Category Archives: CFPB

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Greenberg Traurig’s Gil Rudolph and Lori S. Nugent Participate at CCFL’s Annual Consumer Financial Services Conference

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

U.S. Court of Appeals for D.C. Circuit Vacates Panel Decision in PHH v. CFPB, Grants Rehearing En Banc

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

Mortgage Servicers Subject to New California Law Protecting Surviving Spouses and Heirs; Violations Carry Steep Penalties

A new California law protects widowed spouses and other survivors, including domestic partners, heirs, siblings, joint tenants, and other people who own their homes but are not listed on the mortgage, from foreclosure following the death of a mortgagor. The Homeowner Survivor Bill of Rights (SBOR), California Civil Code § 2920.7, went into effect on … Continue Reading

U.S. Court of Appeals for the District of Columbia Circuit Declared CFPB’s Single-director Structure Unconstitutional

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

CFPB Finalizes Notable Revisions to Regulations X and Z

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

Early Signs on Fintech from the Consumer Financial Protection Bureau

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

Nonbank Fintech: Regulatory Uncertainty as Innovation Flourishes

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

D.C. Circuit Panel Questions Constitutionality of the CFPB

On April 12, 2016, the Court of Appeals for the D.C. Circuit heard oral arguments in PHH Corp. v. Consumer Financial Protection Bureau, which challenges the CFPB’s imposition of a $109 million penalty for RESPA violations. The case stems from a 2014 CFPB administrative proceeding alleging that PHH created a kickback scheme, in which it … Continue Reading

House of Representatives Votes to Repeal CFPB’s Auto Lending Guidance and Issues Scathing Report on CFPB’s Methodology and Statistics

On Nov. 18, 2015, the House of Representatives voted to pass H.R. 1737, the Reforming CFPB Auto Financing Guidance Act, which would nullify CFPB Bulletin 2013-02, entitled “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act.” The bill passed in the House with bipartisan support 332-96. CFPB Bulletin 2013-02 provides fair-lending guidance to the … Continue Reading

Brett Kitt Spoke at the ABA Consumer Financial Services Committee Meeting

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 Observer: Recent Developments from July 7-10, 2015

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 Observer: Recent Developments from June 2015

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 to Speak at the Mortgage Servicing Compliance on June 25th

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 Spoke at the Online Lenders Alliance Spring Summit in Washington, D.C.

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

CFPB Observer: Recent Developments from April 27 – May 1, 2015

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

CFPB Observer: Recent Developments from April 13-17, 2015

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

CFPB Observer: Recent Developments from April 2-10, 2015

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

CFPB Outlines Payday Loan Rule

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
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