The CFPB has scheduled two sessions to provide a preview of its nonbank enforcement order registry. The virtual-only discussions are scheduled for September 30 and October 9. Both sessions will feature the same content....more
The most frequent consumer debt collection complaints filed with the CFPB in 2023 were attempts to collect debts that actually were not owed, the bureau said in its annual Fair Debt Collection Practices Act report....more
9/12/2024
/ Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt ,
Debt Collection ,
Debt Collectors ,
Enforcement Actions ,
FDCPA ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry
The CFPB’s latest focus on consumer fees is targeting payment processors for school lunches. The CFPB says that families who choose to purchase school lunches are being forced to pay fees to companies that process their...more
8/6/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Fees ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Public Schools ,
Regulatory Agenda ,
School Districts ,
School Lunch Programs
The complexity of loss mitigation programs designed to assist distressed mortgage borrowers during the COVID-19 pandemic may have been too daunting for many borrowers to seek help, the CFPB said, in a report released last...more
7/16/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Coronavirus/COVID-19 ,
Delinquent Borrowers ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loss Mitigation ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
Proposed Rules ,
Regulation X ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements
The CFPB recently issued its long-awaited proposed rule amending the mortgage servicing rules under Regulation X, with a focus on streamlining and expanding the loss mitigation procedures and foreclosure protections. The...more
7/16/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Delinquent Borrowers ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loss Mitigation ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
Proposed Rules ,
Regulation X ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements
The CFPB issued its final rule, titled the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule, on June 3, 2024. The rule will require certain nonbank entities to register certain covered...more
6/5/2024
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Enforcement Actions ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Nonbank Firms ,
Regulatory Agenda ,
Reporting Requirements
On December 18, 2019, the New York Department of Financial Services (DFS) issued its Final Regulations detailing the business conduct rules for mortgage loan servicers. ...more
1/27/2020
/ Affiliated-Business Arrangements ,
Books & Records ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Covenant of Good Faith and Fair Dealing ,
Delinquent Borrowers ,
Escrow Accounts ,
Fees ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loss Mitigation ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
NYDFS ,
Regulation X ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Rulemaking Process ,
State and Local Government
A portion of the Treasury’s report entitled “A Financial System That Creates Economic Opportunities, Nonbank Financials, Fintech, and Innovation” focuses on the mortgage industry. ...more
As covered earlier this week in a legal alert, the U.S. Department of the Treasury issued a report recommending sweeping regulatory changes for consumer financial services. Within the report, the Treasury also recommended a...more
8/17/2018
/ Appraisal ,
Depository Institutions ,
False Claims Act (FCA) ,
Federal Housing Administration (FHA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
FIRREA ,
Foreclosure ,
Ginnie Mae ,
GSE ,
HUD ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
Promissory Notes ,
Real Estate Market ,
U.S. Treasury
The New York Department of Financial Services (DFS) recently proposed a regulatory framework for virtual currency firms. In doing so, New York is the first state to propose a specially tailored regulatory framework for...more
The CFPB announced it will begin the rulemaking process for changes to the reporting requirements under the Home Mortgage Disclosure Act (HMDA). As an initial step, the CFPB will convene a Small Business Review Panel to seek...more