey Stafford on 6/28/2024

On May 30, 2024, the Supreme Court reversed the Second Circuit’s holding that New York General Obligation Law § 5–601, which mandates banks to pay borrowers the interest accumulated on a balance held in an escrow account for...more

United States Supreme Court Asked to Resolve Circuit Split Over Whether Federally Chartered Banks Must Comply With State Laws...

Saiber LLC on 3/16/2023

In Cantero vs. Bank of America, N.A., mortgage borrowers are asking the Supreme Court of the United States to reverse a Second Circuit ruling that federally-chartered banks need not comply with state laws that require the...more

CFPB Bites of the Month - December Top 20

Hudson Cook, LLP on 12/18/2020

Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the CFPB to be considered by financial services providers. It was a particularly busy month at the CFPB, so as an extra...more

Self-Reporting, TRID, and CFPB

ArentFox Schiff on 7/19/2019

On July 11, 2019, I presented at the American Bankers Association webinar, entitled, “Mortgage Disclosure Cures and Corrections — Mitigating Liability.” Below is a summary of the points presented in the webinar and additional...more

Appraisal Reform Act of 2019 Would Impact TRID

Alston & Bird on 7/15/2019

A&B Abstract: If enacted, the recently introduced Appraisal Reform Act of 2019 would amend RESPA to require the disclosure of the appraisal management fee separate from the appraisal fee on the loan estimate (LE) and closing...more

CFPB dismisses PHH case

Ballard Spahr LLP on 6/12/2018

As expected, CFPB Acting Director Mick Mulvaney has signed an order directing that the Notice of Charges filed against PHH be dismissed and terminating the matter. The order indicates, that in dismissing the matter, Mr....more

D.C. Circuit Rules CFPB's View of RESPA Was Wrong but Its Structure is Constitutional

Ballard Spahr LLP on 2/16/2018

On January 31, 2018, the en banc D.C. Circuit handed down its opinion in the PHH v. CFPB case, which we've discussed at length. It held, 7 to 3, that the CFPB's single-director-removable-only-for-cause structure is...more

D.C. Circuit Upholds CFPB’s Constitutionality: Why the PHH Case Underscores the Importance of Internal Agency Discipline

Dorsey & Whitney LLP on 2/14/2018

On January 31, the U.S. Court of Appeals for the D.C. Circuit issued a plurality opinion en banc that confirmed the constitutionality of the Consumer Financial Protection Bureau’s (“CFPB”) governance by a sole Director, while...more

Saved by the En Banc: CFPB Appears Here To Stay

K&L Gates LLP on 2/13/2018

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) has been an agency under fire. Acting Director Mick Mulvaney has begun to institute significant changes at the Bureau. And last year, a panel of the D.C. Circuit...more

D.C. Circuit Rules CFPB’s View of RESPA Was Wrong But its Structure is Constitutional

Ballard Spahr LLP on 2/2/2018

On January 31, 2018, the en banc D.C. Circuit handed down its opinion in the PHH v. CFPB case, which we’ve discussed at length. It held, 7 to 3, that the CFPB’s single-director-removable-only-for-cause structure is...more

PHH’s hidden gem

Bricker Graydon LLP on 2/2/2018

The long-awaited en banc decision in PHH Corp., v. CFPB has finally been issued. The Court of Appeals for the D.C. Circuit upheld the constitutionality of the Consumer Financial Protection Bureau (CFPB) and reversed a prior...more

Congressional hearing regarding proposed financial regulation scheduled for September 7

Ballard Spahr LLP on 9/6/2017

Congress is back in session and this Thursday, September 7, the House Subcommittee on Financial Institutions and Consumer Credit will hold a one-panel hearing entitled “Legislative Proposals for a More Efficient Federal...more

Dodd-Frank News - Summer 2017

Burr & Forman on 6/19/2017

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Kerfuffle on statute of limitations issue in PHH case

Ballard Spahr LLP on 6/16/2017

On June 7, the CFPB submitted a Rule 28(j) letter to the D.C. Circuit in the PHH case. In the letter, the CFPB embraced the fact that the Supreme Court’s recent Kokesh v. SEC decision makes the five-year statute of...more

D.C. Circuit Publishes Transcript of PHH v. CFPB Oral Arguments

Ballard Spahr LLP on 6/9/2017

On June 6, 2017, the D.C. Circuit published the 85-page transcript of the May 24, 2017 oral arguments in the PHH v CFPB case...more

D.C. Circuit poised to decide constitutionality of CFPB structure in PHH case

Ballard Spahr LLP on 5/30/2017

On May 24, 2017, the US Court of Appeals for the D.C. Circuit (D.C. Circuit) held oral argument in the PHH case, which we have blogged about extensively. The constitutionality of the CFPB’s structure was the central issue at...more

CFPB Seeks Comment on Effectiveness of the RESPA Mortgage Servicing Rule

Smith Debnam Narron Drake Saintsing & Myers,... on 5/15/2017

As required by the Dodd-Frank Act, the CFPB is conducting an assessment of its RESPA Mortgage Servicing Final Rule, which took effect on January 10, 2014. The assessment will seek to compare servicer and consumer activities...more

PHH files opening en banc brief; seven supporting amicus briefs filed

Ballard Spahr LLP on 3/14/2017

On Friday, PHH filed its opening en banc brief with the D.C. Circuit in the rehearing of its appeal of Director Cordray’s June 2015 decision that affirmed an administrative law judge’s (ALJ) recommended decision concluding...more

Democratic lawmakers/ Democratic state AGs/ consumer advocacy groups seek reconsideration en banc of motions to intervene in PHH...

Ballard Spahr LLP on 2/13/2017

After the D.C. Circuit panel issued a per curiam order on February 2 denying the three motions to intervene that were filed in the PHH case, we expected the next development in the case to be a decision by the D.C. Circuit on...more

Ten Questions and Nine Answers about PHH and the Future of the CFPB Director

Morrison & Foerster LLP on 12/6/2016

The potentially explosive combination of the D.C. Circuit’s October decision in PHH v. CFPB and the outcome of the presidential election has spurred a host of questions about how the PHH litigation may proceed and about the...more

Consumer Financial Services Newsletter - November 2016

Hinshaw & Culbertson LLP on 11/22/2016

D.C. Circuit Delivers First Blow to CFPB, Trump Win Delivers Second - The future of the Consumer Financial Protection Bureau (CFPB) is up for grabs following a landmark Court of Appeals Decision, PHH Corporation v....more

What the PHH decision means for the CFPB’s UDAAP authority

Ballard Spahr LLP on 11/4/2016

In addition to its implications for CFPB rulemaking, the D.C. Circuit’s decision in PHH Corporation v. CFPB has significant implications for the CFPB’s authority to enforce federal consumer financial protection laws as well...more

Structure Of CFPB Found To Be Unconstitutional But Agency Survives With Cut To Director’s Power

Carlton Fields on 10/31/2016

The DC Circuit Court of Appeals recently held that the single-director structure of the Consumer Financial Protection Bureau (“CFPB”) was unconstitutional, and gave the President the authority to fire the director at will in...more

US Court of Appeals for the DC Circuit Declares Structure of the US Consumer Financial Protection Bureau Unconstitutional

A&O Shearman on 10/27/2016

The US Court of Appeals for the DC Circuit declared the structure of the US Consumer Financial Protection Bureau unconstitutional, stating that the “massive, unchecked power” exercised by its director, Richard Cordray, lacks...more

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