The Consumer Financial Protection Bureau (CFPB) previously indicated in its Fall 2018 Rulemaking Agenda that it intends to issue a Notice of Proposed Rulemaking (NPRM) in the Spring of 2019 regarding debt-collection practices...more
On March 12, 2019, the Consumer Financial Protection Bureau (CFPB) issued the Winter 2019 edition of its Supervisory Highlights report, detailing key examination findings that were discovered during the second half of 2018....more
On January 16, 2019, the Consumer Financial Protection Bureau (“CFPB”) and the Attorney General for the State of New York announced a consent order with Sterling Jewelers, Inc. (“Sterling”) related to Sterling’s credit card...more
On October 17, 2018, the Bureau of Consumer Financial Protection (BCFP), formerly known as the CFPB, announced that it plans to issue a Notice of Proposed Rulemaking (NPRM) for the Fair Debt Collection Practices Act (FDCPA)...more
Earlier this week, the Bureau of Consumer Financial Protection (BCFP) released a 50-State Complaint Snapshot. Credit reporting, debt collection, and mortgage continued to be the top three categories of complaints both...more
On October 17, 2018, the Bureau of Consumer Financial Protection (BCFP), formerly known as the CFPB, announced that it plans to issue a Notice of Proposed Rulemaking (NPRM) for the Fair Debt Collection Practices Act (FDCPA)...more
The Bureau of Consumer Financial Protection has once again been deemed unconstitutional, this time in an opinion issued on June 21, 2018, by Loretta A. Preska, Senior U.S. District Judge for the Southern District of New York,...more
As the effective date for the CFPB’s successor in interest and bankruptcy billing statement requirements quickly approaches, one question we’ve heard multiple times is whether a mortgage servicer is required to know when a...more
On March 29, 2018, the Consumer Financial Protection Bureau (CFPB) released two important implementation tools that may help mortgage servicers ensure compliance with recent amendments to the mortgage servicing rules in...more
On Tuesday, February 27, 2018, the Federal Reserve proposed to modify its guidelines and processes that institutions may rely upon to appeal an adverse material supervisory determination. The proposal also seeks to modify the...more
On October 4, 2017, the CFPB released an interim final rule and a proposed rule to amend certain provisions of its 2016 Mortgage Servicing Final Rule. While the changes will not drastically change the 2016 Mortgage Servicing...more
10/7/2017
/ Amended Regulation ,
Consumer Bankruptcy ,
Consumer Financial Protection Bureau (CFPB) ,
FDCPA ,
Final Rules ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Notice Requirements ,
Proposed Rules ,
Public Comment ,
Regulation X
On July 31, the Consumer Financial Protection Bureau (CFPB) issued a public bulletin intended to provide guidance to covered persons and service providers who take payments from consumers using pay-by-phone services and...more
The Consumer Financial Protection Bureau (CFPB) released “policy guidance” on June 27, 2017 related to the effective dates of the 2016 mortgage servicing rule amendments. In response to repeated requests from the mortgage...more
Given the parallels between the current student loan debt crisis (including the CFPB, Illinois and Washington’s recent lawsuits against Navient) and the foreclosure crisis of 2010-14, now is a good time to reflect on the...more
Arguably the most significant element of the recent amendments to the existing mortgage servicing regulatory framework by the Consumer Financial Protection Bureau (CFPB) is the new structure that has been laid out for dealing...more
The D.C. Circuit Court issued its long-awaited opinion in PHH Corporation v. Consumer Financial Protection Bureau, No. 15-1177 (D.C. Cir., filed 2015) regarding the constitutionality of the Consumer Financial Protection...more
10/19/2016
/ Administrative Interpretation ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Due Process ,
HUD ,
PHH Corp. v CFPB ,
Reinsurance Agreements ,
RESPA ,
Retroactive Application ,
Safe Harbors ,
Section 8 ,
Tying
As part of its recent amendments to the mortgage servicing rules in Regulations X and Z, the Consumer Financial Protection Bureau (CFPB) is fundamentally changing the way mortgage servicers are required to treat successors in...more
8/23/2016
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Loss Mitigation ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
Real Estate Market ,
Regulation X ,
Regulation Z ,
Request For Information ,
Successor Interests ,
Webinars
Yesterday, the Consumer Financial Protection Bureau (CFPB) released the long-awaited amendments to the existing mortgage servicing rules in Regulations X and Z. For the next 12-18 months, Mortgage servicers will once again be...more
The CFPB’s amendments to the mortgage servicing rules in Regulations X and Z are officially slated for release this month and we anticipate that they will come out any day now. Mortgage servicers, many of whom may feel like...more
Last Friday, the Consumer Financial Protection Bureau (CFPB) released a special edition of their semi-annual Supervisory Highlights report focusing solely on issues uncovered during reviews of mortgage servicers. The report...more
Recipients of a Civil Investigative Demand (CID) from the Consumer Financial Protection Bureau (CFPB) have yet another reason to be wary of petitioning the Director to have the CID formally modified or set aside....more
We have previously written about recent regulatory focus on the student loan servicing industry. In particular, we discussed the issuance of a 151-page report issued by the Consumer Financial Protection Bureau (CFPB) titled...more
10/26/2015
/ Consumer Financial Protection Bureau (CFPB) ,
Department of Education ,
Federal Student Loans ,
Joint Policy Statements ,
Loan Servicer ,
Private Student Loans ,
Regulatory Agenda ,
Student Loans ,
Third-Party ,
Transparency ,
U.S. Treasury ,
Vendors
Last week, the CFPB released a report summarizing the results of a two-month public inquiry into student loan servicing practices. At the same time, the CFPB, in conjunction with the U.S. Department of Education and the U.S....more
CFPB Director Richard Cordray announced the commencement of a CFPB “public inquiry” into the hurdles that make repayment of student loans a “stressful process and even at times a harmful one.” Speaking in Milwaukee, Wisconsin...more
Yesterday, the Consumer Financial Protection Bureau (CFPB) proposed additional amendments to Regulation X, which implements the Real Estate Settlement Procedures Act (RESPA), and Regulation Z, which implements the Truth in...more