The Consumer Financial Protection Bureau (CFBP) on January 31, 2017, issued consent orders settling enforcement claims that a major mortgage lender violated the Real Estate Settlement Procedures Act (RESPA) in connection with...more
The legal challenge by PHH Corp. (PHH) to a June 4, 2015, decision by the director of the Consumer Financial Protection Bureau (Bureau) in connection with the Bureau’s enforcement proceeding against PHH has captivated the...more
10/19/2016
/ Administrative Appeals ,
Appeals ,
Article III ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Disgorgement ,
Enforcement Actions ,
Enforcement Guidance ,
Penalties ,
PHH Corp. v CFPB ,
Removal At-Will ,
Removal For-Cause ,
RESPA ,
Safe Harbors ,
Separation of Powers ,
Single Director ,
Standing ,
Statute of Limitations ,
UDAAP ,
Vacated
From fair housing laws to licensing requirements, the real estate industry is accustomed to navigating various legal constraints and requirements. However, as a result of current ambiguity in the law, class action lawsuits...more
On April 12, 2016, a panel of the U.S. Court of Appeals for the D.C. Circuit heard oral argument in PHH Corporation’s (PHH) milestone legal battle with the Consumer Financial Protection Bureau (Bureau). During the argument,...more
4/19/2016
/ Consumer Financial Protection Bureau (CFPB) ,
HUD ,
Kickbacks ,
Market Rate ,
Mortgage Insurance ,
Mortgage Lenders ,
Reinsurance ,
RESPA ,
Richard Cordray ,
Section 8(a) ,
Statute of Limitations
The consumer financial services industry is wondering how the sudden passing of United States Supreme Court Justice Antonin Scalia will affect the pending Spokeo, Inc. v. Thomas Robins case. Spokeo is a key case dealing with...more
In the ongoing Integrity Advance enforcement action by the Consumer Financial Protection Bureau (“CFPB” or “Bureau”), the Office of Enforcement this month filed a brief arguing that its claims for alleged unfair, deceptive,...more
On October 8, 2015, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a Compliance Bulletin on RESPA Compliance and Marketing Services Agreements (“MSAs”)(“Compliance Bulletin”). The Compliance Bulletin’s...more
10/20/2015
/ Affiliated-Business Arrangements ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Enforcement Actions ,
Kickbacks ,
Marketing ,
Marketing Services Agreements ,
Quid Pro Quo ,
Referral Fees ,
RESPA ,
Safe Harbors
There is little doubt that large class action lawsuits are a content aggregator’s worst nightmare. This especially holds true for those who transact significant amounts of data which may include government-created public...more
The Director of the Federal Consumer Financial Protection Bureau (CFPB), Richard Cordray, issued a decision yesterday in the first appeal of a Bureau administrative enforcement action.
Cordray’s decision upholds in part,...more
6/5/2015
/ Administrative Appeals ,
Administrative Law Judge (ALJ) ,
Consumer Financial Protection Bureau (CFPB) ,
Disgorgement ,
Dodd-Frank ,
Enforcement Actions ,
HUD ,
Injunctive Relief ,
Kickbacks ,
Mortgage Insurance ,
Referral Fees ,
Reinsurance ,
RESPA ,
Richard Cordray ,
Securities and Exchange Commission (SEC) ,
Statute of Limitations ,
Title X
The Dodd-Frank Act (“Dodd-Frank”) granted to state attorneys general and state regulators much of the Consumer Financial Protection Bureau’s (“CFPB”) UDAAP authority. In particular, Dodd-Frank gives state attorneys authority...more
On July 9, 2014, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued Policy Guidance on the issue of Mortgage Brokers Transitioning to Mini-Correspondent Lenders (“Policy Guidance”), which highlights risks...more
In a decision two years in the making, on Wednesday, November 27, 2013, the Sixth Circuit Court of Appeals brought some clarity to the use of affiliated business arrangements (“ABAs”) under Real Estate Settlement Procedures...more
The CFPB’s final ability-to-repay rule (Rule), issued January 10, 2013, implements Dodd-Frank mortgage reforms requiring creditors to make good faith determination that a consumer has reasonable ability to repay his or her...more
The Consumer Financial Protection Bureau (CFPB or Bureau), through its Office of Enforcement, may conduct inquiries of institutions or persons to investigate compliance with the federal consumer financial laws for which it is...more
On January 10, 2013, the CFPB issued its final ability-to-repay rule (Rule), which implements Dodd-Frank mortgage reforms requiring creditors to make a reasonable and good faith determination that a consumer will have a...more
The Consumer Financial Protection Bureau (CFPB) issued its final ability to repay rule (Rule) on January 10, 2013. The Rule implements ability-to-repay provisions of the Dodd-Frank Act, which imposed strict underwriting...more
1/15/2013
/ Ability-to-Repay ,
Borrowers ,
Dodd-Frank ,
Lenders ,
Loans ,
Mortgages ,
Penalties ,
Qualified Mortgage Rule ,
Rebuttable Presumptions ,
Safe Harbors ,
Truth in Lending Act (TILA) ,
Underwriting
In Campbell v. First American, a federal judge in Maine has issued a ruling decertifying a class action involving claims that First American Title Insurance Co. overcharged refinance customers for their title insurance....more