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Fall 2017 Consumer Financial Protection Bureau Update

by Burr & Forman on

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) is a U.S. government agency created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is the first federal agency tasked solely with the...more

Court denies restitution sought by CFPB in lawsuit against biweekly mortgage payment companies

by Ballard Spahr LLP on

In another recent defeat for the CFPB, a California federal district court refused to award restitution sought by the CFPB in its lawsuit filed in May 2015 against two related companies offering a biweekly mortgage payment...more

SCOTUS denies petition for certiorari in case asserting recess appointment defense to CFPB enforcement action

by Ballard Spahr LLP on

On Monday, the U.S. Supreme Court denied the petition for certiorari in CFPB v. Chance Edward Gordon, a case filed by the CFPB in 2012 that alleged the defendant had duped consumers by falsely promising loan modifications in...more

Kerfuffle on statute of limitations issue in PHH case

by Ballard Spahr LLP on

On June 7, the CFPB submitted a Rule 28(j) letter to the D.C. Circuit in the PHH case. In the letter, the CFPB embraced the fact that the Supreme Court’s recent Kokesh v. SEC decision makes the five-year statute of...more

Consumer Financial Services Law - March 30, 2017

Industry Groups Respond on Consumer Access to Financial Records - Financial industry groups responded to the Consumer Financial Protection Bureau's (CFPB) request for information on consumer access to their financial...more

Legal Notebook for the Australia and New Zealand Property Journal

by DLA Piper on

The attached article appeared in the Australia and New Zealand Property Journal and addresses a recent decision of the Federal Court of Australia, Director of Consumer Affairs v Hocking Stuart Richmond Pty Ltd [2016] FCA...more

Letter Warning of Lien Recordation Subject to FDCPA, Ninth Circuit Holds

by Ballard Spahr LLP on

A law firm's letter, warning that a lien would be recorded against a woman's home if she failed to pay her annual homeowners association fees, is not exempt from the Fair Debt Collection Practices Act (FDCPA) as an attempt to...more

Redlining Action Against BancorpSouth: The Department of Justice and the Consumer Financial Protection Bureau Join Forces

by Nexsen Pruet, PLLC on

Late last year, the Department of Justice (“DOJ”) and the Consumer Financial Protection Bureau (“CFPB”) brought a joint action against Hudson City Savings Bank (“Hudson Bank”) for redlining. Hudson Bank, based in New Jersey,...more

Massachusetts AG Settles With Insurance Company Over Allegedly Improper Force-Placed Insurance

by Goodwin on

On September 7, 2016, the Massachusetts Attorney General announced a settlement with an insurance company requiring “refunds for Massachusetts homeowners whose mortgage lenders wrongly force-placed the consumers with [the...more

Consumer Financial Services Newsletter - August 2016

by Hinshaw & Culbertson LLP on

Seventh Circuit Rules: Filing a Proof of Claim for Old Debt Is Okay — Circuits Split - Owens et al. v. LVNV Funding LLC et al., Nos. 15-2044, 15-2082, 15-2109 (7th Cir. Aug.10, 2016) - In Owens v. LVNV Funding LLC,...more

Most Recent CFPB Supervisory Highlights Feature FCRA, LO Compensation and Debt Collection Issues

The Consumer Financial Protection Bureau’s most recent supervisory highlights publication featured issues relating to the Fair Credit Reporting Act, loan originator compensation and in-person debt collection that should be on...more

CFPB Week in Review

The Consumer Financial Protection Bureau (CFPB) had another busy week. Here is an overview of what the CFPB was up to recently: Enforcement Actions and Litigation - Enforcement Action Against Santander Bank...more

OCC Imposes $70 Million Fine Against National Bank for Allegedly Violating Mortgage Servicing Consent Order

by Goodwin on

On May 25, the Office of the Comptroller of Currency (OCC) entered a consent order with a national bank stemming from allegations that the bank violated a 2011 consent order concerning its mortgage servicing related...more

CFPB Enters Consent Order with Loan Officer Over Alleged Mortgage Fee-Shifting Scheme

by Goodwin on

On May 26, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a former loan officer of a national bank, whom the CFPB alleges increased the number of loans he sold by...more

CMA warns UK estate agents against colluding in online portal selection

by Bryan Cave on

On 21 April 2016, the Competition and Markets Authority (“CMA”) published an open letter to estate agents in the UK stressing the importance of making independent commercial decisions and warning them against unlawful...more

CFPB Jolts Loan Originator Over Mortgage Origination

by McGuireWoods LLP on

On June 4, 2015, the Consumer Financial Protection Bureau (CFPB) filed a complaint in the United States District Court for the Northern District of California against RPM Mortgage, Inc. (RPM), and its CEO, Erwin Robert Hirt....more

Do the CFPB Mortgage Servicing Rules Provide For Rescission?

The Consumer Financial Protection Bureau’s (CFPB) mortgage servicing rules have now been in place for nearly 18 months. These rules have set forth extensive loss mitigation procedures that nearly all servicers must follow. In...more

CFPB Asserts Sweeping RESPA Enforcement Authority In First Appellate Decision

by McGuireWoods LLP on

In a decision asserting broad authority for the CFPB and which is certain to set the tone for future CFPB appellate rulings, Bureau director Richard Cordray recently issued the Bureau’s first decision from an appeal of a...more

CFPB Director Cordray Issues First-Ever Agency Appellate Decision in RESPA Case

by Foley & Lardner LLP on

The Director of the Federal Consumer Financial Protection Bureau (CFPB), Richard Cordray, issued a decision yesterday in the first appeal of a Bureau administrative enforcement action. Cordray’s decision upholds in part,...more

CFPB settles loan originator compensation case

by Ballard Spahr LLP on

The CFPB has entered into a proposed consent order with a mortgage company and its CEO to settle charges that the company paid bonuses and higher commissions to loan officers in violation of the Regulation Z loan originator...more

Listing Unaccrued Debts In Legal Pleadings Can Leave Creditor Attorneys Liable for FDCPA Damages

When drafting demand letters and complaints, creditors and their attorneys must be cautious when demanding fees from the debtor which the creditor has not yet incurred. The Third Circuit has announced that including a demand...more

Mortgage Servicing Transfers: Meeting the Operational and Regulatory Demands

by MoFo Reenforcement on

In This Presentation: - The “Old” Ways - New Federal Framework for Servicers - Dodd-Frank Act - National Mortgage Settlement - CFPB at the Center - CFPB Regulations (Reg X) - CFPB...more

National Mortgage Servicer Pays CFPB and FTC $63 Million to Settle Claims Over Alleged Servicing Violations

by McGuireWoods LLP on

On April 21, 2015, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) announced a joint enforcement action and joint order with a national mortgage servicer. ...more

Important Fair Debt Collection Practices Act Holding by the Third Circuit Court of Appeals: Misstatements in Foreclosure...

by Tucker Arensberg, P.C. on

On April 7, 2015, a decision in the case of Kaymark vs. Bank of America, N.A. was handed down by the Third Circuit Court of Appeals, in a precedential opinion authored by Judge Fisher and joined in by Judges Fuentes and...more

Mortgage company that entered into CFPB consent order moves to dismiss class action claims

by Ballard Spahr LLP on

Earlier this week, Castle & Cooke Mortgage, LLC, the mortgage company that entered into a consent order with the CFPB in November 2013 to settle charges that it violated the Regulation Z loan originator compensation rule (“LO...more

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