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Fees UDAAP Consumer Financial Products

Venable LLP

CFPB Homes in on Mortgage "Junk Fees"

Venable LLP on

Recent releases from the Consumer Financial Protection Bureau (CFPB) show that the mortgage industry is in the crosshairs of the CFPB's campaign against so-called junk fees. Earlier this year, the CFPB indicated its interest...more

Goodwin

CFPB Bemoans “Junk Fees” in Mortgage Servicing

Goodwin on

On April 24, 2024, the CFPB released its Supervisory Highlights, Mortgage Servicing Edition, (Issue 33, Spring 2024) which provides insight on the CFPB’s current focus in examining mortgage loan servicers. According to the...more

Troutman Pepper

CFPB Releases Special Edition of its Supervisory Highlights Focusing on Mortgage Servicers’ Alleged “Junk Fees”

Troutman Pepper on

On April 24, the Consumer Financial Protection Bureau (CFPB or Bureau) released a special edition of its Supervisory Highlights report focusing on examinations of the residential mortgage servicing market that were completed...more

Hudson Cook, LLP

CFPB Bites of the Month - March 2024 - Here Comes the Sun and the CFPB

Hudson Cook, LLP on

In this month's article, we share some of our top "bites" covered during the March 2024 webinar. Bite 10: CFPB Issues Statement on Privacy and Personal Data - On February 28, 2024, the CFPB issued a statement on...more

Alston & Bird

CFPB’s War on Mortgage Fees Continues

Alston & Bird on

What Happened? Immediately following President Biden’s State of the Union Address announcing plans to lower homebuyer and refinancing costs, the CFPB issued a blog post seeking public input on how mortgage closing costs...more

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Auto

Hudson Cook, LLP on

In this article, we share a timeline of our monthly "bites" for 2023 applicable to the auto finance industry. We think it's safe to say that the auto finance industry was top of mind to the CFPB. ...more

Troutman Pepper

California Joins War on Fees With Passage of S.B. 666

Troutman Pepper on

On October 13, California Governor Gavin Newsom signed into law Senate Bill 666, which amends the California Financing Law to prohibit a covered entity from charging certain fees in connection with a commercial financing...more

Ballard Spahr LLP

CFPB issues advisory opinion on fees charged by large banks and credit unions to respond to information requests and releases data...

Ballard Spahr LLP on

As we have previously reported on this blog and discussed on our Consumer Finance Monitor Podcast, last year, the CFPB embarked on a campaign orchestrated by the Biden Administration to eliminate “junk fees.” ...more

McGlinchey Stafford

The Fuss About Junk Fees, Pt. 3: Defending Junk Fees Litigation and Regulatory Oversight

McGlinchey Stafford on

In this three-part series, we first reviewed the Biden Administration’s collaborative efforts with the CFPB and the FTC to regulate “junk fees.” We highlighted recent regulatory, enforcement, and private actions and trends in...more

Orrick, Herrington & Sutcliffe LLP

CFPB report looks at junk fees; official says they remain agency focus

On March 8, the CFPB released a special edition of its Supervisory Highlights focusing on junk fees uncovered in deposit accounts and the auto, mortgage, student, and payday loan servicing markets. The findings in the report...more

Hudson Cook, LLP

CFPB Bites of the Month - 2022 Annual Review - Credit Cards

Hudson Cook, LLP on

In this article, we share a timeline of our monthly "bites" for 2022 applicable to the credit card industry. As evidenced by the timeline, federal regulators (primarily the CFPB) are beginning to renew their focus on credit...more

BCLP

CFPB guidance on pay-to-pay fees impacts consumer loan agreements

BCLP on

Consumer debt collectors may not be permitted to charge consumers “convenience fees” for card payments, which the Consumer Financial Protection Board (the “CFPB”) calls “pay-to-pay” fees, unless the underlying loan agreement...more

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