Effective May 12, the Consumer Financial Protection Bureau formally revoked 67 different guidance documents by publishing a notice in the Federal Register. The CFPB's action covers various guidance documents, interpretive...more
On May 15, 2025, the Consumer Financial Protection Bureau (CFPB) filed an interim final rule in the Federal Register that will rescind its prior 2021 COVID-19 mortgage servicing final rule. The interim final rule is set for...more
5/16/2025
/ Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Final Rules ,
Interim Final Rules (IFR) ,
Loan Modifications ,
Mortgage Servicers ,
Mortgages ,
Regulation X ,
Regulatory Reform ,
Rescission
Effective May 12, 2025, the Consumer Financial Protection Bureau (CFPB) formally revoked 67 different guidance documents by publishing a notice in the Federal Register. The CFPB’s action covers various guidance documents,...more
Within approximately 48 hours, starting on the evening of Friday, February 7, 2025, the trajectory of the Consumer Financial Protection Bureau (CFPB) was significantly altered. Among other things, a new acting director was...more
With the 2024 election behind us and the 119th Congress now in session, the political climate has created an opportunity for meaningful statutory reforms of the federal consumer financial laws to become reality.
The 119th...more
2/6/2025
/ Administrative Procedure Act ,
Chevron Deference ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Financial Regulatory Reform ,
Loper Bright Enterprises v Raimondo ,
Mortgage Servicers ,
Regulatory Reform ,
RESPA ,
Rulemaking Process ,
SCOTUS
In a familiar move, President Donald Trump has designated the current head of another executive agency, this time newly sworn in Secretary of the Department of the Treasury Scott Bessent to simultaneously lead the Consumer...more
2/3/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Executive Orders ,
Federal Vacancies Reform Act ,
Financial Regulatory Reform ,
Government Agencies ,
Leadership ,
OMB ,
Presidential Nominations ,
Regulatory Reform ,
Regulatory Requirements ,
Trump Administration ,
U.S. Treasury
On December 17, 2024, amid a flurry of activity by the Consumer Financial Protection Bureau (CFPB), the agency released an Issue Spotlight discussing “problems with mortgage companies” that homeowners face “after divorce or...more
1/8/2025
/ Administrative Procedure Act ,
Consumer Complaint Database ,
Consumer Financial Protection Bureau (CFPB) ,
Data Privacy ,
Debt Collection ,
Divorce ,
Enforcement ,
Loper Bright Enterprises v Raimondo ,
Mortgage Servicers ,
Mortgages ,
Regulation X ,
Regulatory Requirements ,
RESPA ,
SCOTUS ,
Unfair or Deceptive Trade Practices
On Thursday, November 21, 2024, the Consumer Financial Protection Bureau (CFPB) published a final rule that will soon provide it with supervisory authority over large companies in the general-use digital consumer payment...more
On July 10, 2024, the Consumer Financial Protection Bureau (CFPB) released a proposal to amend the existing mortgage servicing rules in Regulation X. The substance of the proposal has attracted a lot of attention and...more
9/6/2024
/ Administrative Procedure Act ,
Chevron Deference ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Loper Bright Enterprises v Raimondo ,
Loss Mitigation ,
Proposed Amendments ,
Proposed Rules ,
RESPA ,
Risk Mitigation ,
Rulemaking Process ,
SCOTUS ,
West Virginia v EPA
In a consent order with a reverse mortgage servicer on June 18, 2024, the Consumer Financial Protection Bureau (CFPB) made the argument that failing to effectively service loans is abusive. The groundwork for this line of...more
While the Spring 2024 Supervisory Highlights report issued by the Consumer Financial Protection Bureau (CFPB) largely covered loss mitigation deficiencies and fee practices — issues that are regulatory priorities and,...more
In an October 2023 advisory opinion, the Consumer Financial Protection Bureau (CFPB) put large banks and credit unions on notice that the use of chatbots and other technologies could increase the risk of violating federal law...more
On October 12, the Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) issued a joint statement emphasizing the risk associated with considering an applicant’s immigration status when making credit...more
Three years after it began, the presidentially declared COVID-19 national emergency is officially over. On April 10, 2023, President Biden signed H. J. Res. 7, officially ending the COVID-19 national emergency a month earlier...more
On January 18, 2023, the Consumer Financial Protection Bureau (CFPB) released an updated version of its Mortgage Servicing Examination Manual. As the CFPB described in a corresponding blog post, the manual outlines “the types...more
The Consumer Financial Protection Bureau (CFPB) released a report (2022 CFPB Report) on January 3, 2023, detailing information and trends related to how nationwide consumer reporting agencies (NCRAs) responded to consumer...more
As we all hit the grocery store for that forgotten cranberry sauce and send a few last urgent work emails, we hope everyone is able to be with friends and family this Thanksgiving. Here at Bradley, we are counting our...more
On October 19, 2022, the Fifth Circuit Court of Appeals issued its opinion in Community Financial Services Association of America, et al. v. CFPB (CFSA v. CFPB) invalidating the CFPB’s Payday, Vehicle-Title, and Certain...more
10/21/2022
/ Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Counsel ,
En Banc Review ,
Payday Loans ,
Petition for Writ of Certiorari ,
Regulatory Violations ,
SCOTUS ,
Separation of Powers ,
Small Dollar Lenders ,
Vehicle Title
As fears of a recession grow, it would be prudent for everyone—servicers and regulators alike—to think hard about default servicing improvements and reforms.
More than two years after the COVID-19 pandemic took hold of the...more
On Thursday, September 22, 2022, the Consumer Financial Protection Bureau (CFPB) issued a new request for information (RFI) regarding mortgage servicing, potentially opening the door for much-needed regulatory reforms. The...more
Two recent announcements by the Federal Housing Finance Agency (FHFA) will push the mortgage servicing industry to increase its collection and maintenance of consumer demographic and language preference data.
On May 3,...more
The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion on June 29, 2022, clarifying its view as to the legality under the Fair Debt Collection Practices Act (FDCPA) of “convenience fees” for optional...more
On March 13, 2020, President Donald Trump declared a national emergency in response to the novel coronavirus disease (COVID-19). Shortly thereafter, to assist consumers impacted by the COVID-19 pandemic, Congress passed the...more
On October 29, 2021 — just 32 days prior to the November 30, 2021 effective date — the Consumer Financial Protection Bureau (CFPB) released new guidance regarding the debt validation notice requirements that are part of the...more
Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables. The polling covers hot topics, including forbearances, deferrals, HUD loss mitigation...more