On September 3, the Consumer Financial Protection Bureau issued a new bulletin warning credit card issuers against certain interest-rate promotions that, it claimed, posed a risk of deceptive or abusive conduct. The transactions at issue involve solicitations that “offer a promotional annual percentage rate on a particular transaction over a defined period of time” and
CFPB Announces New Leadership
On August 28, the Consumer Financial Protection Bureau announced several new senior leaders within the organization, including:
- Patricia McClung, assistant director for mortgage markets. Prior to the CPFB, McClung worked at the Federal Housing Administration as a senior housing policy advisor.
- Janneke Ratcliffe, assistant director for financial education. Since 2005, Ratcliffe has served
Virginia Creditors Bar Association 5th Annual Collections Seminar
On October 1, 2014, in Williamsburg, VA, the Virginia Creditors Bar Association is hosting their Fifth Annual Collections Seminar. This event will feature comprehensive discussions on issues pertaining to Creditors’ Rights and Collections Law throughout the Commonwealth of Virginia, including, but not limited to, presentations regarding bankruptcy, authenticating business records, FDCPA defense, the CFPB, and
Twelve Participants Chosen for CFPB Mortgage Closing Pilot Project
On August 21, the Consumer Financial Protection Bureau (CFPB) has selected seven mortgage companies and five vendors to participate in a three-month pilot program that will aim to determine whether electronic filings could improve mortgage closings. The pilot program is a part of the CFPB’s “Know Before You Owe” mortgage initiative.
Earlier this year in
Potential Expansion of HMDA Reporting Requirements
The Consumer Financial Protection Bureau has published proposed changes to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). The HMDA was enacted by Congress in 1975, and on July 21, 2011, the rule-writing authority of Regulation C was transferred to the CFPB. HMDA requires covered depository and nondepository institutions to collect and publicly
Amerisave to Pay $19.3 Million for Bait-and-Switch Mortgage Scheme
On August 12, the Consumer Financial Protection Bureau issued an order related to the advertising of mortgage rates that may provide valuable insight into the CFPB’s broader perspective on what constitutes misleading statements in advertising and publishing of rates.
The CFPB accused Amerisave Mortgage Corporation (“Amerisave”), its affiliate company Novo Appraisal Management Company (“Novo”), and
CFPB and FTC File Amicus Brief Urging Application of FDCPA Beyond Initial Debt Collection Notice
On August 20, the Consumer Financial Protection Bureau and the Federal Trade Commission jointly filed an amicus brief in Hernandez v. Williams, Zinman & Parham, P.C. The case concerns the interpretation and enforcement of the Fair Debt Collection Practices Act, and is currently on appeal to the U.S. Court of Appeals for the Ninth Circuit.
USA Discounters Investigated and Penalized by CFPB
As we discussed here, regulators have been keeping close watch on USA Discounters. Today, the CFPB announced that it has “ordered the company to refund $350,000 to service members tricked into paying fees for benefits available for free.” Last week, several senators wrote a letter urging the CFPB to investigate the findings of a
Cordray’s Renewed Questioning Concerning Recess Authority
In a letter dated July 29, addressed to Richard Cordray, Director of the Consumer Financial Protection Bureau, two Republicans – Representative Jeb Hensarling, Chairman of the House Committee on Financial Services, and Mike Crapo, Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs – continue to question the validity of the CFPB’s
The CFPB Admits False Allegations?
On August 8, the Consumer Financial Protection Bureau admitted to the falsity of its August 6 allegations that two Midwestern credit unions marketed products and services to university students without adequately disclosing the deals’ terms. As it turned out, the credit unions had no agreements with the universities and were mistakenly targeted by the CFPB’s