Lenders, CFPB | JD Supra Law News

CFPB Zeroes in on Payday Loans

by Thomas I. Elkind | Foley & Lardner LLP on 5/3/2013

During the past year, the CFPB has engaged in an in-depth review of short term and small dollar loans, specifically payday loans extended by non-depository institutions and deposit advance products offered by depository...more

CFPB Solidifies Loan Originator Compensation Restrictions, Dumps Zero-Zero Requirement

by Melanie Brody, Jonathan Jaffe, Kristie Kully, Eric Mitzenmacher | K&L Gates LLP on 4/24/2013

Even though the loan originator compensation rule (the “Final Rule” or “Rule”) finalized by the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) in January passed without as much fanfare as the Bureau’s Qualified...more

New Risks for Indirect Lenders

by Michael Lueder | Foley & Lardner LLP on 4/23/2013

Last month the Consumer Financial Protection Bureau announced that it will start holding banks accountable for the discriminatory actions of indirect auto lenders. The issue arises when a consumer goes to purchase a car and...more

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

American Bankers Association Real Estate Lending Conference - Qualified Mortgages: A Sea Change For Mortgage Lenders

by Robert H. Ledig, Thomas P. Vartanian | Dechert LLP on 4/16/2013

In This Presentation: - The Qualified Mortgage (QM) Rule - Small Creditor QM Proposal - The Ability-to-Repay (ATR) Rule: What It Says and What It Means - Liability for Failure to Comply with the ATR and QM...more

CFPB Settles Allegations of Improper Payments by Mortgage Insurers

by Michael W. Jahnke, Michael Mallow, Michael Thurman | Loeb & Loeb LLP on 4/16/2013

The Consumer Financial Protection Bureau (CFPB) announced that it had settled enforcement actions against four insurance companies in connection with alleged improper payments between the insurance companies and mortgage...more

CFPB Investigates Captive Mortgage Reinsurance

by Leonard A. Bernstein, Daniel Booker, John Ellison, Timothy Law, James Rockney | Reed Smith on 4/16/2013

The Consumer Financial Protection Bureau has entered into consent orders with four mortgage insurance companies involving captive reinsurance of mortgage insurance issued to mortgage lenders. Those consent orders impose fines...more

CFPB Announces First RESPA Enforcement Actions

by BuckleySandler LLP on 4/16/2013

On April 4, the CFPB announced enforcement actions against four mortgage insurers against which it filed complaints alleging that their captive reinsurance arrangements with mortgage lenders violated Section 8 of the Real...more

CFPB Takes Action Against Mortgage Insurers To End Kickbacks To Lenders

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 4/8/2013

The CFPB has announced four enforcement actions to end what the Bureau believes to be improper kickbacks paid by mortgage insurers to mortgage lenders in exchange for business. The CFPB filed complaints and proposed consent...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - April 5, 2013

by BuckleySandler LLP on 4/8/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PAYMENTS - Excerpt from Payments: CFPB...more

Update On Tribal Loans To State Residents

by Richard Eckman | Pepper Hamilton LLP on 4/5/2013

Native American tribes increasingly are engaging in consumer lending over the Internet. These “tribal loans” present unique legal questions and issues, including whether tribal sovereign immunity shields tribes and their...more

CFPB announces settlement of four enforcement actions against mortgage insurers

by Richard J. Andreano, Jr. | Ballard Spahr LLP on 4/5/2013

The CFPB announced the settlement of enforcement actions brought in federal district court in Florida against four national mortgage insurers involving allegations that the insurers paid kickbacks to mortgage lenders in...more

CFPB Issues Guidance On Indirect Auto Lending

by BuckleySandler LLP on 4/1/2013

On March 21, the CFPB issued Bulletin 2013-02, which provides guidance to bank and nonbank indirect auto lenders about compliance with federal fair lending requirements, and specifically addresses the practice by which auto...more

CFPB To Pursue Auto Lenders For Illegal Discriminatory Markups

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 3/25/2013

The CFPB has released a bulletin explaining its belief that certain lenders that offer auto loans through dealerships are responsible for unlawful, discriminatory pricing. According to the CFPB, potentially discriminatory...more

Special Alert: Report On 2013 NMLS Annual Conference

by BuckleySandler LLP on 3/25/2013

The Nationwide Mortgage Licensing System and Registry (NMLS) held its fifth annual NMLS User Conference and Training in San Antonio, Texas from February 26 through March 1, 2013. The Conference brought together state and...more

You Need to Pay Attention to the Consumer Financial Protection Bureau

by Rich Benenson, Eric Berg, Jeffrey Rugg, Jonathan Sandler | Brownstein Hyatt Farber Schreck on 3/21/2013

For those companies who pay attention to the always evolving regulatory environment as we do at Brownstein Hyatt Farber Schreck, you have likely heard the debate regarding the validity of rules promulgated by organizations...more

Critical Mortgage Regulatory Updates by the Consumer Financial Protection Bureau for 2013 and 2014 [Video]

by Lawline.com on 3/8/2013

The Consumer Financial Protection Bureau (CFPB) has implemented sweeping mortgage regulatory updates that will have a direct and lasting impact on real estate practitioners. Fast on the heels of these changes, real estate...more

A bad month for payday lenders

by Jeremy T. Rosenblum | Ballard Spahr LLP on 3/1/2013

February was not a good month for payday lenders. As previously reported, on February 20, CFPB Director Cordray expressed pointed concerns about payday and short-term loan “debt traps” in a speech to the Consumer Advisory...more

Rogers Towers: Residential Lending and the Ability to Repay Rule

by Douglas L. Waldorf, Jr., Sara White | Rogers Towers on 2/14/2013

On January 10, 2013 the Consumer Financial Protection Bureau issued a rule imposing new requirements on residential mortgage lenders. The “Ability-to-Repay” rule was created to help implement certain provisions of the...more

Third Circuit Holds Notice Sufficient To Preserve Borrower’s Three-Year TILA Rescission Right

by BuckleySandler LLP on 2/13/2013

On February 5, the U.S. Court of Appeals for the Third Circuit held that a borrower need only provide written notice of intent to rescind a loan within the statutory three-year rescission period to preserve that right; a...more

Third Circuit TILA rescission decision adopts CFPB position

by Martin Bryce, Jr. | Ballard Spahr LLP on 2/8/2013

The Third Circuit has now joined the Fourth Circuit in ruling that a lawsuit seeking rescission filed more than there years after loan consummation is timely as long as the borrower sent a written notice of rescission within...more

Banking And Financial Services E-Note - January 24, 2013

by Burr & Forman on 1/28/2013

In This Issue: - Fed Governor Seeks to Regulate Banks Beyond Dodd-Frank - Small Banks Worry of "Walmartization" from Dodd-Frank Act - FDIC Passes Appraisal Standards for Higher-Risk Mortgages - Community Banks...more

CFPB Adopts Rules To Prevent Loan Originators From Steering Consumers Into Risky Mortgages

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 1/21/2013

The CFPB has issued rules to prevent mortgage lenders from steering borrowers into risky and high-cost loans. According to the CFPB, the rules ban certain incentives that loan originators had to sell unsafe loans to consumers...more

Financial Services Bulletin: Action At The CFPB

by Perkins Coie on 1/18/2013

On Thursday, January 10, 2013, the Consumer Financial Protection Bureau ("CFPB") issued a final rule amending Regulation Z pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). ...more

CFPB Issues Final Ability-to-Repay and Qualified Mortgage Rule

by Michele Coffey, Kathleen Collins, Ivan Harris, Kenneth Kliebard, Christian Mixter, Tonya Oliver | Morgan Lewis on 1/17/2013

Rule lists criteria that lenders must consider in determining a prospective borrower has the ability to repay a loan and defines Dodd-Frank's concept of a "qualified mortgage." On January 10, the Consumer Financial...more

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Lenders › Consumer Financial Protection Bureau

CFPB Zeroes in on Payday Loans

CFPB Solidifies Loan Originator Compensation Restrictions, Dumps Zero-Zero Requirement

New Risks for Indirect Lenders

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

American Bankers Association Real Estate Lending Conference - Qualified Mortgages: A Sea Change For Mortgage Lenders

CFPB Settles Allegations of Improper Payments by Mortgage Insurers

CFPB Investigates Captive Mortgage Reinsurance

CFPB Announces First RESPA Enforcement Actions

CFPB Takes Action Against Mortgage Insurers To End Kickbacks To Lenders

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - April 5, 2013

Update On Tribal Loans To State Residents

CFPB announces settlement of four enforcement actions against mortgage insurers

CFPB Issues Guidance On Indirect Auto Lending

CFPB To Pursue Auto Lenders For Illegal Discriminatory Markups

Special Alert: Report On 2013 NMLS Annual Conference

You Need to Pay Attention to the Consumer Financial Protection Bureau

Critical Mortgage Regulatory Updates by the Consumer Financial Protection Bureau for 2013 and 2014 [Video]

A bad month for payday lenders

Rogers Towers: Residential Lending and the Ability to Repay Rule

Third Circuit Holds Notice Sufficient To Preserve Borrower’s Three-Year TILA Rescission Right

Third Circuit TILA rescission decision adopts CFPB position

Banking And Financial Services E-Note - January 24, 2013

CFPB Adopts Rules To Prevent Loan Originators From Steering Consumers Into Risky Mortgages

Financial Services Bulletin: Action At The CFPB

CFPB Issues Final Ability-to-Repay and Qualified Mortgage Rule

Critical Mortgage Regulatory Updates by the Consumer Financial Protection Bureau for 2013 and 2014 [Video]

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