News & Analysis as of

Loan Servicer Consumer Lenders Consumer Financial Protection Bureau (CFPB)

Hudson Cook, LLP

[Webinar] Preparing for the New CFPB Enforcement Order Registry - June 27th, 2:00 pm ET

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Nonbank financial services companies with prior enforcement orders are preparing for the Consumer Financial Protection Bureau’s (CFPB) new Registry, which takes effect September 16. Nonbank consumer lenders, loan servicers,...more

Hudson Cook, LLP

CFPB Non-Bank Enforcement Order Registry Coming this Fall

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Constitutionality concerns cleared, the Consumer Financial Protection Bureau (CFPB) on June 3 issued its final rule creating a registry identifying covered nonbanks subject to government agency enforcement orders. The rule's...more

Troutman Pepper

CFPB and DOJ Joint Statement on Immigration Status and Credit Underwriting — The Consumer Finance Podcast

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Join Troutman Pepper Partner Chris Willis for a solo episode where he discusses a recent joint statement from the Consumer Financial Protection Bureau and the Department of Justice regarding the consideration of immigration...more

Goodwin

CFPB Issues New Supervisory Highlights Report

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​​​​​​​On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) released a Supervisory Highlights report covering findings from its examinations completed between July 2022 and March 2023 (the Report), which found,...more

Goodwin

CFPB Files Complaint Against Auto Loan Servicer

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On August 2, 2023, the CFPB announced that it had filed a complaint against a Georgia-based auto-loan servicer alleging “unfair acts and practices in violation of the Consumer Financial Protection Act of 2010 (CFPA), 12...more

Orrick, Herrington & Sutcliffe LLP

CFPB scrutinizes discharged private student loan billing and collection practices

On March 16, the CFPB released a compliance bulletin discussing student loan servicers’ practice of collecting on private student loans discharged in bankruptcy. ...more

Shipkevich PLLC

CFPB Issues Bulletin to Warn Student Loan Servicers Who Ignore Bankruptcy Court Orders

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On March 16, 2023, the Consumer Financial Protection Bureau (CFPB) issued a bulletin cautioning loan servicers about their responsibility to stop any illegal activity related to private student loans that have been discharged...more

Nutter McClennen & Fish LLP

Nutter Bank Report: November 2022

Headlines: CFPB Reminds Credit Bureaus and Furnishers of Their Obligations to Investigate Disputes The CFPB has issued guidance on the obligations of both credit bureaus and furnishers of consumer credit information,...more

Brownstein Hyatt Farber Schreck

Hunstein Decision Informs Financial Services Industry Use of Third Party Vendors

More than a year ago on April 21, 2021, the 11th Circuit Court of Appeals issued an opinion in Hunstein v. Preferred Collection and Management Services Inc. that rocked the world of the debt collection industry, and the...more

Sheppard Mullin Richter & Hampton LLP

CFPB Affirms that ECOA Protects Consumers After Receiving Credit

On May 9, the CFPB released an advisory opinion affirming that ECOA and its implementing rule, Regulation B, protect not only those persons actively seeking credit, but also those who have sought and received credit. The...more

Hudson Cook, LLP

CFPB Bites of the Month - March Top 10

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We thank you for reading our Top 10 and listening to our CFPB Bites of the Month webinars over the past two years. We are pleased to continue the series in 2022. In this month's article, we share some of our top "bites" for...more

Skadden, Arps, Slate, Meagher & Flom LLP

More Aggressive Consumer Financial Services Enforcement Expected

Takeaways - Redlining enforcement will be a significant priority for the CFPB, DOJ and other agencies. Loan servicers should expect increased scrutiny to prevent unnecessary defaults. Credit bureau reporting will be...more

Bradley Arant Boult Cummings LLP

Data Modeling Remains Auto Finance Target in CFPB’s Fair Lending Governance

The Consumer Financial Protection Bureau made it clear that it will continue to target auto finance lenders as one of its top supervisory and enforcement priorities in the Fair Lending Report of the Bureau of Consumer...more

Dorsey & Whitney LLP

Federal Court Orders Loan Servicer to Comply with CFPB’s CID Investigating Potential UDAAP and FCRA Violations

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On February 28, 2018, the U.S. District Court for the Western District of Pennsylvania granted a petition by the Consumer Financial Protection Bureau (“CFPB”) to enforce a civil investigative demand (“CID”) against a student...more

Ballard Spahr LLP

State AGs criticize ED withdrawal of Obama student loan servicing policy direction

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A group of 20 state attorneys general, the D.C. attorney general, and the Executive Director of the Office of Consumer Protection of Hawaii have sent a letter to U.S. Department of Education Secretary Betsy DeVos criticizing...more

Williams Mullen

First Round of ATR Cases Goes to Banks

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The CFPB’s ability-to-repay (ATR) rule became effective in January 2014. It requires mortgage lenders to determine during underwriting that a borrower has a reasonable ability to repay a loan according to its terms. ...more

McGuireWoods LLP

CFPB Online Loan Suit Sent to California

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In the most recent development in the CFPB’s two-year-old lawsuit alleging unfair, deceptive, and abusive practices by several online lenders, on September 23, 2015, Massachusetts U.S. District Judge George O’Toole, Jr.,...more

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