While Director Cordray’s appearance at the House Financial Services Committee’s hearing on the CFPB’s fifth Semi-Annual Report yesterday was accompanied by the usual dose of political theater, his testimony did yield the...more
6/20/2014
/ Automotive Industry ,
Automotive Loans ,
Banks ,
Choke Point ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Defense (DOD) ,
Department of Justice (DOJ) ,
Discrimination ,
ECOA ,
Fair Housing Act (FHA) ,
Fannie Mae ,
FDIC ,
Financial Services Committee ,
Freddie Mac ,
Information Reports ,
Lenders ,
Military Lending Act ,
Mortgages ,
Qualified Mortgage Rule
In the latest semi-annual update of its rulemaking agenda, the CFPB officially confirmed that it plans to propose a rule to define “larger participants of a market for auto lending.” ...more
Given the CFPB’s fair lending focus, there is certainly a strong dose of irony in the American Banker’s report yesterday that CFPB staff evaluations show a pattern of racial disparities. The article states that, according to...more
The House Financial Services Committee has announced that on Tuesday, January 14, it will hold a hearing entitled “How Prospective and Current Homeowners Will Be Harmed by the CFPB’s Qualified Mortgage Rule.”...more
The CFPB has issued a notice announcing that it has made revisions to the following three mortgage-related consumer publications: “What You Should Know About Home Equity Lines of Credit,” “Consumer Handbook on...more
New York's Department of Financial Services (DFS) has issued proposed regulations that authorize shared appreciation mortgages (SAMs) to be made to borrowers who are "underwater" on their mortgages. Under a SAM, the mortgage...more
In notices published in yesterday’s Federal Register, the CFPB adjusted the thresholds of the asset-size exemptions for collecting HMDA data and establishing an escrow account for certain mortgage loans under TILA.
...more
A letter dated November 5, 2013 to Director Cordray signed by 118 House members urges the CFPB to delay the effective dates of its ability-to-repay/qualified mortgage rule and other mortgage rules from January 2014 to January...more
The CFPB has announced that on November 20, 2013, it will hold a field hearing in Boston on “Know Before You Owe: Mortgages.” The event will feature remarks by Director Cordray and testimony from consumer groups, industry...more
A substantial portion of Director Cordray’s remarks yesterday at the American Bankers Association’s Annual Convention in New Orleans was directed at justifying the Bureau’s decision not to delay the January 2014 effective...more
CFPB Director Richard Cordray was among the federal financial regulators who attended a closed door meeting yesterday with President Obama. Other regulators attending the meeting included the Chairs of the Fed, FDIC and SEC....more
The Federal Trade Commission recently announced a settlement of its first enforcement action under its Mortgage Acts and Practices - Advertising Final Rule (MAPR)....more
The CFPB’s website now has a regulatory implementation page that provides “one stop shopping” for all of its 2013 mortgage rules and related implementation materials....more
The CFPB has issued two more Small Entity Compliance Guides on its mortgage-related rules. The latest guides cover the mortgage servicing rule and loan originator compensation rule finalized by the CFPB in January 2013....more
MFY Legal Services, an organization whose services include providing free legal assistance to New York City residents, has appealed the CFPB’s decision to withhold mortgage complaint narratives it requested pursuant to the...more
The CFPB has issued several more Small Entity Compliance Guides on its mortgage-related rules. In addition to its guide on the ability-to-repay and qualified mortgage rule, the CFPB has now issued Small Entity Compliance...more
The CFPB’s Office of Servicemember Affairs has issued a report on complaints submitted by servicemembers, veterans or their spouses and dependents (“servicemember complaints”) over the period from January 1, 2012 through...more
At the end of last week, the CFPB sent an e-mail to its e-mail subscribers indicating that the Bureau has set up a mortgage regulations-specific e-mail list. ...more
The Consumer Financial Protection Bureau has expanded its public Consumer Complaint Database to include complaints about mortgages, bank deposit products and services, student loans, and other consumer loans (which category...more
In This Issue:
- Uniform State Test Implementation Nearing
- Mortgage Servicer's Alleged Failure To Be Licensed Subjects Company to Claims under State and Federal Debt Collection Statutes
- Sixth Circuit...more
3/21/2013
/ Amount in Controversy ,
CAFA ,
Class Action ,
Data Protection ,
Debt Collection ,
FDCPA ,
Federal Trade Commission (FTC) ,
Foreclosure ,
Homeowners Association (HOA) ,
Licenses ,
Liens ,
Mobile Payments ,
Mortgages ,
Privity of Contract ,
Res Judicata ,
Robo-Signing ,
SCOTUS ,
Uniform State Test
In This Issue:
- Kentucky County Clerks Cannot Sue MERS for Failure To Record Mortgage Assignments, Sixth Circuit Rules
- Bipartisan Policy Center Proposes New Directions for National Housing Policy
- FTC...more
In This Issues:
- CFPB Generates Flurry of New Mortgage Banking Industry Rules
- CFPB Issues Final ECOA Appraisal Rule
- 20 State Agencies Adopt Uniform State MLO Testing
- Mortgage Foreclosure Is Debt...more
In This Issue:
- Ohio Enacts the Nation's First Transitional MLO Licensing Law for Out-of-State MLOs
- Noted Data Security and Privacy Attorney Amy Mushahwar Joins Ballard Spahr
- Information Security...more
The CFPB announced that on December 3, 2012, it filed a second action in the U.S. District Court for the Central District of California seeking to shut down an alleged mortgage modification scam....more