Mortgage Lenders & Servicers
By John Lynch on January 10, 2014
Most of the CFPB’s new mortgage rules take effect today, January 10, 2014. The CFPB has rejected congressional and financial industry’s repeated calls for a one-year mortgage regulation delay. However, Director Cordray expressed that, at least in the early days, the CFPB’s examiners will not be looking for compliance perfection but for a good faith...
CFPB Releases New Simpler Mortgage Disclosure Forms to Aid Consumers in Understanding Loan Process and Costs
Credit Cards Lenders
By Scott Kelly on February 28, 2014
On Thursday, February 27, 2014, the Consumer Financial Protection Bureau (CFPB) encouraged credit card companies to offer consumers their credit scores for free online and in monthly statements – a practice that several issuers have already begun in an effort to distinguish their products in the industry. The CFPB recently sent letters to the nation’s top...
Debt Buyers & Collectors
The CFPB Extends the Comment Deadline for the Announced Notice of Proposed Rulemaking for the Debt Collection Industry
By David Anthony on February 12, 2014
In a notice published in the January 14, 2014 Federal Register, the CFPB announced that it would be extending the comment deadline for the Announced Notice of Proposed Rulemaking (“ANPR”) that it issued on November 6, 2013 (discussed here). The ANPR seeks to modernize the Fair Debt Collection Practices Act (“FDCPA”) and will likely form...
Consumer Reporting Agencies
By Ethan Ostroff on February 26, 2014
In a lecture at Princeton University last week entitled "Big Data and Consumer Privacy: Addressing Challenges and Finding Solutions," the Federal Trade Commission's Julie Brill joined others in calling for Congress to enact new legislation covering data brokers, in particular to improve commercial privacy laws regarding how and what personal information is collected. Commissioner Brill indicated her belief that...