News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Homeowners

Sheppard Mullin Richter & Hampton LLP

CFPB Cracks Down on Mortgage Servicers, Alleging Harmful Practices Against Older Homeowners

On June 18, the CFPB settled enforcement actions against two mortgage servicers who serviced reverse mortgages on behalf of HUD, for their systemic failure to respond to consumer requests for assistance, resulting in...more

Cozen O'Connor

The State AG Report – 6.1.2023

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •A Tip for Businesses: Don’t Steal Employees’ Gratuities,...more

Cozen O'Connor

The State AG Report – 5.4.2023

Cozen O'Connor on

Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •AG James Secures Insulin Price Cap for New Yorkers from...more

Goodwin

Tougher Standards for Certain Home Improvement Loans

Goodwin on

On May 1, 2023, the Consumer Financial Protection Bureau (CFPB) issued a report and a proposed rule to clarify and strengthen its regulation of so-called Property Assessed Clean Energy (PACE) financing. PACE financing is...more

Cozen O'Connor

CFPB Proposes Rule to Protect Homeowners Seeking Clean Energy Loans

Cozen O'Connor on

The CFPB proposed a rule establishing consumer protections for residents securing Property Assessed Clean Energy (PACE) loans, which are typically utilized by homeowners to cover clean energy home improvement costs such as...more

Hudson Cook, LLP

CFPB Bites of the Month - 2022 Annual Review - Mortgage

Hudson Cook, LLP on

In this article, we share a timeline of our monthly "bites" for 2022 applicable to the Mortgage industry. So, what happened in 2022?...more

Orrick, Herrington & Sutcliffe LLP

Senators ask FTC, CFPB to investigate deceptive listing agreements

In December, Senate Banking Committee Chairman Sherrod Brown (D-OH), along with Senators Tina Smith (D-MN) and Ron Wyden (D-OR) sent a letter to the FTC and the CFPB requesting a review of a Florida-based real estate...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

Alston & Bird

PAVE Task Force Issues Action Plan to Address Appraisal Bias

Alston & Bird on

As part of the Biden Administration’s stated focus on narrowing the racial gap in wealth and homeownership, federal agencies launched an Interagency Task Force on Property Appraisal and Valuation Equity (PAVE), with the goal...more

Sheppard Mullin Richter & Hampton LLP

CFPB Seeks to Prevent Algorithmic Bias in Automated Home Valuation Models

On February 23, the CFPB outlined a proposal for upcoming joint rulemaking to prevent algorithmic bias in automated home valuation models (AVMs). Here, the CFPB is specifically focused on the potential for AVMs to pose fair...more

Lowenstein Sandler LLP

Residential Evictions: What Homeowners Need to Know - October 2021

Lowenstein Sandler LLP on

REMOVALS- Can I be removed from my home as a result of a foreclosure proceeding during the COVID-19 emergency? No. On March 19, 2020, New Jersey Governor Philip Murphy issued Executive Order 106. Under this order,...more

Lowenstein Sandler LLP

Residential Evictions: What Homeowners Need to Know - July 2021

REMOVALS- Can I be removed from my home as a result of a foreclosure proceeding during the COVID-19 emergency? No. On March 19, 2020, New Jersey Governor Philip Murphy issued Executive Order 106, which suspended...more

Goodwin

CFPB Proposes Mortgage Servicing Changes; Supreme Court Weighs in on TCPA

Goodwin on

In This Issue. The Consumer Financial Protection Bureau (CFPB) continued to be active under its new leadership this week, warning mortgage servicers to prepare now for an anticipated surge of homeowners needing assistance...more

Perkins Coie

CFPB Proposes Mortgage Servicing Rule Changes to Prevent Foreclosures

Perkins Coie on

On April 5th, the CFPB proposed a set of rule changes intended to prevent foreclosures as emergency federal foreclosure protections expire this summer. Given that the expected surge of borrowers exiting forbearance in the...more

Perkins Coie

CFPB Warns Mortgage Servicers: Unprepared is Unacceptable

Perkins Coie on

The CFPB issued a compliance bulletin on April 1st warning mortgage servicers to take all necessary steps to prevent a wave of foreclosures this fall. The CFPB advised that beginning with the expiration of the federal...more

Perkins Coie

Fintech Week in Review - February 2021 #2

Perkins Coie on

California DFPI Enters MOUs with Multiple Earned Wage Access Companies- California’s Department of Financial Protection and Innovation (DFPI) has continued to expand its jurisdiction over financial service providers under...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights: Issue 10, November 2020

COVID-19, the CARES Act and the Impact on Mortgage Forbearance - In response to the coronavirus pandemic, the federal government passed the CARES Act, which provides a number of protections to homeowners unable to pay...more

Akerman LLP

CFPB Issues Interim Final Rule on Loss Mitigation Options for Homeowners Impacted by the Pandemic

Akerman LLP on

On June 23, 2020, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule permitting mortgage servicers to offer certain loss mitigation options based on the evaluation of an incomplete loss mitigation...more

Morgan Lewis - All Things FinReg

CFPB Issues Interim Final Rule Regarding Loss Mitigation Options for Homeowners Impacted by COVID-19

The Consumer Financial Protection Bureau (CFPB or Bureau) issued an interim final rule (IFR) on June 23, 2020 that temporarily permits mortgage servicers to offer to borrowers impacted by the coronavirus (COVID-19) pandemic...more

Goodwin

Financial Services Weekly Roundup: Code Libor – SEC And OCIE Issue Risk Alert In Preparation Of Libor Discontinuation

Goodwin on

In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about the scope and content of examinations OCIE plans to conduct of various...more

Goodwin

Financial Services Weekly Roundup: OCC Finalizes New CRA Rule; Regulators Continue To Provide COVID-19-related Relief

Goodwin on

In This Issue. The Office of the Comptroller of the Currency (OCC) finalized a rule to strengthen and modernize regulations under the Community Reinvestment Act; the Securities and Exchange Commission (SEC) voted to adopt...more

Goodwin

Financial Services Weekly News - December 2016 #2

Goodwin on

Editor's Note - In This Issue. While we eagerly await its decision on interest rates, the Fed had a busy week, granting a Volcker Rule extension for illiquid funds, issuing a joint final rule with the FDIC and the OCC...more

Stinson - Corporate & Securities Law Blog

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

Ballard Spahr LLP

Summary of Final Rule Amending HMDA and What It Means for Covered Institutions

Ballard Spahr LLP on

The Consumer Financial Protection Bureau (CFPB) has released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring most lenders to report certain information about mortgage...more

Ballard Spahr LLP

Director Cordray sends warning to vendors on TRID rule compliance

Ballard Spahr LLP on

In remarks yesterday at the Mortgage Bankers Association’s annual convention, CFPB Director Richard Cordray stated that the CFPB may need to look more closely at vendors of software and other tools used by lenders to comply...more

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