News & Analysis as of November 17, 2024

Dodd-Frank Wall Street Reform and Consumer Protection Act

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The term "mortgage" typically refers to a mortgage loan. A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +

2024 Pre-Election Analysis: Financial Services

Mintz - ML Strategies on 10/1/2024

Financial services encompass a wide range of services offered by the nation’s financial institutions, including banking, mortgage, investment, and credit services. The next administration and Congress’s financial services...more

CFPB Bites of the Month - July 2024 - The CFPB Shines Like the 4th of July

Hudson Cook, LLP on 7/30/2024

In this month's article, we share some of our top "bites" for the prior and current month covered during the July 2024 webinar....more

An Opportune Time For Financial Institutions to Review Their Fair Lending Procedures

Bilzin Sumberg on 10/5/2021

At the beginning of his term, President Biden declared that his administration would make it a policy to eliminate “racial bias and other forms of discrimination in all states of home-buying and renting.”...more

Wiley Consumer Protection Download (November 9, 2020)

Wiley Rein LLP on 11/9/2020

Regulatory Announcements - CFPB Issues No Action Letter to Facilitate Consumer Access to Loans. The Consumer Financial Protection Bureau (CFPB) issued a No-Action Letter to Bank of America, N.A. on November 5 regarding...more

Wiley Consumer Protection Download (September 2020)

Wiley Rein LLP on 10/6/2020

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

CFPB Issues Additional Consent Orders for False and Misleading Mortgage Advertising

Ballard Spahr LLP on 9/10/2020

Since late July, the CFPB has issued seven consent orders against mortgage companies in which the CFPB asserts that the companies engaged in false and misleading advertising to service members and veterans. ...more

CFPB Settles Claims For Alleged UDAAP And FCRA Violations By Companies Issuing Contracts For Deeds

Ballard Spahr LLP on 6/25/2020

The CFPB has entered into a consent order with three companies to settle the Bureau’s claims that the companies violated the Dodd-Frank UDAAP prohibition and the FCRA in connection with contracts for deeds that they issued...more

Damages Under Dodd-Frank: Federal Court Awards CFPB $59 Million in Unprecedented Penalties and Restitution Analysis

ArentFox Schiff on 11/13/2019

So much to say, so little time. Historically groundbreaking, a federal court in Madison, Wisconsin engaged in the most robust, methodical damages analysis under the Consumer Financial Protection Act, found in Title X of the...more

CFPB Month in Review for August 2016

Stinson - Corporate & Securities Law Blog on 9/8/2016

In case you missed it, here is what the Consumer Financial Protection Bureau (CFPB) was up to over the last month: Enforcement Actions and Litigation - Enforcement Action Against First National Bank of Omaha - ...more

FTC provides 2015 enforcement report to CFPB

Ballard Spahr LLP on 6/7/2016

The Federal Trade Commission has provided its annual report to the CFPB covering the FTC’s enforcement activities in 2015 related to compliance with Regulation Z (Truth in Lending), Regulation M (Consumer Leasing), and...more

CFPB Examinations and Investigations: Defense Strategies and Best Practices

WilmerHale on 6/7/2016

The pursuit of examinations and enforcement actions by the Consumer Financial Protection Bureau (CFPB) has created new challenges for entities that provide consumer financial products and services. Given the CFPB’s broad...more

CFPB Takes Enforcement Action Against Loan Officer for Alleged Mortgage Fee Kickback Scheme

BakerHostetler on 5/30/2016

Yesterday, the Consumer Financial Protection Bureau (CFPB) announced the issuance of a consent decree with a former mortgage loan officer arising out of alleged violations of the Real Estate Settlement Procedures Act’s...more

Regulators Demand “Good Faith Efforts” for TRID Implementation

Manatt, Phelps & Phillips, LLP on 10/20/2015

Why it matters - Federal regulators said they don’t expect perfection from banks trying to comply with the new mortgage disclosure requirements but will not turn a blind eye with regard to enforcement. In letters to...more

PHH Wins Stay of $109M CFPB Enforcement Penalty

Burr & Forman on 8/10/2015

On August 5, 2015, PHH Corp. (“PHH”) won a stay of the $109M penalty handed down by Consumer Financial Protection Bureau (“CFPB”) director Rich Cordray. Cordray’s aggressive legal reasoning and the harsh penalties he imposed,...more

Dodd-Frank’s New Deputies of Federal Consumer Financial Laws—States

Goodwin on 9/23/2014

In the wake of the Financial Crisis, the federal government has invigorated its civil fraud enforcement. The U.S. Department of Justice has dominated the headlines in this area with a series of significant lawsuits and...more

A Review And Analysis Of The CFPB’s Focus And Enforcement Activity Related To Mortgage Origination And Servicing

Carlton Fields on 4/25/2014

Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“the Act”) created and authorized the Consumer Financial Protection Bureau (“CFPB” or “the Bureau”) to implement, examine for compliance with,...more

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