On Jan. 31, 2018, the U.S. Court of Appeals for the District of Columbia Circuit issued its long-awaited ruling in the PHH v. Consumer Financial Protection Bureau case, finding that the structure of the Consumer Financial Protection Bureau (CFPB) is constitutional, but reinstating the previous panel decision rejecting the CFPB’s interpretations of the Real Estate … Continue Reading
With the announcement of Richard Cordray’s resignation as Director of the federal Consumer Financial Protection Bureau (CFPB) by the end of November 2017, the latest D.C. guessing game is who will take over the helm of the CFPB. This simple question is really two questions. First, who will run the agency on an interim basis? … Continue Reading
Gil Rudolph, co-chair of the Financial Regulatory and Compliance Practice, and Lori S. Nugent, shareholder, will participate in the Conference on Consumer Finance Law Annual Consumer Financial Services Conference in Ft. Worth, TX, Nov. 2-3rd. Rudolph will moderate the panel session titled “CFPB Developments” on Thursday, Nov. 2. Nugent will speak in a panel session … Continue Reading
On Feb. 16, 2017, the U.S. Court of Appeals for the D.C. Circuit granted the request for en banc review by the Consumer Financial Protection Bureau (CFPB) in the PHH v. CFPB matter.[1] The order vacates the prior judgment by a three-judge panel that the CFPB’s structure was constitutionally infirm, and which remedied that infirmity … Continue Reading
In a 110-page decision issued on Oct. 11, 2016, the United States Court of Appeals for the District of Columbia Circuit declared the Consumer Financial Protection Bureau’s (CFPB) single-director structure unconstitutional and vacated a $103 million fine against PHH. The Court found that the current structure allows the Commissioner to wield too much power that … Continue Reading
On August 4, 2016, the Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) announced that it had finalized revisions to its regulations concerning the servicing of residential mortgage loans. The goal of the changes is to provide greater protections to mortgage borrowers, particularly their successors in interest, and to prevent borrowers from being wrongly … Continue Reading
There is no doubt that the regulation of financial technology (fintech) companies is on the rise. Fintech companies broadly mean companies that provide products, services and technology where traditional banking and financial services leave off and technology takes off. Though all of the federal banking agencies and other agencies will play a vital role in … Continue Reading
At the end of March, the OCC issued a whitepaper setting out the principles that it will use to guide the development of a framework to analyze innovations in the banking sector of financial technology, or “fintech” for short. The paper defined and encouraged “responsible innovation,” and discussed both benefits and risks arising from the … Continue Reading
Greenberg Traurig’s Brett Kitt, Of Counsel in the Financial Regulatory and Compliance Practice, participated in the American Bar Association Consumer Financial Services Committee Meeting, Sept. 17-19, 2015, in Chicago, IL. Kitt was a panelist in the session titled “The CFPB Complaint Database.” The discussion addressed the Consumer Financial Protection Bureau’s (CFPB) process for addressing consumer … Continue Reading
CFPB Issues Report on Servicers Servicing Servicemembers’ Student Loans On July 7, the CFPB released a report covering student loan servicing complaints received by the CFPB from servicemembers. The report, “Overseas & Underserved: Student Loan Servicing and the Cost to Our Men and Women in Uniform,” summarizes issues the CFPB has observed with respect to … Continue Reading
CFPB Releases Spring 2015 Rulemaking Agenda The CFPB recently released its spring 2015 rulemaking agenda as required by the Regulatory Flexibility Act. It described the following upcoming rulemakings: Home Mortgage Disclosure Act. The CFPB issued a proposed rule in August 2014 to implement Dodd-Frank Act amendments to the Home Mortgage Disclosure Act (HMDA). The proposal … Continue Reading
Jennifer Gray, Shareholder, will be presenting at the American Conference Institute 4th Bank & Non-Bank Forum on Mortgage Servicing Compliance Conference in Dallas, TX from June 25-26. The conference will provide attendees with the latest insights and advice on various topics, including challenges with mortgage loan servicing transfers, CFPB servicing rules update, strategies for servicers … Continue Reading
Brett Kitt, Financial Regulatory Of Counsel, participated as a speaker in the Online Lenders Alliance Spring Summit held in Washington, D.C. from April 28 – 29. Brett moderated a panel at the Summit titled “Regulatory Recap” on April 29. The session provided an outlook on the Consumer Financial Protection Bureau’s outline for a proposed rule-governing … Continue Reading
The Consumer Financial Protection Bureau (CFPB) recently announced its first enforcement action for alleged violations of the Interstate Land Sales Full Disclosure Act (ILSA). This action foreshadows future CFPB efforts to enforce ILSA and real estate developers should be aware. Continue Reading… Continue Reading
The authors discuss current developments with the Consumer Financial Protection Bureau (CFPB) including an action against a mortgage payment processing company, a compliance bulletin regarding public housing assistance, a public inquiry of student loan servicing practices, and more. Continue Reading… Continue Reading
The authors discuss current developments with the Consumer Financial Protection Bureau (CFPB) including a report on consumers with limited credit histories and an upcoming teleconference presentation on compliance with the CFPB mortgage rules. Continue Reading.… Continue Reading
The authors discuss current developments with the Consumer Financial Protection Bureau (CFPB) including a report of consumer complaints issued by the CFPB’s Office of Servicemember Affairs; an enforcement action against a bank for overdraft practices; an enforcement action against a title company and its mortgage loan officers; the Annual Fair Lending Report issued by CFPB’s … Continue Reading
The Senate Banking Committee will mark up a financial regulatory reform bill on May 14 that is expected to include changes to the Dodd-Frank Act. Senate Banking Committee Chairman Richard Shelby (R-AL) is working with Committee Ranking Member Sherrod Brown (D-OH) to put together a legislative package that can win bipartisan support. This is necessary … Continue Reading
The authors discuss current developments with the Consumer Financial Protection Bureau (CFPB) including an enforcement action against a tax-refund anticipation loan company and its owners; guidance regarding housing counselor information; a final rule on the credit card agreement submission process; and an upcoming research conference. Continue Reading.… Continue Reading
The authors discuss current developments with the Consumer Financial Protection Bureau (CFPB) including an enforcement action against a collection agency and its service providers, an action against a mortgage lender for deceptive advertising, an update to the Supervision and Examination Manual, and meeting notices for the CFPB’s Community Bank Advisory Council and the CFPB’s Academic … Continue Reading
The authors discuss current developments with the Consumer Financial Protection Bureau (CFPB) including the recently issued outline of a payday loan rule, a study on arbitration agreements, the publication of consumer narratives on its complaint database, and more. Continue Reading.… Continue Reading
The CFPB recently announced the details of the payday loan rule that it is considering proposing. While it nominally targets traditional short-term, small-dollar lending that is commonly referred to as “payday lending,” the scope of the rule under consideration would more broadly cover vehicle title loans, deposit advance products, and certain high-cost installment and open-end … Continue Reading
The authors discuss current developments with the Consumer Financial Protection Bureau (CFPB) including a consumer focus group study on credit reports, a proposed rule that would improve the consumer credit card agreement disclosure process, an upcoming field hearing on consumer arbitration agreements, and an upcoming Credit Union Advisory Council meeting. Continue Reading.… Continue Reading
The authors discuss current developments with the Consumer Financial Protection Bureau (CFPB) including an issued report and consumer advisory on reverse mortgages, an enforcement action against a non-bank mortgage lender for alleged deceptive advertising practices and kickbacks, and separate enforcement actions and a civil suit against several mortgage lenders for misleading advertising practices. Continue Reading.… Continue Reading
