The crux of the CFPB’s “abusive act or practice” claim[1] against Nationwide Biweekly Administration, Inc. (“Nationwide”) is that its customers do not understand how long they must remain in the company’s Interest Minimizer...more
At the risk of kicking the CFPB while it’s down, a question worth asking is: how does it actually litigate once a “covered person”[1] decides to resist? Setting aside the noteworthy PHH case, the vast majority of enforcement...more
The Consumer Financial Protection Bureau (CFPB)’s mortgage servicing rules, which took effect on January 10, 2014, contain a number of detailed loss mitigation procedures that servicers must follow after a payment default. ...more
The CFPB’s ability-to-repay (ATR) rule became effective in January 2014. It requires mortgage lenders to determine during underwriting that a borrower has a reasonable ability to repay a loan according to its terms. ...more
10/14/2015
/ Ability-to-Repay ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Foreclosure ,
Good Faith ,
Loan Servicer ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Truth in Lending Act (TILA) ,
Underwriting
The Supreme Court has held that disparate impact claims are valid under the federal Fair Housing Act (the “FHA”). In essence, this means that liability under the FHA can be proven by showing discriminatory effects of...more
Section 1042(a) of the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act (CFPA) empowers state Attorneys General (AGs) to bring civil actions to enforce federal consumer law against any person offering...more
Section 1031 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd Frank”) authorizes the Consumer Financial Protection Bureau (“CFPB”) to issue rules to prevent unfair, deceptive, or abusive acts or...more
Dodd-Frank created the Consumer Financial Protection Bureau (“CFPB”) and granted that federal agency significant powers to regulate financial institutions. But Dodd-Frank also empowers state regulators to enforce the new...more
2/25/2015
/ Attorney General ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debtor-Creditor ,
Dodd-Frank ,
ECOA ,
Enforcement ,
Enforcement Actions ,
Equal Access to Credit ,
Financial Institutions ,
UDAAP ,
Unfair or Deceptive Trade Practices
On February 5, 2015, the Federal Trade Commission sent a letter to the Consumer Financial Protection Bureau (“CFPB”) describing its consumer protection efforts in 2014 in the area of debt collection. As reflected in the...more