Based on a recent report from the Financial Stability Oversight Council (FSOC), nonbank mortgage companies (NMCs) need to prepare for additional regulatory scrutiny from both state and federal regulators. In the report, FSOC...more
The CFPB released its Supervisory Highlights, Mortgage Servicing Edition on April 24, 2024. These highlights share the CFPB’s findings from supervisory examinations completed between April 1, 2023, and December 31, 2023....more
This week, in line with the CFPB’s ever-increasing focus on fair lending, Fannie Mae issued a Fair Servicing Best Practices Guide to promote “servicer awareness of fair servicing best practices.” Taking a big picture...more
On June 21, 2023, the CFPB released two Data Spotlight reports focused on the Southern states, entitled “Banking and Credit Access in the Southern Region of the U.S.” and “Consumer Finances in Rural Areas of the Southern...more
On June 21, 2023, the CFPB released two Data Spotlight reports focused on the Southern states, entitled “Banking and Credit Access in the Southern Region of the U.S.” and “Consumer Finances in Rural Areas of the Southern...more
On April 26, 2023, the CFPB issued an advisory opinion clarifying that a debt collector who brings or threatens to bring a foreclosure action to collect a time-barred mortgage debt may violate the Fair Debt Collection...more
On March 31, 2023, the CFPB released its annual consumer complaints report. Although there was a significant increase in non-mortgage related complaints, the volume of mortgage-related complaints decreased compared to...more
On January 18, 2023, the Consumer Financial Protection Bureau (CFPB) released an updated version of its Mortgage Servicing Examination Manual. As the CFPB described in a corresponding blog post, the manual outlines “the types...more
As we all hit the grocery store for that forgotten cranberry sauce and send a few last urgent work emails, we hope everyone is able to be with friends and family this Thanksgiving. Here at Bradley, we are counting our...more
On October 19, 2022, the Fifth Circuit Court of Appeals issued its opinion in Community Financial Services Association of America, et al. v. CFPB (CFSA v. CFPB) invalidating the CFPB’s Payday, Vehicle-Title, and Certain...more
10/21/2022
/ Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Counsel ,
En Banc Review ,
Payday Loans ,
Petition for Writ of Certiorari ,
Regulatory Violations ,
SCOTUS ,
Separation of Powers ,
Small Dollar Lenders ,
Vehicle Title
On July 27, 2022, the Consumer Financial Protection Bureau (CFPB) and the United States Department of Justice (DOJ) filed a complaint in the United States District Court for the Eastern District of Pennsylvania against...more
The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion on June 29, 2022, clarifying its view as to the legality under the Fair Debt Collection Practices Act (FDCPA) of “convenience fees” for optional...more
The current leadership of the CFPB has not been shy about highlighting the importance of fair lending—and it is becoming increasingly clear that fair lending and equity within the financial services industry is one of the...more
The COVID-19 pandemic has been a focal point for the Consumer Financial Protection Bureau (CFPB) – especially with regard to mortgage servicers and loss mitigation programs. In its Fall Supervisory Highlights, the CFPB noted...more
Now that the pandemic’s “social distancing” is lessening, we hope you are all able to gather with friends and family this Thanksgiving. As we do the same, we wanted to count our blessings as we review the year. This year, we...more
11/29/2021
/ CARES Act ,
Consolidated Appropriations Act (CAA) ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Debt Collectors ,
Dodd-Frank ,
FDIC ,
Federal Trade Commission (FTC) ,
Final Rules ,
Foreclosure ,
GLBA Privacy ,
HMDA ,
Loan Servicer ,
Loss Mitigation ,
Moratorium ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
NPRM ,
OCC ,
Regulation F
Late last week, the Consumer Financial Protection Bureau (CFPB) released an interpretive rule that provided much-welcome guidance related to the effect of the new Juneteenth National Independence Day on disclosure waiting...more
8/10/2021
/ Banking Sector ,
Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Financial Institutions ,
Financial Services Industry ,
Holidays ,
Interpretive Rule ,
Mortgage Lenders ,
Mortgages ,
TILA-RESPA Integrated Disclosure Rule (TRID)
In recent months, regulatory bodies throughout the federal government have focused on ways to promote greater access to financial products and services to limited English proficiency (LEP) consumers. Take for example the...more
On Thursday, the Federal Housing Finance Agency (FHFA) issued a policy statement covering its views on fair lending requirements (Fair Lending Policy Statement) under the Equal Credit Opportunity Act, the Fair Housing Act,...more
One of the Biden administration’s first actions was a January 25, 2021, executive order on Redressing Our Nation’s and the Federal Government’s History of Discriminatory Housing Practices and Policies, whereby the White House...more
6/29/2021
/ Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Discriminatory Effects Rule ,
Discriminatory Lending Practices ,
Disparate Impact ,
Executive Orders ,
Fair Housing Act (FHA) ,
Fair Lending ,
Housing Discrimination ,
HUD ,
Notice of Proposed Rulemaking (NOPR) ,
SCOTUS ,
Texas Dept of Housing v Inclusive Communities
On April 5, 2021, the Consumer Financial Protection Bureau issued a proposal to amend the existing loss mitigation rules in Regulation X. As stated in the Bureau’s press release, the proposal is designed to “help prevent...more
On January 28, 2021, Acting Director David Uejio of the Consumer Financial Protection Bureau (CFPB) confirmed the CFPB’s new, aggressive approach to enforcement of COVID-19-related matters. Uejio’s statement, posted as a...more
Last year, our blog, What Does CA AB 3088 Mean for Mortgage Servicers?, examined some new and notable obligations California imposes on mortgage servicers, including requirements to provide forbearance denial notices. In that...more
1/15/2021
/ California ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Fair Market Value ,
Forbearance Agreements ,
Landlords ,
Loss Mitigation ,
Mortgage Servicers ,
Property Owners ,
Regulation X ,
Rental Property
The March 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) contains a number of provisions that help borrowers with federally backed mortgage loans. Among these are forbearance protections for borrowers...more
1/5/2021
/ CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Department of Veterans Affairs ,
Fannie Mae ,
FHFA ,
Forbearance Agreements ,
Foreclosure ,
Freddie Mac ,
Moratorium ,
Multi-Family Housing ,
Paycheck Protection Program (PPP) ,
Single Family Housing ,
USDA
Oh what a year it has been in the mortgage servicing world! In 2020, our COVID-19 Compliance Roundtable met weekly to discuss emerging compliance issues under the CARES Act, federal agency guidance, state laws and orders, and...more
As everyone steps away from their (home) office to celebrate Thanksgiving, we wanted to count our blessings as we review this truly remarkable and unusual year. In addition to frontline healthcare workers, good WI-FI, food...more
11/30/2020
/ CARES Act ,
Chapter 13 ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Electronic Notarization Standard ,
Eviction ,
Executive Orders ,
Fair Housing Act (FHA) ,
FDCPA ,
FDIC ,
Federal Student Loans ,
Flood Insurance ,
Forbearance Agreements ,
Foreclosure ,
HUD ,
Interim Final Rules (IFR) ,
Libor ,
Moratorium ,
OCC ,
Popular