On July 9, 2024, the Consumer Financial Protection Bureau issued a consent order against a nationally chartered bank that, among other things, includes a number of allegations related to the bank's policies regarding...more
The Trump era of the last four years is regarded in the popular press as one of federal deregulation, and the Consumer Financial Protection Bureau, which will commemorate the eleventh anniversary of its founding later this...more
I frequently hear creditors complain about issues they face when trying to confirm that one of their customers has and will maintain the property insurance required by the retail installment contract. For instance, some...more
The Office of Inspector General (“OIG”) for the Federal Housing Finance Agency (“FHFA”) is urging the FHFA to sue its servicers and lender-placed insurance (“LPI”) providers because Fannie Mae and Freddie Mac have suffered...more
Following the recession and financial crisis of the late 2000s, the “Bureau of Consumer Financial Protection”—commonly known as the Consumer Financial Protection Bureau (CFPB)—was created. Aimed at promoting “fairness and...more
A putative class action involving force-placed home insurance and an alleged scheme for mortgage lenders to obtain kickbacks in the form of commissions, reinsurance premium, and other fees, has survived a motion to dismiss. ...more
While the new regulations implemented by the Consumer Financial Protection Bureau (CFBP) are designed to apply primarily to big banks and loan servicers, the regulatory environment for small and community banks will also be...more
The FHFA has directed Fannie Mae and Freddie Mac to prohibit servicers from being reimbursed for expenses associated with captive reinsurance arrangements. The directive follows the FHFA’s proposal in March 2013 to ban...more
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
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