An $8 million settlement announced November 19, 2014, between the Consumer Financial Protection Bureau (CFPB) and the nation’s largest “buy here pay here” auto dealer represents yet another warning coming out of Washington, D.C. that:
1. Compliance with the requirements of the Fair Credit Reporting Act (FCRA) when businesses furnish credit information to consumer reporting
Last week, the U.S. Supreme Court heard argument in an appeal from the U.S. Court of Appeals for the Eighth Circuit that involves an interpretation of a provision under the Truth-in-Lending Act that has caused a split among the lower courts. The Supreme Court has to determine whether a borrower exercises his right to rescind
By this time next year, the CFPB’s new TILA-RESPA Integrated Disclosures rule will be in effect. Is your company prepared to comply with the new rule?
On Tuesday, November 18, the CFPB and the Federal Reserve will host an hour-long webinar beginning at 2:00PM EST to address frequently asked questions on how to complete the
On October 22, the CFPB published in the Federal Register the compliance bulletin and policy guidance regarding mortgage servicing transfers that it issued on August 19, 2014 (link to full text can be found here). It states that “[t]his bulletin is effective October 23, 2014 and applicable beginning August 19, 2014.” The bulletin
On October 28, the Consumer Financial Protection Bureau issued the latest edition of its “Supervisory Highlights” report, covering illegalities it discovered in the debt collection, student loan servicing, and mortgage collection markets between March and June 2014. Although the Bureau acknowledged increased efforts by covered entities to ensure regulatory compliance, the report nevertheless
The United States District Court for the District of Columbia denied a motion to dismiss filed by the District of Columbia in a case filed by a homeowner that lost his home as a result of a tax sale.
The homeowner, Benjamin Coleman, filed the suit on behalf of all city residents who lost their
Flagstar Bank FSB has agreed to pay $37.5 million to settle allegations that it prevented borrowers from accessing foreclosure relief and modifying their mortgage loans, according to the U.S. Consumer Financial Protection Bureau.
The CFPB claims that Flagstar delayed borrowers’ requests for foreclosure relief, denied loan modifications, and failed to tell borrowers when their applications
On July 23, the Consumer Financial Protection Bureau published in the Federal Register a proposed policy statement that is expected to expand the type of data disclosed in its consumer complaint database to include unstructured consumer complaint narrative data. The CFPB extended the comment period to September 22 to permit additional time for the submission
The American Bankers Association, American Financial Services Association, Consumer Bankers Association, Consumer Mortgage Coalition, Independent Community Bankers of America, and Mortgage Bankers Association (the “Trade Groups”) have filed a brief as amici curae in support of the respondents in an appeal before the Supreme Court of the United States that involves a Truth in Lending
On September 24, U.S. District Judge James S. Moody, Jr., of the U.S. District Court for the Middle District of Florida, issued a preliminary injunction against several law firms accused by the attorneys general of Connecticut and Florida of charging illegal upfront fees to distressed homeowners in a mortgage rescue scam.
Judge Moody agreed that