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Posts published in “CFPB”

CFPB Narrowly Escapes Shutdown in D.C. Circuit Court Ruling

The Consumer Financial Protection Bureau narrowly escaped a constitutional challenge today in a ruling handed down from the United States Court of Appeals for the District of Columbia Circuit. Although the court found the CFPB's structure is unconstitutional, the defect, according to the court’s opinion, did not warrant its dissolution.

CFPB Issues Supervisory Report Addressing ‘Unfair’ Coding Errors, Other Issues

The federal Consumer Financial Protection Bureau (CFPB) recently issued its “Supervisory Highlights – Issue 12, Summer 2016” report, focusing attention on automobile origination, debt collection, mortgage origination, small dollar lending, fair lending, and remedial actions, reflecting supervisory activity generally completed between January 2016 and April…

CFPB Report Emphasizes Servicer Loss Mitigation Errors, Technology Systems, Training Deficiencies

The federal Consumer Financial Protection Bureau (CFPB) recently issued its “Supervisory Highlights – Mortgage Servicing – Special Edition” (Issue 11), addressing examination issues reportedly found as to loss mitigation acknowledgement notices, loss mitigation offers and related communications, loan modification denial notices, servicer policies and procedures,…

CFPB’s Proposed Arbitration Rule Designed to Protect Consumer Financial Services Class Actions

The Consumer Financial Protection Bureau has released a proposal to prohibit creditors from using arbitration clauses to block class action litigation. The Bureau’s proposed ban is not surprising. However, it will only impact arbitration agreements concerning covered consumer financial products or services entered into after its…

CFPB Reopens Comment Period on ‘Periodic Statements in Bankruptcy’ Mortgage Servicing Amendments

The Consumer Financial Protection Bureau (CFPB) recently reopened the comment period for its proposed amendments to the mortgage servicing related rules under RESPA and TILA that generally would require servicers to provide modified periodic statements to consumers who have filed for bankruptcy. The full announcement…

Parsing the CFPB’s EFTA Bulletin

The Consumer Financial Protection Bureau issued a bulletin on Nov. 23, 2015 “intended to remind entities of their obligations under the Electronic Fund Transfer Act (EFTA) and Regulation E.” A careful read is needed, as Bulletin 2015-06 can be easily misinterpreted. A copy is available…

Supervisory Highlights Reveals Wide-Spread Compliance by Debt Collectors

The Consumer Financial Protection Bureau’s latest edition of Supervisory Highlights was released last week. I expected some stinging comments directed at debt collectors and debt buyers, given the recent consent decrees. What I found was the opposite. The 45-page report devoted only three paragraphs to supervised…

CFPB Issues Supervisory Highlights (Fall 2015), Including Discussion of Fair Lending Compliance

The federal Consumer Financial Protection Bureau (CFPB) recently released its Supervisory Highlights (Issue 9, Fall 2015), a copy of which is available here. The CFPB reported that, among other things, its “supervisory activities have either led to or supported six recent public enforcement actions, resulting…