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Category Archives: Federal Agencies

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CFPB and FTC reauthorize memorandum of understanding for an additional three years

Posted in Federal Agencies

Taking its inspiration from Elvis Costello’s song lyrics, “peace, love and understanding” is how the FTC describes its “cooperative relationship” with the CFPB in a blog post about the reauthorization of the Memorandum of Understanding (“MOU”) entered into by the two agencies on January 20, 2012. The MOU had an initial term of three years,… More >

CFPB Provides Guidance on the TILA-RESPA Integrated Disclosures Rule

Posted in CFPB General, CFPB Rulemaking, Federal Agencies, Hot Issues

On June 17, 2014, the CFPB staff and Federal Reserve co-hosted a webinar on the final TILA-RESPA Integrated Disclosures Rule that will be effective for applications received by creditors or mortgage brokers on or after August 1, 2015.  The webinar is the first in a planned series intended to help creditors, mortgage brokers, settlement agents,… More >

CFPB orders New Jersey title services company to pay for illegal mortgage referrals

Posted in CFPB Enforcement, Fair Lending, Federal Agencies, Mortgages

On June 12, the CFPB announced that it has issued a Consent Order under which a New Jersey title services company, Stonebridge Title Services Inc., agreed to pay a $30,000 civil money penalty for paying illegal kickbacks for referrals in violation of RESPA Section 8.  According to the CFPB’s press release, Stonebridge paid commissions to… More >

The NY DFS, the NY Attorney General and the CFPB: What’s in store for the CFS industry

Posted in CFPB Enforcement, Debt Collection, Federal Agencies

Wednesday night , Joy Feigenbaum , the New York Department of Financial Services’ (“DFS”) executive deputy superintendent, and Jane Aziza, the Chief of the Bureau of Consumer Frauds and Protection at the New York Attorney General, spoke at the monthly meeting of the Consumer Affairs Committee for the New York City Bar Association. Not only did… More >

VA issues “qualified mortgage” definition for VA guaranteed or insured loans

Posted in CFPB General, CFPB Rulemaking, Federal Agencies, Mortgages

On May 9, 2014, the Department of Veterans Affairs (VA) issued an interim final rule defining a qualified mortgage (QM) for VA insured and guaranteed loans.  Under the proposed rule, all purchase money origination loans and refinances other than certain interest rate reduction refinance loans (IRRRL) guaranteed or insured by the VA are defined as… More >

Federal regulators issue joint proposed rule regarding appraisal management companies

Posted in CFPB Rulemaking, Federal Agencies, Mortgages

On March 24, 2014, the CFPB along with five other federal agencies issued a joint proposed rule (“Proposed Rule”) regarding Appraisal Management Companies (“AMC”) as required by section 1473 of the Dodd-Frank Act (“Dodd-Frank”).  Under Dodd-Frank, Congress tasked federal regulators with establishing minimum requirements regarding AMC registration and supervision.  The other regulators are the federal… More >

HUD Issues Proposal to Avoid FHA Loans From Being Prohibited Starting Next Year

Posted in Federal Agencies, Mortgages

On March 13, 2014, HUD published a proposal to eliminate the requirement that an FHA loan borrower be required to pay interest after the loan is prepaid.  The move is needed because the requirement would effectively cause FHA loans to be prohibited under CFPB rules starting in January 2015.  Comments on the proposal are due… More >

Lost in translation? Ensuring appropriate documentation in the pre-litigation debt collection process

Posted in CFPB General, Debt Collection, Federal Agencies, FTC, Hot Issues

At yesterday’s joint FTC-CFPB roundtable on the debt collection industry, industry representatives advocated for a uniform, national standard for the documentation to be provided to debtors in the pre-litigation phase of the process. (Local court rules govern required documentation during litigation, making it unlikely that a national standard could be adopted for the litigation phase)…. More >

Debt collection litigation: More documents or more face-to-face?

Posted in CFPB General, Debt Collection, Federal Agencies, FTC, Hot Issues

Industry representatives and consumer advocates collectively lamented the high non-appearance rate of debtors in court in debt collection cases at yesterday’s joint FTC-CFPB roundtable on the debt collection industry. The non-appearance rate is around 90% according to most observers, as reported in the FTC’s report on debt collection litigation, Repairing A Broken System. To debt… More >

Does the FDCPA need to get with the times?

Posted in CFPB General, Debt Collection, Federal Agencies, FTC, Hot Issues

At yesterday’s joint FTC-CFPB roundtable on the debt collection industry, the Fair Debt Collection Practices Act (“FDCPA”) was referenced together with the “1970s” a number of times. Commissioner Julie Brill, in an unscripted moment in her opening remarks, smiled at the thought that the FDCPA was enacted the same year she graduated from high school… More >

Federal agencies to host SCRA webinar

Posted in Federal Agencies

Next Monday, September 10, the federal financial regulatory agencies will host an interagency discussion on servicemember protections and SCRA compliance issues. The discussion topics include: Permanent Change of Station Guidance HAMP Enhancements Short Sale Assistance for Military Homeowners Recent Enforcement Actions SCRA Compliance Tips The discussion will be followed by a Q&A session. Questions can… More >

House and Senate Bills offer incomplete “fixes” to privilege waiver issue

Posted in CFPB General, Federal Agencies, Hot Issues

In a recent blog on the Bacchus-Capito letter to CFPB Director Richard Cordray, possible “legislative fixes” to the highly publicized privilege waiver issues involving the Bureau and possible amendments to 12 U.S.C. §§ 1821(t) and 1828(x) were discussed.  The major shortcoming identified with regard to such amendments was the persistent problem of the Bureau’s sharing… More >

House urges Cordray not to request privileged material pending “legislative fix”

Posted in CFPB General, Federal Agencies, Hot Issues

A hearing entitled “How will the CFPB Function under Richard Cordray?” was held on January 24 by the House Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs. At that hearing, Mr. Cordray testified that Congress’s failure to amend 12 U.S.C. § 1828(x) to include the Bureau was an oversight and that… More >

Plenty to worry about in the CFPB-FTC MOU

Posted in Federal Agencies, Hot Issues

The CFPB and the FTC recently released their long-awaited Memorandum of Understanding (MOU), outlining how they plan to work together on non-bank enforcement, rulemaking and research in the consumer financial services market.  For non-banks subject to the CFPB’s jurisdiction, there is plenty of cause for concern in the MOU, principally arising from the sharing of… More >

Either way, we all pay

Posted in CFPB General, Federal Agencies, Hot Issues

In an article in this weekend’s Cleveland Plain Dealer entitled Congress Fiddles While Anger at Wall Street Burns: Plain Dealing, business columnist Sheryl Harris takes Senate Republicans to task for not confirming Richard Cordray to lead the Bureau.  Ms. Harris’ analysis is premised on a number of assertions that are simply not true. Take, for… More >

Found: Some missing MOUs

Posted in CFPB General, Federal Agencies

In an earlier posting, my colleague Mercedes Tunstall reported on the CFPB’s announcement that prior to the designated transfer date (July 21, 2011), it had put in place memoranda of understanding (MOUs) with various other federal agencies. Mercedes also reported that to her dismay, she could not locate copies of those MOUs in any of… More >

The Bureau’s Ex Parte Presentations Policy: a “transparency” rule with two big blind spots

Posted in CFPB Rulemaking, Federal Agencies

On August 19, 2011, the CFPB announced its “Policy on Ex Parte Presentations in Rulemaking Proceedings,” and posted that policy on its web site.  The rule essentially requires anyone who communicates with the CFPB about a pending rulemaking to submit a written copy of the presentation (or a summary of an oral presentation) on the… More >

More on MOUs

Posted in CFPB Rulemaking, Federal Agencies

In my post dated August 8, 2011, I took the CFPB to task for saying in its recent Progress report that it had entered into a MOU with the FTC when it had not done so according to Joel Winston, Associate Director of the Division of Financial Practices. I recently learned that the CFPB has… More >

When you share information with the CFPB, you’re also sharing with …

Posted in CFPB Rulemaking, Federal Agencies

One of the Interim Final Rules released by the CFPB, Disclosure of Records and Information Rules, sets forth the CFPB’s position with regard to sharing information that it gathers and obtains though its activities.  The Rule begins by defining much of the information received or generated by the CFPB as “confidential” – including consumer complaint-related… More >

Missing MOUs

Posted in CFPB General, Federal Agencies

The CFPB presented a report this past Monday trumpeting their accomplishments during the implementation period. And, they mention that they have a memorandum of understanding (MOU) in place with just about every transferor agency or other federal agency (i.e., the FTC) with whom they will be working. Thanks to the misleadingly “open” design of the… More >

How the CFPB and the FTC interact (part 1)

Posted in Federal Agencies

In this first part, we look at how the Dodd-Frank Act structured interactions between the Federal Trade Commission and the Consumer Financial Protection Bureau. The FTC has consumer protection jurisdiction over just about every business in the country, but for a few significant exceptions—financial institutions regulated by federal banking regulators, insurance companies and telecommunications companies… More >