Consumer Financial Protection Bureau (CFPB)

Subscribe to Consumer Financial Protection Bureau (CFPB) via RSS

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…

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…

On January 16, the American Bankers Association (ABA) issued a letter opposing a proposal offered by the Department of Defense to amend the regulations that implement the Military Lending Act.  Although the ABA had already joined other trade associations in a December 18 joint comment letter criticizing this proposal, the organization submitted this latest letter…

On January 16, the CFPB announced it is accepting applications for membership on the Consumer Advisory Board (CAB), Community Bank Advisory Council, and Credit Union Advisory Council.

Members of the CAB and the Advisory Councils include representatives of consumers, communities, and the financial services industry, as well as academics. Membership on the CAB lasts three…

Last month, the Government Accountability Office (GAO) released its annual report on financial services regulations entitled “Dodd-Frank Regulations: Regulators’ Analytical and Coordination Efforts.”

According to this report, federal financial regulators— Consumer Financial Protection Bureau, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, National Credit…

On December 29, the Consumer Financial Protection Bureau issued a report calling for stricter and more extensive regulations to the Military Lending Act.  The report, titled The Extension of High-Cost Credit to Servicemembers and Their Families, comes on the heels of a recent action by the CFPB, in which Virginia and North Carolina…

On December 23, the Consumer Financial Protection Bureau issued a proposed rule amending Regulation E, 12 C.F.R. §§ 205.1 et seq. – which implements the Electronic Fund Transfer Act, 15 U.S.C. §§ 1693 et seq. – and Regulation Z, 12 C.F.R. §§ 226.1 et seq. – which implements the Truth in Lending Act, 15 U.S.C.

In November, Administrative Law Judge Cameron Elliot of the U.S. Securities and Exchange Commission issued the first “recommended decision” in a litigated Consumer Financial Protection Bureau administrative enforcement action.

In In re PHH Corporation, et. al., the CFPB alleged this residential mortgage lender was engaged in a nearly 15-year “mortgage insurance kickback scheme” by…

On December 16, the Office of the Comptroller of the Currency (OCC) issued a new Truth in Lending Act (TILA) booklet of the Comptroller’s Handbook.

Replacing guidance from December 2010, this booklet provides updated guidance and procedures to examiners in connection with recent changes made to Regulation Z (12 CFR 1026), primarily with regard…

Last month the CFPB held another in a series of webinars on the TILA-RESPA Integrated Disclosure Rule. You can view the video of this webinar – and the prior three webinars – here, which focused on questions related to completing the Closing Disclosure Form.

Last month’s session was the fourth in a series of…