The Board of Governors of the Federal Reserve System recently issued a Consent Order against Peoples Bank, based in Lawrence, Kansas, to settle claims of deceptive residential mortgage origination practices that arose from the bank’s charging of fees in mortgage originations. The Federal Reserve alleged that Peoples told mortgage borrowers that certain additional fees that
Join Us for a Complimentary Webinar: Preserving and Protecting Confidentiality when Sharing Information with Regulators
On Tuesday, December 12, from 3-4 p.m. ET, Join Troutman Sanders for a webinar focused on a practical issue of great importance to mortgage loan originators and servicers: how to ensure confidential information is protected, when faced with an investigation by state or federal regulators.
The webinar will (1) outline the common law principles and
Federal Judge Denies Injunction, Leaving Trump Appointee Mick Mulvaney Head of CFPB
Mick Mulvaney, President Donald J. Trump’s choice to head the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) until a permanent director can be appointed, will remain in place as Acting Director of the Bureau, following a ruling by Judge Timothy J. Kelly of the U.S. District Court for the District of Columbia on Tuesday denying
New Mexico AG Supports Tribal Defendants in Civil Action Filed by CFPB
On November 27, New Mexico Attorney General Hector Balderas joined the ranks of amici curiae in Consumer Financial Protection Bureau v. Golden Valley Lending, Inc., et al. (No. 2:17-cv-02521, pending in the United States District Court for the District of Kansas) filing a brief supporting the efforts of four tribal entities (“Tribal Defendants”) to dismiss
CFPB Removes Ban on Arbitration Agreements from CFR Following Congressional and Presidential Disapproval of Rule
As anticipated, the Consumer Financial Protection Bureau has officially removed from publication a rule that would have prohibited arbitration agreements in certain consumer contracts. The CFPB published its removal of 12 CFR part 1040, titled “Arbitration Agreements,” from the Code of Federal Regulations. The CFPB’s removal of part 1040 reflects Congressional disapproval of the underlying
Join Us on December 5 for an ABA Webinar – State Attorneys General Series: Enforcement Agencies Confront Class Actions
We are pleased to announce that Troutman Sanders attorneys Ashley Taylor and Tim Butler will participate in a webinar panel discussion hosted by the American Bar Association on “State Attorneys General Series: Enforcement Agencies Confront Class Actions.” The event will take place on December 5, 2017 from 1:00 – 2:30 p.m. ET.
The still vibrant
President Likely Has Authority To Appoint Acting Director To Replace Cordray At CFPB
Consumer Financial Protection Bureau (CFPB) Director Richard Cordray’s announced yesterday (as covered here) that he will be resigning from his position by the end of this month.
The Administration appears poised to announce Office of Management and Budget Director Mick Mulvaney as an interim replacement until a permanent director can be selected by the
CFPB Director’s Resignation Sparks Conjecture About Future Leadership
On November 15, as has been widely reported, the Director of the Consumer Financial Protection Bureau, Richard Cordray, announced by email to his staff that he would be resigning at the end of the month. While he did not state the reason for his departure, it is believed that Cordray, a former Ohio attorney general,
CFPB Director Richard Cordray to Step Down
Richard Cordray, the Director of the Consumer Financial Protection Bureau (“CFPB”), announced today that he plans to step down from that post by the end of the month. Cordray’s term was otherwise set to expire in July of 2018.
Cordray, who was appointed by the Obama Administration after the CFPB was created in 2011, issued
Oklahoma AG Sides with Tribal Defendants, Assails CFPB’s Expansive Interpretation of Enforcement Powers
In an amicus brief filed last week in the U.S. District Court for the District of Kansas, Oklahoma Attorney General Mike Hunter assailed the expansive interpretation of enforcement powers against state and tribal sovereigns adopted by the Consumer Financial Protection Bureau. The case is CFPB v. Golden Valley Lending, Inc., et al., No. 2:17-cv-02521