On January 13, 2015, the Consumer Financial Protection Bureau (CFPB) released a report on consumers’ mortgage shopping experiences.  The CFPB found that almost half of consumers who take out a mortgage fail to shop prior to application and that consumers seriously consider only a single lender or mortgage broker before choosing where to apply.  The…

Last week, the Consumer Financial Protection Bureau (CFPB) announced four appointments to its leadership team.

In addition to naming Anthony Alexis as assistant director of enforcement, the CFPB also announced the hiring of Leandra English as deputy chief operating officer, Agnes Bundy Scanlan as the regional director of supervision examination, and Jeffrey Sumberg as chief…

Freddie Mac is selling three pools of deeply delinquent loans with the combined unpaid principal balance of $410 million.  According to Freddie Mac’s spokesman, the loans involved in the sale include “a large share that are more than two years delinquent,” which is consistent with Freddie Mac’s “continued goal of reducing illiquid assets from its…

A new putative class action lodged in California federal court against Paramount Pictures Corporation made it the latest employer to be accused of violating the Fair Credit Reporting Act by obtaining credit reports from current and prospective employees without adequate disclosure of their rights under the FCRA.  The lawsuit alleges that the company has a…

On January 5, the Federal Communications Commission announced that it was creating a new complaint portal.  As shown on the FCC form for complaints, which can be found here (Word format) and here (.pdf), this portal is very much designed to capture complaints arising from the Telephone Consumer Protection Act (TCPA) and, specifically, automatic telephone…

Law360 is reporting that another subprime auto lender, the Nevada-based Consumer Portfolio Services, Inc., has disclosed in an SEC filing that it received a civil investigative subpoena from the Department of Justice.  As we’ve previously reported, both federal and state regulators recently have increased their scrutiny of subprime auto lending.

This is not the first…

The Consumer Financial Protection Bureau recently announced its first enforcement action for alleged violations of the new requirements imposed upon mortgage servicers regarding loss mitigation applications submitted by borrowers.  According to the CFPB, Michigan-based Flagstar Bank took too long to process borrowers’ applications for relief from foreclosure, improperly denied loss mitigation applications, and made…

The Colorado Attorney General’s Office, in a recent press release, warned its in-state consumers of a “debt-collection” scam whereby imposters pose as law enforcement officials or government agencies.  This warning was triggered by a sharp increase in the number of reports to the AG’s Office of threatening telephone calls and emails as part of…

As part of the Federal Trade Commission’s ongoing initiative to promote consumer education and protection in the Latino community through its fotonovelas series, it recently announced the creation of a new Spanish-language graphic novel.  As the third and most recent installment of the FTC’s fotonovelas series, the graphic novel titled “Cobradodres de Dueda”,…

Last year, on January 10, 2014, extensive amendments by the Consumer Financial Protection Bureau Regulation X, which implements the Real Estate Settlement Procedures Act (“RESPA”) and Regulation Z, which implements the Truth in Lending Act (“TILA”), went into effect.  Among the numerous new requirements imposed upon mortgage lenders and servicers were significant changes to written…