News & Analysis as of

CARES Act Consumer Financial Protection Bureau (CFPB)

McGlinchey Stafford

What Mortgage Servicers Need to Know About CFPB’s Junk Fees Update

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In early March 2023, the Consumer Financial Protection Bureau (CFPB) issued a special edition of its Supervisory Highlights that focused exclusively on “junk fees” uncovered in supervisory examinations in various industries,...more

Goodwin

FINRA Provides Update on Social Media Influencers, Customer Acquisition and Related Information Protection

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In February, FINRA provided an update (Update) concerning the targeted exam (Sweep) launched in September 2021 to review firms’ practices concerning customer acquisition through social media channels and the way firms share...more

Alston & Bird

The COVID-19 National Emergency is Ending: Are mortgage servicers ready?

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A&B Abstract: On January 30, 2023, President Biden informed Congress that the COVID-19 National Emergency (the “COVID Emergency”) will be extended beyond March 1, 2023, but that he anticipates terminating the national...more

Bradley Arant Boult Cummings LLP

CFPB Updates Mortgage Servicing Exam Procedures

On January 18, 2023, the Consumer Financial Protection Bureau (CFPB) released an updated version of its Mortgage Servicing Examination Manual. As the CFPB described in a corresponding blog post, the manual outlines “the types...more

Hudson Cook, LLP

CFPB Bites of the Month: A December to Remember

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In this month's Top 10 article, we share some of our top "bites" for the prior month covered during the December 21, 2022, webinar. So, what happened last month?...more

Wiley Rein LLP

Wiley Consumer Protection Download (December 5, 2022)

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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

Alston & Bird

CFPB Publishes Fall 2022 Supervisory Highlights

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A&B Abstract: On November 16, 2022, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) released its Fall 2022 Supervisory Highlights (Issue 28) (the “Supervisory Highlights”), which, among other things, announces...more

Bradley Arant Boult Cummings LLP

We Wish You a Happy Thanksgiving as We Count Our Blessings

As we all hit the grocery store for that forgotten cranberry sauce and send a few last urgent work emails, we hope everyone is able to be with friends and family this Thanksgiving. Here at Bradley, we are counting our...more

Bradley Arant Boult Cummings LLP

The Future of Default Servicing

As fears of a recession grow, it would be prudent for everyone—servicers and regulators alike—to think hard about default servicing improvements and reforms. More than two years after the COVID-19 pandemic took hold of the...more

Sheppard Mullin Richter & Hampton LLP

CFPB Report on Mortgage Servicers Examines Industry Responses After Pandemic Protections End

On May 16, the CFPB released a report examining metrics on mortgage servicers’ responses to the COVID-19 pandemic.  According to the report, homeowners are still facing significant risks and challenges in working with...more

Bradley Arant Boult Cummings LLP

Prosecution Of NY Lender Marks Shift In PPP Enforcement

Until recently government enforcement and regulatory scrutiny of fraud and other misconduct relating to COVID-19 relief programs were generally limited to end recipients of the relief. These efforts have mostly been...more

Bradley Arant Boult Cummings LLP

CFPB Fall Supervisory Highlights Shed Light on Agency Priorities – Mortgage Servicing Loss Mitigation Violations

The COVID-19 pandemic has been a focal point for the Consumer Financial Protection Bureau (CFPB) – especially with regard to mortgage servicers and loss mitigation programs. In its Fall Supervisory Highlights, the CFPB noted...more

Ballard Spahr LLP

CFPB and DOJ send joint letters to landlords and mortgage servicers on CARES Act and SCRA protections

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On Monday, the CFPB and DOJ announced that they sent joint letters to landlords/property management companies and mortgage servicers regarding the protections given to servicemembers by the Coronavirus Aid, Relief and...more

Perkins Coie

Consumer Financial Protection Bureau Issues 25th Supervisory Highlights

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On December 8th, the Consumer Financial Protection Bureau (CFPB) issued the 25th edition of its Supervisory Highlights report, which covers examinations completed in the first half of 2021. The CFPB reported on violations...more

Wiley Rein LLP

Wiley Consumer Protection Download (December 13, 2021)

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Thank you for your interest in the Wiley Consumer Protection Download! This will be our last publication of 2021, with our bi-weekly newsletter returning in January 2022. Welcome to Wiley’s update on recent developments...more

Nutter McClennen & Fish LLP

Nutter Bank Report: November 2021

Federal Banking Agencies Publish Policy Road Map for Crypto-Asset Activities - The federal banking agencies have issued a joint statement summarizing their interagency “policy sprints” focused on crypto-asset activities...more

Bradley Arant Boult Cummings LLP

After (Another) Unusual Year, We’re Very Thankful and Wish You a Happy Thanksgiving

Now that the pandemic’s “social distancing” is lessening, we hope you are all able to gather with friends and family this Thanksgiving. As we do the same, we wanted to count our blessings as we review the year. This year, we...more

Ballard Spahr LLP

CFPB education loan ombudsman report foreshadows active and wide-ranging engagement by “new CFPB” in student loan market

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The CFPB Education Loan Ombudsman has issued his annual report covering the period from September 1, 2020 through August 31, 2021....more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights, Volume 2, Issue 22

What to Expect as Education Department Gets Ready to Resume Student Loan Payments - "After nearly two years of pausing student loan bills, the U.S. Department of Education is trying to figure out how to start collecting...more

Snell & Wilmer

New CFPB Rules Set Out Mortgage Servicer Requirements in Response to End of COVID-19 Foreclosure Moratorium

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The Consumer Financial Protection Bureau (“CFPB”) announced post-COVID-19 mortgage servicing rules that went into effect August 31, 2021 (“Rules”). The Rules are designed to protect borrowers from “avoidable foreclosures” and...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights, Volume 2, Issue 18

Why the Overturned Eviction Moratorium May be Too Little, Too Late for Both Renters, Landlords - "However, the ruling doesn’t mean renters in states without protections will be immediately removed from their homes — an...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights, Volume 2, Issue 16

President Biden Extends Pause on Student Loan Payments to 2022 - "Student loan payments have been paused since Congress passed the CARES Act in March of last year but were due to resume in September." Why this is...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter - August 2021 #2

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Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more

Goodwin

CFPB Finalizes Amendments to Regulation X to Protect Borrowers Against Forthcoming Increase In COVID-19 Foreclosures

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On June 28, 2021, the Consumer Financial Protection Bureau (CFPB) finalized amendments to the implementing regulation of the Real Estate Settlement Procedures Act (RESPA), Regulation X, which would establish temporary...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter - July 2021

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Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more

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