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Tag Archives: CFPB

Director Cordray speaks at Philadelphia Residential Mortgage Diversion Program anniversary celebration

By Daniel JT McKenna on Posted in Mortgages

CFPB Director Richard Cordray was among the speakers at a program last week celebrating the fifth anniversary of the Philadelphia Residential Mortgage Diversion Program.  The Diversion Program, which began in 2008, was the first city-sponsored plan in the nation to facilitate face-to-face negotiations between mortgage lenders and borrowers in connection with troubled loans.  In his remarks,… More >

CFPB “brain drain” continues

By Barbara S. Mishkin on Posted in CFPB People

The CFPB’s leadership ‘brain drain” seems to be continuing, with Politico reporting that Richard Hackett, the Bureau’s Assistant Director for installment and liquidity lending markets, is planning to leave the CFPB later this summer.  Just two weeks ago, we reported about the departures of three top CFPB officials to join the firm founded by former CFPB… More >

House Financial Services Committee to hold hearing on CFPB budget on June 18

By Barbara S. Mishkin on Posted in CFPB General

Tomorrow, June 18, the House Financial Services Committee will hold a hearing on “CFPB Budget Review.”  According to the memo to Committee members from Committee Majority Staff, the hearing “will examine the past and planned obligations and expenditures of the Consumer Financial Protection Bureau (CFPB) for fiscal years 2011-14, the purpose and propriety of such… More >

CFPB launches new regulatory implementation website page

By Barbara S. Mishkin on Posted in Mortgages

The CFPB’s website now has a regulatory implementation page that provides “one stop shopping” for all of its 2013 mortgage rules and related implementation materials. The page includes links to the rules, small compliance guides, videos, quick reference charts and other related materials.  The CFPB plans to keep the page updated with any new materials…. More >

CFPB and FDIC launch new tool for preventing elder financial exploitation

By Barbara S. Mishkin on Posted in CFPB General

The CFPB and Federal Deposit Insurance Corporation have jointly launched a new financial resource tool to assist older adults and their caregivers in avoiding elder financial exploitation.  Named “Money Smart for Older Adults,” the tool  is a stand-alone training module that provides information on how to prevent, identify and respond to elder financial exploitation, plan… More >

Decision on Mt. Holly cert petition expected on Monday

By John L. Culhane, Jr. and Christopher J. Willis on Posted in Fair Lending

On Monday, June 17, we expect the U.S. Supreme Court to announce whether it will grant the petition for certiorari in Township of Mount Holly v. Mt. Holly Gardens Citizens in Action, Inc.  The petition is among the certiorari petitions slated to be considered by the Justices at their conference today.  The court’s standard procedure is… More >

Legal aid group files FOIA appeal with CFPB seeking release of mortgage complaint narratives

By Barbara S. Mishkin on Posted in CFPB General

MFY Legal Services, an organization whose services include providing free legal assistance to New York City residents, has appealed the CFPB’s decision to withhold mortgage complaint narratives it requested pursuant to the Freedom of Information Act (FOIA).  MFY is represented in the appeal by the American Civil Liberties Union.  According to MFY’s appeal letter, the… More >

More small entity compliance guides from the CFPB

By Barbara S. Mishkin on Posted in Mortgages

The CFPB has issued two more Small Entity Compliance Guides on its mortgage-related rules.  The latest guides cover the mortgage servicing rule and loan originator compensation rule finalized by the CFPB in January 2013.  As did the CFPB’s previously-released guides, the new guides caution that they are not substitutes for the underlying rules.  

CFPB supporting documentation for arbitration study telephone survey includes justification and proposed questions

By Alan S. Kaplinsky and Mark J. Levin on Posted in Arbitration

As we reported, the CFPB has asked the Office of Management and Budget to approve the Bureau’s plans to conduct a national telephone survey of 1,000 credit card holders as part of its study of the use of mandatory arbitration agreements in connection with the offering of consumer financial products and services.  It is also… More >

CFPB releases white paper on overdraft programs

By Jeremy T. Rosenblum on Posted in Deposit Accounts

Yesterday, just after midnight, the CFPB released its initial data findings from its 15-month (and counting) Study of Overdraft Programs.   In a welcome departure from its April white paper on payday and deposit advance loans, the overdraft white paper is entirely devoid of a hostile tone, attacks on the industry or prejudgments on the basis… More >

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

By Trevor Salter on 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?

By Trevor Salter on 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?

By Trevor Salter on 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 >

Briefing on cert petition completed in Noel Canning; case slated for Justices’ June 20 conference

By Barbara S. Mishkin on Posted in CFPB General

The briefing on the NLRB’s petition for certiorari in Noel Canning was completed yesterday, with the filing by the NLRB of a brief replying to the respondent’s brief filed on May 23. The entry “DISTRIBUTED for Conference of June 20, 2013″ now appears on the Supreme Court’s docket.  (The court’s standard procedure is to announce the results… More >

CFPB seeking approval to conduct telephone survey of credit card holders for arbitration study

By Alan S. Kaplinsky and Mark J. Levin on Posted in Arbitration

The CFPB is seeking approval from the Office of Management and Budget to conduct a national telephone survey of 1,000 credit card holders as part of its study of the use of mandatory arbitration agreements in connection with the offering of consumer financial products and services.  The survey is the subject of a notice scheduled to… More >

Update on cases challenging Cordray appointment

By Barbara S. Mishkin on Posted in CFPB General

We have been following two federal court cases that involve challenges to Director Cordray’s appointment.  The California case, CFPB v. Chance Edward Gordon, was filed in summer 2012 by the CFPB against an attorney and his law firm alleging that the defendants duped consumers by falsely promising loan modifications in exchange for advance fees and, in… More >

Republican Senators file amicus brief supporting certiorari in NLRB v. Noel Canning

By Barbara S. Mishkin on Posted in CFPB General

Senate Republican Leader Mitch McConnell and his 44 Senate Republican colleagues have filed an amicus brief urging the U.S. Supreme Court to grant certiorari in NLRB v. Noel Canning. Indicating that the Republican Senators have “an unparalleled interest in safeguarding the chamber’s constitutionally prescribed role in the appointments process, which the Executive here sought to… More >

Tribal challenge made to Cordray appointment

By Barbara S. Mishkin on Posted in CFPB Enforcement

According to a Bloomberg report, the Chippewa-Cree tribe in Montana, as grounds for objecting to a Civil Investigative Demand (CID) issued by the CFPB, has challenged the validity of Director Richard Cordray’s recess appointment.  The tribe reportedly has asserted that because the CFPB does not have a validly-appointed director, it cannot exercise its supervisory or enforcement… More >

Respondent files brief urging Supreme Court to grant certiorari in NLRB v. Noel Canning

By Barbara S. Mishkin on Posted in CFPB General

We recently reported that counsel for the respondent in NLRB v. Noel Canning planned to make a filing advising the U.S. Supreme Court that the respondent did not oppose the NLRB’s petition for certiorari.  That filing occurred on May 23, with respondent filing a brief stating that it “does not oppose certiorari because this case presents… More >

CFPB and Conference of State Bank Supervisors sign framework for coordinating supervision and enforcement

By John D. Socknat on Posted in CFPB Enforcement, CFPB Exams

The CFPB announced earlier this week that it has established a “framework” with the Conference of State Bank Supervisors (CSBS)  for coordination among the CFPB and state regulators on supervision and enforcement matters.  The framework states that it is “intended to establish a process for coordinated federal/state consumer protection supervision and enforcement of entities providing consumer… More >