The CFPB’s 2020 Rulemaking Agenda provides a preview of the Bureau’s intended rulemaking activities for 2020. Here are the highlights of what we can look forward to in 2020:
Business Lending Data (Pre-rule Stage): Under...more
1/7/2020
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Final Rules ,
Financial Services Industry ,
HMDA ,
Mortgages ,
NPRM ,
Payday Lending Rule ,
Proposed Rules ,
Regulatory Agenda ,
Rulemaking Process ,
Small Business
The Eleventh Circuit recently affirmed a Florida bankruptcy court’s denial of plaintiff’s motion for sanctions. In doing so, the Court rejected the consumer’s attempt to import the FDCPA’s “least sophisticated consumer”...more
A district court in Michigan recently dismissed an FDCPA action, holding that a letter which included a bankruptcy disclaimer was for informational purposes only and did not violate the FDCPA. Tyler v. Fabrizio & Brook,...more
The CFPB has issued its Semi-Annual Report to Congress for the time period beginning April 1, 2018 and ending September 30, 2018. The Report is the first issued by newly confirmed Director Kathy Kraninger and outlines the...more
3/1/2019
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Consumer Complaint System ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Credit Reports ,
Debt Collection ,
Debt Collectors ,
FDCPA ,
Information Reports ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Payday Lending Rule ,
Rulemaking Process ,
SBREFA
For the first time in over a year, the CFPB has issued a Complaint Snapshot. A practice started by Cordray in 2015, the report is a high level snapshot of trends in consumer complaints and provides a summary of the volume of...more
In a case of first impression, the Fifth Circuit has held that the CFPB’s Mortgage Servicing Rules only apply to servicers and do not impute liability to the lender. In Christiana Trust v. Riddle, the consumer alleged that...more
On April 19, 2018, the CFPB’s Successor in Interest Rules take effect. Here’s what you need to know:
What do the Successor in Interest Rules require?
The Rules are really modifications to the Mortgage Servicing Rules...more
The Tenth Circuit has weighed in on whether a non-judicial foreclosure is debt collection activity. In doing so, the Tenth Circuit has joined a split in the circuits on the issue. With the Tenth Circuit’s decision the...more
Mortgage servicers need to carefully review their Transfer Notices when the debt is in default at the time of transfer. In an unpublished decision, the Eastern District of New York recently held that a “Notice of Servicing...more
7/12/2017
/ Banking Sector ,
Debt Collection ,
Disclosure Requirements ,
FDCPA ,
Financial Services Industry ,
Interest Rates ,
Mortgage Servicers ,
Mortgages ,
Motion to Dismiss ,
Principal Balance ,
Transfer of Interest
The CFPB has issued its monthly complaint report. The report is a high level snapshot of trends in consumer complaints. The report traditionally provides a summary of the volume of complaints by product category, by company...more
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
The CFPB’s most recent monthly report on consumer complaints spotlights student loans. The report is a high level snapshot of trends in consumer complaints. The Report provides a summary of the volume of complaints by product...more
The CFPB has issued its 2016 Fair Lending Report which provides a summary of the Bureau’s efforts in fair lending for 2016. The Report also includes an indication of the Bureau’s fair lending priorities for 2017. Here are...more
The CFPB issued its monthly report on consumer complaints this week. The report is a high level snapshot of trends in consumer complaints. The Report provides a summary of the volume of complaints by product category, by...more
3/31/2017
/ Banking Sector ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Card Surcharges ,
Credit Cards ,
Debt Collection ,
Mortgages ,
Regulatory Oversight ,
Rewards Programs ,
Student Loans
In a brief opinion, the Eleventh Circuit recently examined Regulation X’s requirement that a loan servicer provide a written response acknowledging receipt of a written request for information (“RFI”) pursuant to 12 C.F.R....more
The CFPB has issued its monthly complaint report and is shining its spotlight on mortgage products. The Monthly Complaint Report provides a high level snap shot of trends in consumer complaints, using a three month rolling...more
2/17/2017
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Escrow Accounts ,
Financial Institutions ,
Loans ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Prepaid Payment Products ,
Real Estate Market ,
Student Loans
The CFPB recently entered into consent orders with several Citibank subsidiaries attacking their mortgage servicing practices during the early days of the Mortgage Servicing Rules despite the CFPB’s assurances that early...more