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TCPA Update: Courts Deliver Mixed Bag on Customer Consent and Call Outsourcing

Having increased in number each of the past seven years, lawsuits alleging violations of the Telephone Consumer Protection Act of 1991 (TCPA) continue to plague the consumer finance industry. As should be expected with an...more

Hold the Phone – Debt Collectors Challenge FCC’s Take on TCPA

Businesses across America are waiting with bated breath for a ruling in ACA International, et al. v. FCC, a case brought by a debt collection industry group challenging the FCC’s order interpreting the Telephone Consumer...more

CFPB Agrees to Give Originators a Grace Period for Compliance with New TRID Regulations

On the eve of the New Year, the Consumer Financial Protection Bureau (CFPB) took steps to calm industry concerns about the effect of the new TILA RESPA Integrated Disclosure (TRID) rules enacted by the CFPB. Effective October...more

Uncivil Civil Investigative Demands

Responding to civil investigative demands (CIDs) issued by the CFPB is one of the larger challenges faced by financial institutions in acclimatizing to the new regulatory agency. Moreover, the CFPB has demonstrated that it...more

Are eClosings for Residential Loans the Future?

Noting that the residential mortgage origination process is often "fraught with anxiety" for consumers, CFPB Director Richard Cordray announced an upcoming pilot project that would assess how electronic closings could...more

5/27/2014  /  CFPB , Closing Documents , Mortgages

Foreclosure Notice Which States that Servicer has Authority to Amend or Modify the Loan May Not Satisfy Georgia Law

Eight months ago, we sent a client alert when the Georgia Supreme Court released its opinion responding to questions certified by the U.S. District Court for the Northern District of Georgia in You v. J.P. Morgan Chase Bank,...more

First Enforcement Action of "Operation Choke Point"

In a move that has since stirred up controversy on Capitol Hill, the United States Department of Justice (DOJ) in January filed an enforcement action and entered into a consent order with Four Oaks Bank & Trust Company, a...more

2/26/2014  /  Banks , DOJ , Enforcement Actions , Fraud

New Servicing Guidelines Going Into Effect January 10, 2014

The new Consumer Financial Protection Bureau (CFPB) servicing rules effective January 10, 2014 will change the legal landscape for mortgage servicers tremendously. Servicers now have very little time to accommodate the new...more

CFPB's New Regulations Will Affect Local Banks and Small Servicers

While the new regulations implemented by the Consumer Financial Protection Bureau (CFBP) are designed to apply primarily to big banks and loan servicers, the regulatory environment for small and community banks will also be...more

CFPB Demonstrates its Broad Scope

While it has only just begun its third year, the CFPB has already left its mark with a series of recent enforcement actions. Below are four examples of how the CFPB has wielded the broad scope of its mandate....more

Impasse on CFPB Director Resolved

One of the most unsettled issues facing mortgage servicers and lenders has been the uncertainty regarding the host of new regulatory rules regarding loan servicing and origination set to go into effect on January 10, 2014....more

Georgia's Long-Awaited Ruling Finds in Favor of Lenders

Today, the Georgia Supreme Court, in You v. JP Morgan Chase Bank, N.A. et al., S13Q0040, held that the assignee of a security deed can conduct a non-judicial foreclosure sale without holding or owning the underlying...more

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