BELTWAY -
Finally Faster than Amazon Prime -
The Federal Reserve Board recently announced that banks and other financial institutions that use its payments system will have to be able to process same-day...more
12/8/2015
/ Arbitration ,
Automotive Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Crowdfunding ,
Cybersecurity ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
HMDA ,
Preemption ,
Redlining ,
Securities and Exchange Commission (SEC) ,
Student Loans ,
TCPA ,
UDAAP ,
Virtual Currency
If all goes according to plan, financial institutions will report over 250 million data points related to mortgage loan applications and originations in 2018. If the mortgage market returns to the high volumes seen in 2005,...more
The U.S. House of Representatives passed legislation on November 18, 2015, that would revoke the CFPB’s guidance on indirect auto lending and expand the qualified mortgage rule’s safe harbor. The Reforming CFPB Indirect Auto...more
On October 15, 2015, the CFPB released a final rule amending Regulation C, 12 C.F.R. part 1003, which implements the Home Mortgage Disclosure Act (HMDA). Like the August 2014 proposed rule, the final rule includes changes to...more
10/21/2015
/ Consumer Financial Protection Bureau (CFPB) ,
Covered Financial Institutions ,
Covered Transactions ,
Data Collection ,
Depository Institutions ,
Disclosure Requirements ,
Final Rules ,
HMDA ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Public Disclosure ,
Regulation C ,
Reporting Requirements
The Consumer Financial Protection Bureau (CFPB) on October 8, 2015 issued Compliance Bulletin 2015-05, RESPA Compliance and Marketing Services Agreements (Bulletin). The Bulletin represents another significant signpost along...more
Following a now familiar approach, the CFPB issued a bulletin today that suggests deep disapproval of an entirely legal practice. This time, its target is marketing servicing agreements (MSAs), which are agreements that...more
The CFPB and the U.S. Departments of Education and the Treasury have released a Joint Statement of Principles on Student Loan Servicing, accompanied by a CFPB report. In the CFPB’s press release announcing the publications,...more
The CFPB announced two new enforcement action settlements on September 28: one for alleged discriminatory auto loan pricing and the other for alleged deceptive credit card add-on product marketing practices....more
9/29/2015
/ Automotive Loans ,
Civil Monetary Penalty ,
Compliance ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Fair Lending ,
Marketing ,
Settlement ,
Terms and Conditions ,
Unfair or Deceptive Trade Practices
BELTWAY -
Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more
9/18/2015
/ Administrative Proceedings ,
Anti-Money Laundering ,
Arbitration ,
Bank Secrecy Act ,
Class Action ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Data Breach ,
Data Privacy ,
Data Protection ,
Data Security ,
Debt Collectors ,
Discrimination ,
Disparate Impact ,
Diversity and Inclusion Standards (D&I) ,
Dodd-Frank ,
eClosing Pilot Program ,
Electronic Payment Transactions ,
Facial Recognition Technology ,
Fair Credit Reporting Act (FCRA) ,
Fair Housing Act (FHA) ,
FDCPA ,
FDIC ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
FFIEC ,
Financial Institutions ,
GAO ,
HUD ,
Information Sharing ,
Military Lending Act ,
Mortgage Insurance ,
Mortgages ,
New Regulations ,
Non-Bank Lenders ,
NYDFS ,
Online Privacy Protection Act ,
Preemption ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Servicemembers Civil Relief Act (SCRA) ,
Student Loans ,
TCPA ,
Texas Dept of Housing v Inclusive Communities ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
UDAAP ,
Volcker Rule
The CFPB has weighed in on whether a trustee foreclosing on a California home qualifies as a “debt collector” under the federal Fair Debt Collection Practices Act. In Ho v. ReconTrust, N.A. (9th Cir. Aug. 7, 2015), the Bureau...more
In This Issue:
- Arbitration Report
- Beltway Report
- Bureau Report
- Mobile & Emerging Payments Report
- Mortgage & Fair Lending Report
- Operations Report
- Preemption Report
-...more
6/9/2015
/ Arbitration Agreements ,
CashCall ,
Consumer Bankruptcy ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Creditors ,
Debt Collection ,
Debtor-Creditor ,
Fair Lending ,
Federal Arbitration Act ,
Mobile Payments ,
Mortgages ,
TCPA
On June 4, the CFPB released a study on reverse mortgage advertisements. The Bureau seems particularly focused on this product because it is popular among older Americans, whom it characterizes as more “vulnerable.” Not...more
The CFPB has announced an inquiry into student loan servicing practices. The inquiry includes a formal Request for Information from borrowers, institutions, financial service providers, and others, and call to borrowers to...more
On April 29, 2015, the CFPB, in conjunction with the Maryland Attorney General, filed six proposed consent orders—five of which are against individual defendants—in its latest RESPA enforcement action. The Bureau alleges that...more
The CFPB has announced another enforcement action targeting alleged deceptive mortgage advertising to veterans. The Bureau claims that the defendant lender targeted veterans with ads that falsely implied an affiliation...more
On April 1st, the Bureau issued updated exam procedures on the new TILA and RESPA rules. They cover TILA RESPA Integrated Disclosures (applicable for exams after the August 2015 effective date), Higher-Priced Mortgage Loan...more
Time to dust off those federal jurisdiction hornbooks! The Consumer Financial Protection Bureau (CFPB) and Office of the Solicitor General (collectively, “the government”) submitted an amicus brief to the Supreme Court in...more
4/4/2015
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Reports ,
Fair Credit Reporting Act (FCRA) ,
Hiring & Firing ,
Petition for Writ of Certiorari ,
SCOTUS ,
Solicitor General ,
Spokeo ,
Spokeo v Robins ,
Standing ,
Websites
On Tuesday, March 17, the Consumer Financial Protection Bureau (CFPB) announced a “Request for Information Regarding Credit Card Market.” It follows the 2009 CARD Act’s requirement that the CFPB conduct a review of the...more
The Bureau has released updated Home Mortgage Disclosure Act data, updating its massive database to include 17 million records from 2013. Anyone can now go to the website and slice and dice more than 130 million records to...more
In This Issue:
- Beltway Report
- Bureau Report
- Mobile and Emerging Payments Report
- Mortgage and Fair Lending Report
- Operations Report
- Preemption Report
- Privacy...more
9/18/2014
/ Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Data Breach ,
Debt Collection ,
Federal Reserve ,
Lending ,
Mortgages ,
OCC ,
Privacy Policy ,
RESPA ,
Robo-Signing ,
TCPA ,
Volcker Rule
The CFPB continues to crack down on basic RESPA violations. On August 12, 2014, the CFPB announced yet another Consent Order with alleged violations of RESPA. In this case, an on-line retail mortgage company, the company’s...more
On July 24, the Consumer Financial Protection Bureau published long-awaited proposed revisions to its Home Mortgage Disclosure Act rules. The 573-page proposed rule would make sweeping changes to Regulation C, which...more
Last Thursday, the Consumer Financial Protection Bureau (CFPB) published its long-awaited new proposed revisions to its Home Mortgage Disclosure Act (HMDA) rules. The 573-page proposed rules would make sweeping changes to...more
Last week, the Consumer Financial Protection Bureau announced a $225 million settlement of two major credit card enforcement matters with Synchrony Bank, formerly known as GE Capital Retail Bank. First, the “add-on matter”...more
Yesterday, the CFPB announced a $225 million settlement of two major credit card enforcement matters with Synchrony Bank, formerly known as GE Capital Retail Bank. First, the “Add-On Matter” targets alleged deceptive...more
6/23/2014
/ Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Department of Justice (DOJ) ,
Discrimination ,
Dodd-Frank ,
Enforcement ,
Enforcement Actions ,
GE Capital Retail Bank ,
Marketing ,
Race Discrimination ,
UDAAP ,
Unfair or Deceptive Trade Practices