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Not All Compliance Management Systems (CMS) are Created Equal

While the CFPB continues to expand into various business lines and increase the number of industries they supervise and hold enforcement power over, the FDIC, FED and various state regulators have all incorporated the CFPB's...more

What You Need to Know from the CFPB Spring 2017 Supervisory Highlights

The Consumer Financial Protection Bureau (CFPB) released its Spring 2017 Supervisory Highlights last month. This is the 15th volume to be released and each volume is a great resource to obtain line-of-sight into what the CFPB...more

Vendor Relations – Your Best Friends Really Can Hurt You

Baker Donelson's Data Protection, Privacy and Cybersecurity attorneys are pleased to continue a series of client alerts that address significant cyber-threats to your business and discuss ways you can protect your business...more

Expect a Change to Regulation of Non-Bank Mortgage Servicers

Last month, Citigroup announced plans to exit the mortgage servicing business and sell off a $97 billion portfolio to a non-bank servicer and transfer their remaining mortgage servicing rights (MSRs) to another non-bank...more

President Trump’s Financial Regulation Executive Order – This is Just the Beginning

On February 3, President Trump issued an Executive Order titled “Core Principals for Regulating the United States Financial System.” This order outlines the President’s policy for the regulation of the U.S. financial system...more

Time to Review Your Online Marketing Practices and Privacy Policies

Earlier this week, the Federal Trade Commission (FTC) released a staff report on cross-device tracking which is part of a larger series of efforts by the FTC to explore emerging issues in the ever-evolving area of online...more

CFPB Continues Its Focus on Medical Debt

Last week, the Consumer Financial Protection Bureau (CFPB) announced a consent order with two debt collection law firms specializing in medical debt. This action is similar to prior CFPB enforcement actions taken against debt...more

Industry May Be Foreshadowing More CFPB Challenges

In our last newsletter, we discussed the CFPB's proposed amendments to its rule regarding the confidential treatment of information obtained from supervised or regulated entities in connection with the exercise of the...more

How Does the CFPB View Private Label Servicing?

As mortgage servicing compliance costs have risen year over year, lenders have looked for a way to decrease costs while retaining their customer visibility and brand awareness. In response to this demand, private label...more

Next Steps for Residential Lenders in Light of CFPB Approval to Collect Borrowers’ Disaggregated Ethnic and Racial Categories

Lending institutions can implement the use of disaggregated ethnic and racial categories in their home loan applications beginning January 1, 2017, an entire year ahead of HMDA’s original deadline. Overview: The CFPB has...more

10/21/2016  /  CFPB , HMDA , Mortgage Lenders , Mortgages , Regulation C

CFPB's Structure Declared Unconstitutional – What You Need to Know

The CFPB suffered a blow yesterday in the most significant attack against its authority to date. In PHH Mortgage's appeal from a $109,000,000 disgorgement order issued by the CFPB in June of 2015, the U.S. Court of Appeals...more

FFIEC Releases Updates to Information Security Booklet

The Federal Financial Institutions Examination Council (FFIEC) recently revised their Information Security Booklet. This moves the financial services industry one step closer to defining clear cybersecurity and data...more

Happy Fifth Birthday, CFPB: It's Time for Your Check-Up

This past July marked the five year anniversary of the CFPB. The industry has accumulated a laundry list of criticism for the regulator including the practice of regulation through enforcement, lack of issued guidance, an...more

9/21/2016  /  CFPB , Dodd-Frank , Mortgages

CFPB Amends Mortgage Servicing Rules

After years of requests for clarification, last week the CFPB finally issued an amendment to their mortgage servicing rules. As early as October 2013 the CFPB began to clarify said rules when they issued Bulletin 2013-12...more

The CFPB's Overhaul of Debt Collection Regulation

Yesterday, the CFPB continued its march towards the overhaul of debt collection regulation by releasing its proposals for a new rule. An Advance Notice of Proposed Rulemaking (ANPR) back in November 2013 signaled a lot of...more

SCOTUS to Review the Reach of the Fair Housing Act

On June 28, 2016, the Supreme Court granted Wells Fargo's petition for a writ of certiorari in Wells Fargo & Co. and Wells Fargo Bank, N.A. v. The City of Miami as well as Bank of America's petition for a writ of certiorari...more

Lessons Learned from the CFPB and DOJ's Latest Fair Lending Enforcement Action

On June 29, 2016, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) demonstrated the agencies' continued emphasis on fair lending with the announcement of a joint action against BancorpSouth...more

7/5/2016  /  CFPB , Discrimination , DOJ , Fair Lending , Mortgages

CFPB Issues Proposed Rule for Payday Lending

Yesterday the CFPB released its long-awaited proposed rule covering payday loans, auto title loans, deposit advance products and certain high-cost installment and open-end loans. The Bureau proposes that this population of...more

Supreme Court Reshapes Consumer Financial Law with Two Recent Decisions

The Supreme Court issued two interesting decisions recently that will affect the consumer financial industry. In Spokeo, Inc. v. Robins, the Court held that when it comes to Fair Credit Reporting Act (FCRA) violations,...more

CFPB's New HMDA Rule Still Leaves Privacy Concerns Unanswered

The implementation date of the CFPB's final Home Mortgage Disclosure Act (HMDA) Rule is fast approaching and the mortgage industry still has not received any answers in regards to their data privacy concerns. As widely...more

Someone Needs to Take the Lead on Data Security for Financial Services Industry

Cybersecurity and data protection – or more specifically, the lack of it – in the financial services industry present risks for both an institution's consumers and the institution's safety and soundness. The presence of both...more

CFPB Wants to Prohibit Class Action Waivers in Arbitration Clauses

Today, the CFPB announced its proposed rule that would prohibit class action waivers in arbitration clauses in contracts governing consumer finance products. While the proposal does not include a complete ban on all...more

CFPB Field Hearing May Unveil New Rule on Arbitration Agreements

The CFPB is continuing its march towards a new rule governing the use of arbitration clauses in consumer lending contracts. On April 20, the Bureau announced its next step will be to conduct a field hearing in Albuquerque,...more

CFPB's Latest Action is Against the Co-Founders of a Lead Aggregator

On April 21 the Consumer Financial Protection Bureau (CFPB) brought its latest enforcement action by filing a civil suit in the United States District Court for the Central District of California (CDCA) against Dmitry...more

The CFPB's New Debt Collection Rule is Coming

The CFPB published its fifth annual report summarizing activities to administer the Fair Debt Collection Practices Act (FDCPA) on March 22. The report does not provide a date to expect the CFPB's new rule on debt collection,...more

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