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
Just two short months after the Consumer Financial Protection Bureau announced its COVID-19 mortgage servicing final rule, the effective date of August 31, 2021, is here. As we noted in our detailed breakdown of the final...more
Late last week, the Consumer Financial Protection Bureau (CFPB) released an interpretive rule that provided much-welcome guidance related to the effect of the new Juneteenth National Independence Day on disclosure waiting...more
8/10/2021
/ Banking Sector ,
Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Financial Institutions ,
Financial Services Industry ,
Holidays ,
Interpretive Rule ,
Mortgage Lenders ,
Mortgages ,
TILA-RESPA Integrated Disclosure Rule (TRID)
With the release of the Consumer Financial Protection Bureau’s COVID-19 mortgage servicing final rule and an August 31, 2021, effective date that will be here before we know it, the race is on for servicers to digest the...more
6/30/2021
/ Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Evasion ,
Final Rules ,
Financial Services Industry ,
Foreclosure ,
Loss Mitigation ,
Moratorium ,
Mortgage Servicers ,
Mortgages ,
Regulation X
On June 28 2021, the Consumer Financial Protection Bureau released its much-anticipated mortgage servicing final rule related to COVID-19. This rulemaking amends Regulation X and, as expected, largely tracks the proposal that...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
5/6/2021
/ Compliance ,
Coronavirus/COVID-19 ,
Credit Reports ,
Deferral Standard ,
Financial Services Industry ,
Forbearance Agreements ,
Foreclosure ,
HUD ,
Mortgage Lenders ,
Mortgages ,
Notarization ,
Polling ,
State and Local Government
On April 21, 2021, the U.S. Court of Appeals for the Eleventh Circuit issued a decision that threatens significant consequences for a variety of loan servicing and debt collection industries. The upshot of the court’s holding...more
4/22/2021
/ Appeals ,
Article III ,
Corporate Counsel ,
Debt Collection ,
Debt Collectors ,
Debtors ,
FDCPA ,
Loan Servicing ,
Motion to Dismiss ,
Standing ,
Third-Party
Yesterday, the CFPB issued a proposed rule that would extend implementation of both parts of its debt collection rule by 60 days — from November 30, 2021, to January 29, 2022. The debt collection rule, which we have discussed...more
On April 5, 2021, the Consumer Financial Protection Bureau issued a proposal to amend the existing loss mitigation rules in Regulation X. As stated in the Bureau’s press release, the proposal is designed to “help prevent...more