The CFPB reached a settlement with New Day Financial, LLC (NewDay), to resolve allegations that the non-bank mortgage lender violated the Consumer Financial Protection Act by misleading active-duty servicemembers and veterans...more
A couple of months ago, the Consumer Financial Protection Bureau issued a research paper it said revealed that many active duty servicemembers who were entitled to interest rate reductions under the federal Servicemembers...more
Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more
On July 22, 2015, the Department of Defense (DOD) published sweeping changes to its rules that implement the Military Lending Act (MLA). The amended rules significantly expand the scope of the MLA provisions by covering both...more
Not only student loan servicers, but all companies, particularly those subject to the CFPB’s supervisory authority, face new compliance risk under the Servicemembers Civil Relief Act (the “SCRA”) as a result of the stunning...more