Consumer Financial Protection Bureau (CFPB)

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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…

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…