Lenders Consumer Financial Protection Bureau

News & Analysis as of

CFPB Studies Electronic Closings

In an age of online banking, e-vites, and digital media, the mortgage loan closing process sticks out as one of the few areas that remain primarily paper-driven. Mortgage loan closings, however, could be the next target of a...more

CFPB Publishes Results of eClosing Pilot Program

On August 5, the CFPB released a 90-page report summarizing the results of its eClosing pilot program, a research initiative launched in April 2014 to explore whether electronic closing processes offer measurable benefits to...more

CFPB Study Finds Electronic Mortgage Closings Can Benefit Consumers

On August 4, the CFPB published a report on its “Know Before You Owe” eClosing project which found that borrowers can benefit from electronic closings when navigating the mortgage closing process. Specifically, the results of...more

CFPB Sues Offshore Payday Lender

On August 4, the CFPB announced the filing of a lawsuit against NDG Eneterprise, a complex web of commonly controlled companies, for collecting money consumers did not owe. The CFPB alleges that the defendants illegally...more

Wells Fargo Ends Marketing Services Arrangements with Builders

Concerned about “increasing uncertainty surrounding regulatory oversight of these types of arrangements,” Wells Fargo is ending all of its roughly 200 mortgage marketing services and desk rental agreements with builders and...more

CFPB issues results from eClosing pilot program

The Consumer Financial Protection Bureau (CFPB) reports that most borrowers benefit from electronic closings relating to the mortgage loan process. On August 5, 2015, the CFPB published its study on the benefits of electronic...more

House Financial Services Committee passes CFPB-related bills including bill creating TRID Rule hold harmless period

On July 29, the following four CFPB-related bills were passed by the House Financial Services Committee: H.R. 3192, the “Homebuyers Assistance Act”: The bill would provide a hold harmless period for the TILA/RESPA Integrated...more

PHH Wins Stay of $109M CFPB Enforcement Penalty

On August 5, 2015, PHH Corp. (“PHH”) won a stay of the $109M penalty handed down by Consumer Financial Protection Bureau (“CFPB”) director Rich Cordray. Cordray’s aggressive legal reasoning and the harsh penalties he imposed,...more

CSBS Announcement: Arizona Department of Financial Institutions Becomes Latest State Agency to Adopt National SAFE MLO Test

On July 29, the Conference of State Bank Supervisors (CSBS) announced that the Arizona Department of Financial Institutions began using the National SAFE Mortgage Loan Originator (MLO) Test, making it the 47th state banking...more

CFPB eClosing Project Update

The CFPB issued a report on its study of the CFPB’s mortgage loan eClosing project on August 5, 2015, and held a public forum addressing the study results. As we reported, the CFPB launched the eClosing project to determine...more

Update Regarding Marketing Services Agreements (“MSAs”)

On Thursday, June 30, 2015, a CFPB spokesman issued a statement to HousingWire in response to the announcement by a large lender that it was terminating its MSAs: [This] decision to exit all marketing services agreements...more

Department of Defense Adopts Significant Changes to Its Military Lending Act Regulations

On July 22, 2015, the Department of Defense (DOD) published sweeping changes to its rules that implement the Military Lending Act (MLA). The amended rules significantly expand the scope of the MLA provisions by covering both...more

CFPB and DOJ Reach $24 Million Settlement with Indirect Auto Lender to Resolve Discriminatory Pricing Allegations

On July 14, the CFPB and DOJ announced a $24 million settlement with an indirect auto lender to resolve allegations that the lender offered higher interest rates to minority borrowers compared to white borrowers with a...more

Defense Department Dramatically Expands Scope of Military Lending Act

The Department of Defense (DoD) dramatically expanded the scope of the Military Lending Act (MLA) on July 22, 2015, publishing its Final Rule amending the MLA’s implementing regulation. MLA coverage was previously limited to...more

Chase Bank Ordered to Stop Collecting on 528,000 Accounts – Pay $50 Million to Consumers

On July 8, 2015 the Consumer Financial Protection Bureau (CFPB) and 47 states took action against Chase Bank for illegal debt collection activities involving the sale of delinquent accounts to third-party junk debt buyers. ...more

CFPB Shifts Focus to Auto Lending Industry

Auto lenders and servicers be advised: the Consumer Financial Protection Bureau (CFPB) turns its lonely eyes to you. On June 17, 2015, the CFPB brought an action in the Southern District of Ohio against Security National...more

CFPB Enforces RESPA in its First Appellate Decision of the Director

In the first appeal of an administrative enforcement proceeding before the Consumer Financial Protection Bureau (“Bureau”), the administrative law judge (ALJ) concluded that PHH Corporation, a mortgage lender, referred...more

CFPB Issues Final Rules Regulating Automobile Financing, as Permitted by Dodd-Frank

On Tuesday, June 30, the Consumer Financial Protection Bureau (the “Bureau”) published its final rule in the Federal Register to expand the definition of “larger participants” in the financial product and service markets to...more

CFPB Publishes Final Rule that Allows its Supervision of Nonbank Auto Finance Companies

On June 10, CFPB published a final rule today that allows the agency to begin supervising large, nonbank auto finance companies for the first time. The newly adopted rule will extend the CFPB’s supervision to any nonbank auto...more

Urgent Update: After Supreme Court Ruling, Expect Greater CFPB Scrutiny of Disparate Impact in Lending

The U.S. Supreme Court’s surprising disparate-impact ruling on June 25, 2015 regarding tax-credit allotments and discrimination means lenders need to take a hard look at their policies and operations. The Court ruled 5-4...more

CFPB Continues Crackdown on Fair Lending: Marketing Materials Targeted

In a recent guidance bulletin, the Consumer Financial Protection Bureau reminded mortgage lenders to heed their Equal Credit Opportunity Act (ECOA) obligations when considering applicants receiving public assistance income....more

Locke Lord QuickStudy: CFPB Claims Sensitivity on Good-Faith TRID Compliance Efforts

On June 3, 2015, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray responded to Congressional requests and industry pleadings for a grace period in enforcing the new TILA-RESPA Integrated Disclosures...more

A Look Behind The Compliance Headlines

In this Presentation: - Agenda - CFPB – Approach to Regulation - CFPB – Hot Mortgage Topics - Genuine Title, LLC, et al. - New Day Financial, LLC - American Preferred Lending, Flagship...more

A Bit of Grace

The Consumer Financial Protection Bureau (CFPB) has finally agreed to bend under the strain of numerous requests from financial industry participants and 255 bi-partisan House members and 41 senators, who requested that the...more

Agency Cooperation in Fair Lending Enforcement

Joint investigations, cross-agency partnership, cooperation … terms all too familiar to regulatory and defense practitioners accustomed to collaboration among the alphabet soup of federal regulators....more

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