Mortgage Lending, Servicing + Banking

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In a pair of recent votes, the House of Representatives supported legislation that would create liability protections for companies that share with the federal government information about cyberthreats.  The bills, H.R. 1560 and H.R. 1731, allow private companies to take defensive cybersecurity measures to protect their rights and property.  They also allow for sharing of…

The Seventh Circuit has refused to reconsider its troublesome ruling that mortgage servicers violate the Federal Truth in Lending Act (TILA) if they do not credit electronic payments the day they are made even though the funds are not received until several days later.

The TILA requires that payments be posted as of the “date…

On April 29, the Consumer Financial Protection Bureau and the Maryland Attorney General’s Office jointly filed a Complaint in the U.S. District Court for the District of Maryland accusing a title service company and several mortgage loan officers of participating in an illegal kickback scheme whereby the company would funnel money and marketing services to…

The CFPB continues to crack down on deceptive conduct by mortgage lenders, as evidenced by a recent action against California-based RMK Financial Corporation.  According to an April 8, 2015 consent order issued by Richard Cordray, Director of the Consumer Financial Protection Bureau, RMK Financial sent print mailers to more than 100,000 consumers, falsely implying that…

A New York federal judge on April 17 approved a group of former Gawker Media LLC interns’ proposed revised plan to notify potential class members of their rights to opt out of a proposed collective action alleging unpaid wages through social media.  The same Court had previously rejected a social media campaign as being overbroad…

On April 22, the House of Representatives passed a bill requiring the Consumer Financial Protection Bureau to solicit input from several advisory boards and to cap the CFPB’s future funding.

H.R. 1195, the Bureau of Consumer Financial Protection Advisory Boards Act, was adopted in a 235-183 vote, after a House committee earlier adopted…

Advertising agency Campbell-Ewald Co. began sending text messages through its subcontractor, MindMatic LLC, in 2006 as part of a Navy-approved effort to tap new technologies in recruitment campaigns, the company says.  Among the recipients of the message, which began with “Destined for something big? Do it in the Navy,” was the plaintiff who said he…

As part of its “Know Before You Owe” mortgage initiative, the Consumer Financial Protection Bureau released a guide to assist consumers through the process of shopping for a mortgage and buying a house.  The Toolkit is designed to help consumers take advantage of the new Loan Estimate and Closing Disclosure forms that lenders are required…

On March 9, a regulatory milestone occurred.  Consumer Financial Protection Bureau Director Richard Cordray presided over oral arguments in the first ever appeal of a CFPB administrative enforcement action.  As this blog reported on December 31, 2014, this appeal concerns the first “recommended decision” issued by an Administrative Law Judge in a contested CFPB enforcement…

Last year, the Federal Housing Finance Agency (FHFA) released its 2014 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac, in which the FHFA announced its strategic goals to “Maintain, Reduce, and Build.”  The FHFA has now issued its first Progress Report to announce how Fannie Mae and Freddie Mac worked toward…