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Not a Normal Mortgage Crisis: How the Mortgage Industry Weathered the Pandemic
Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more
In this month's article, we share some of our top "bites" for the prior and current month covered during the January 2024 webinar....more
Editor's Note The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more
In this month's article, we share some of our top "bites" for the prior month covered during the July 2023 webinar. Bite 10: Public Inquiry Launched into Credit Card and Loan Products for Healthcare Costs - On July 7,...more
Student Loan Forgiveness Updates: New Changes Coming in 2022 for Public Service Borrowers - "Borrowers on track for Public Service Loan Forgiveness, a federal student loan forgiveness program for people devoted to careers...more
“Just Send a Venmo!”…To a Collection Agency? As a result of COVID-19, many businesses are leery of handling cash, credit cards, or debit cards, and consumers feel concerned about using paper money and coins. It is...more
For so many people and companies, 2020 was a year of uncertainty unlike any other in recent memory. It was no different for the financial services industry. The biggest uncertainty was COVID-19. The global pandemic had a...more
In this Issue. In one of its first acts after being installed on January 20, the Biden Administration issued a regulatory freeze on new agency rules that have been adopted but are not yet effective; in one of its final acts...more
Welcome to the Last All Consuming Issue of 2020 - Welcome to our last issue of All Consuming for 2020, a year of unprecedented obstacles. We all watched as the financial industry responded to those obstacles, with...more
How Virginia’s 2020 Fairness in Lending Act Reforms Small-Dollar Loans - "The law closes regulatory loopholes, caps interest rates, and provides lessons for other states." Why this is important: Earlier this year, the...more
The Consumer Financial Protection Bureau (CFPB) reached an $18 million settlement with Monster Loans and a number of related companies and individuals for illegally obtaining credit reports to further an alleged student loan...more
On May 14, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a proposed stipulated judgment and final order with a California-based mortgage lender and several affiliated individuals and...more
The consumer financial services industry began 2017 with optimism, as well as considerable uncertainty with the new Administration in the White House, knowing only that the year would bring change. And change it did bring...more
On August 10, 2017, the District of Columbia Department of Insurance, Securities and Banking started accepting applications and transition fillings for the Student Loan Servicer License and Student Loan Servicer Branch...more
The CFPB has issued its monthly complaint report and is shining its spotlight on mortgage products. The Monthly Complaint Report provides a high level snap shot of trends in consumer complaints, using a three month rolling...more
On the heels of Deutsche Bank’s $7.2 billion deal, Credit Suisse has finalized the terms of its own MBS-related settlement. The Swiss bank will pay $5.3 billion to resolve claims that it misled investors about the standards...more
The CFPB recently issued its monthly report of consumer complaints and turned its focus back to debt collection. The Report is a high level snapshot of trends in consumer complaints and provides a summary of the volume of...more
As the California legislative session wound down, Governor Jerry Brown signed multiple bills into law that will impact financial institutions. What happened - Financial institutions in California should prepare...more
Regulatory Developments - CFPB Responds to Industry Concerns on Know Before You Owe Rule - On April 28, the CFPB issued a letter to banking and industry groups in response to an inquiry by the Mortgage Bankers...more
On November 3, the Consumer Financial Protection Bureau (CFPB) released its fall 2015 supervisory report concerning enforcement actions from May 2015 through August 2015. The Bureau highlights violations in the mortgage...more
The Treasury Department’s notice and request poses 14 detailed questions to gather public information concerning the role of marketplace lending in the financial services industry. On July 16, 2015, the U.S. Department...more