News & Analysis as of

Mortgages Consumer Financial Protection Bureau (CFPB) Banking Sector

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
Orrick, Herrington & Sutcliffe LLP

CFPB Director speaks on mortgages and interest rates

On September 9, CFPB Director Rohit Chopra spoke at the National Housing Conference on how a decrease in interest rates could impact mortgage refinancing. Chopra noted that over a fifth of all mortgages currently have...more

Nutter McClennen & Fish LLP

Nutter Bank Report: July 2024

The federal banking agencies have published joint guidance for banks about risks posed by fintech companies and other third parties to deliver bank deposit products and services. The joint guidance issued on July 30...more

Orrick, Herrington & Sutcliffe LLP

CFPB addresses its commitment to ensuring a fair mortgage market

Recently, the CFPB released a blog post to remind mortgage lenders of its commitment to maintaining a fair, competitive, and nondiscriminatory market. The CFPB’s research found a small group of lenders and loan originators...more

Nutter McClennen & Fish LLP

Nutter Bank Report: June 2024

The CFPB, as part of its initiative to accelerate the shift to open banking in the United States, issued a final rule on June 5 that outlines the qualifications to become a recognized industry standard setting body, which can...more

Nutter McClennen & Fish LLP

Nutter Bank Report: May 2024

Headlines 1. Supreme Court Upholds the Constitutionality of the CFPB’s Funding Structure The Supreme Court has ruled that the statutory authorization that allows the CFPB to draw funds from the earnings of the Federal Reserve...more

Hudson Cook, LLP

CFPB Bites of the Month - April 2024 - Won't Get Fooled Again, CFPB

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In this month's article, we share some of our top "bites" covered during the April 2024 webinar....more

Sheppard Mullin Richter & Hampton LLP

CFPB Announces Update in Continued War on Mortgage Servicing Junk Fees

On April 24, the CFPB released its latest edition of Supervisory Highlights detailing the agency’s actions taken to combat “junk fees” it alleges are charged by mortgage servicers. This spotlight on fees in mortgage servicing...more

Hudson Cook, LLP

CFPB Bites of the Month - March 2024 - Here Comes the Sun and the CFPB

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In this month's article, we share some of our top "bites" covered during the March 2024 webinar. Bite 10: CFPB Issues Statement on Privacy and Personal Data - On February 28, 2024, the CFPB issued a statement on...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - February 2024 - 3

Editor's Note: The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more

Orrick, Herrington & Sutcliffe LLP

District Court denies stay of CFPB case against lender

On January 12, the U.S. District Court for the Southern District of Florida denied a defendant-mortgage lender’s motion to stay a case filed by the CFPB. The defendant argued that judicial economy—the preservation of the...more

Sheppard Mullin Richter & Hampton LLP

CFPB Publishes New Report on State Community Reinvestment Laws

On November 2, the CFPB issued a new report on state Community Reinvestment Act laws. The report found that many states adopted Community Reinvestment Acts (CRAs) similar to the federal Community Reinvestment Act of 1977. The...more

Cooley LLP

Federal, State Agencies Promote Expanded Oversight of Bank and Nonbank Community Development Activities

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On November 2, 2023, the Consumer Financial Protection Bureau (CFPB) issued a survey on state Community Reinvestment Acts (CRAs) aimed at informing states without CRAs about actions they could take to promote lending and...more

Nutter McClennen & Fish LLP

Nutter Bank Report: September 2023

The CFPB has published guidance about compliance with Regulation B, which implements the Equal Credit Opportunity Act (ECOA), when lenders deliver denial notices based on underwriting decisions using artificial intelligence...more

Orrick, Herrington & Sutcliffe LLP

CFPB issues Summer ’23 supervisory highlights

On July 26, the CFPB released its Summer 2023 issue of Supervisory Highlights, which covers enforcement actions in areas such as auto origination, auto servicing, consumer reporting, debt collection, deposits, fair lending,...more

Nutter McClennen & Fish LLP

Nutter Bank Report: June 2023

The federal banking agencies have published new guidance to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology (fintech) companies. The new...more

Hudson Cook, LLP

CFPB Bites of the Month - June 2023 - A New Definition of Summer Madness

Hudson Cook, LLP on

In this month's article, we share some of our top "bites" for the prior month covered during the June 2023 webinar. Bite 12: CFPB Focusing on Overdraft Issues - On May 18, 2023, the CFPB announced that it had issued a...more

Goodwin

Federal Reserve Announces Results From the Review of the Supervision and Regulation of SVB

Goodwin on

Regulatory Developments - Federal Reserve Announces Results From the Review of the Supervision and Regulation of SVB - On April 28, the Federal Reserve released its report analyzing SVB’s failure (Report). The Report...more

Sheppard Mullin Richter & Hampton LLP

Junk Fees Continue to be Focus of CFPB, Biden Administration

On March 8, the CFPB released a special edition of its Supervisory Highlights reporting on unlawful junk fees that were uncovered in a variety of servicing markets, including bank account deposits, auto loan servicing,...more

Nutter McClennen & Fish LLP

Nutter Bank Report: February 2023

Federal Guidance Warns of Liquidity Risks Arising from Crypto-Asset-Related Deposits - The federal banking agencies have issued joint guidance to banking organizations highlighting potentially heightened liquidity risks...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights, Volume 3, Issue 5

CFPB Invokes Dormant Authority to Examine Nonbank Companies Posing Risks to Consumers and CFPB Claims Oversight Over More Entities Including Fintechs; Says It Will Publish Supervisory Determinations - "The CFPB is also...more

Cozen O'Connor

AG Coalition Calls for an End to Mortgage Convenience Fees

Cozen O'Connor on

Illinois AG Kwame Raoul led a coalition of 23 state AGs in calling upon the CFPB to prohibit mortgage servicers from imposing convenience fees on consumers, in response to the CFPB’s recent Request for Information Regarding...more

Wiley Rein LLP

Wiley Consumer Protection Download (December 13, 2021)

Wiley Rein LLP on

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

Ballard Spahr LLP

CFPB issues request for information regarding assessment of HMDA rule

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Earlier this week, the CFPB issued a Request for Information (RFI) regarding an assessment of the significant amendments to the Home Mortgage Disclosure Act rules, known as Regulation C, adopted in October 2015 and...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights, Volume 2, Issue 23

Millions of Consumers have Cut Their Debts, So Why are Financial Experts Sounding Alarm - "And with stimulus payments a thing of the past and other unusual financial stabilization programs unwinding, the alerts are going...more

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