Last month, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion on the attempted enforcement of time-barred alleged debt collection rights as to second mortgage loans. It is a violation of the Fair Debt...more
In February, the Consumer Financial Protection Bureau (CFPB) proposed amending the Federal Reserve Board’s Regulation Z with respect to the amount of fees that credit card issuers are permitted to charge their customers for...more
5/19/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Proposed Rules ,
Regulation Z ,
SBREFA ,
Truth in Lending Act (TILA)
At the beginning of his term, President Biden declared that his administration would make it a policy to eliminate “racial bias and other forms of discrimination in all states of home-buying and renting.”...more
10/5/2021
/ Biden Administration ,
Community Reinvestment Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Disparate Impact ,
Dodd-Frank ,
Enforcement Actions ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
First-Lien ,
Housing Market ,
Mortgages ,
OCC ,
Racial Bias ,
Real Estate Transactions ,
Redlining ,
Section 1071 ,
Settlement Agreements
While declining to rule that the Consumer Financial Production Bureau (CFPB) itself is unconstitutional — a position taken by many of the agency’s opponents since it began operating in July 2011 — the U.S. Supreme Court...more
The Consumer Financial Protection Bureau (CFPB) recently announced that it will allow the so-called “GSE patch” to expire in January 2021. This patch permits Government-Sponsored Entities Fannie Mae and Freddie Mac to buy...more
8/20/2019
/ Ability-to-Repay ,
Bright-Line Rule ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Fannie Mae ,
Financial Regulatory Reform ,
Financial Services Industry ,
Freddie Mac ,
GSE ,
Housing Market ,
Loans ,
Mortgages
On November 1, President Trump formally did away with a Consumer Financial Protection Bureau (CFPB) arbitration rule that would have given consumers the opportunity to file class actions against banks and other companies in...more
11/3/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Federal Arbitration Act ,
Financial Services Industry ,
Richard Cordray ,
Trump Administration
For those who have been wondering—as I did in a previous post—what the new presidential administration would mean for the Consumer Financial Protection Bureau (CFPB), an agency that has been in Republicans’ crosshairs...more
3/23/2017
/ Administrative Proceedings ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Dodd-Frank ,
PHH Corp. v CFPB ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statutory Interpretation ,
Trump Administration
With 2016 rapidly drawing to a close, here are some thoughts regarding the types of litigation and legal/regulatory issues that will likely be top-of-mind for financial services companies, especially mortgage companies and...more
12/23/2016
/ Banks ,
Civil Investigation Demand ,
Consumer Financial Protection Bureau (CFPB) ,
Data Breach ,
Data Security ,
Department of Justice (DOJ) ,
Department of Labor (DOL) ,
FDIC ,
Federal Trade Commission (FTC) ,
Fiduciary Rule ,
Financial Services Industry ,
Indemnification Clauses ,
Mortgage Lenders ,
PHH Corp. v CFPB ,
RMBS
After the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 authorized its creation, the Consumer Financial Protection Bureau (CFPB) began operating on July 21, 2011. In the more than five years since it...more
8/23/2016
/ Arbitration ,
Arbitration Agreements ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
Mandatory Arbitration Clauses
Virtually ever since its inception on July 21, 2011, the Consumer Financial Protection Bureau (CFPB) has inspired wariness and skepticism in the financial institutions and financial services providers, subject to this new...more
5/6/2016
/ Administrative Law Judge (ALJ) ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
Insurance Industry ,
Jurisdiction ,
Kickbacks ,
Mortgage Insurance ,
Mortgage Servicers ,
Mortgages ,
Popular ,
Recess Appointments ,
Reinsurance ,
RESPA
In the span of two days, mobile device users learned of two data breaches that could compromise their personal data. In one, Experian (a credit reporting agency) reported that it was hacked, potentially putting 15 million...more
10/19/2015
/ Android ,
AT&T ,
Banking Sector ,
Banks ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Entities ,
Credit Reporting Agencies ,
Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Data Security ,
Department of Health and Human Services (HHS) ,
Derivative Suit ,
Enforcement Actions ,
EU ,
Experian ,
FBI ,
FCC ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
FTC v Wyndham ,
Google ,
Hackers ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Healthcare ,
Mobile Device Management ,
Mobile Devices ,
Personal Data ,
Personally Identifiable Information ,
Popular ,
Privacy Concerns ,
Privacy Laws ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Shareholder Litigation ,
T-Mobile ,
Telecommunications ,
Verizon ,
Wyndham
Concerned about “increasing uncertainty surrounding regulatory oversight of these types of arrangements,” Wells Fargo is ending all of its roughly 200 mortgage marketing services and desk rental agreements with builders and...more
8/11/2015
/ Banking Sector ,
Banks ,
Borrowers ,
Construction Industry ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Institutions ,
Home Buyer ,
HUD ,
Kickbacks ,
Lenders ,
Loans ,
Mortgage Servicers ,
Mortgages ,
Real Estate Brokers ,
Real Estate Market ,
Regulatory Oversight ,
RESPA ,
Wells Fargo
Evidence is mounting that the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) are taking a renewed interest in investigating possible redlining—the practice of lenders charging certain groups...more
An increasing number of banks, mortgage lenders, auto finance companies and other financial services industry participants are dealing with inquiries, investigations and actual or threatened legal claims from the Consumer...more
Watch an in-depth webinar presented by Litigation Partner Philip R. Stein, about the Consumer Financial Protection Bureau's attempts to expand its jurisdiction and authority over consumer finance companies and financial...more
In the past few years, the federal government has devoted substantial resources to scrutinizing and litigating what it perceives to be unfair, deceptive or abusive mortgage-lending practices. Looking forward, all indications...more
It looks like yet another illegal kickback scheme involving mortgage insurance has been uncovered in the residential mortgage industry. Recently the Consumer Financial Protection Bureau (“CFPB”) filed a lawsuit in the U.S....more
The Consumer Financial Protection Bureau (“CFPB”), the financial watchdog agency created following the 2008 financial crisis to protect consumers from unfair, deceptive, and abusive practices in the financial products and...more