Dykema Gossett PLLC
Dykema Gossett PLLC

Consumer Financial Protection Bureau Law Blog

CFPB Law Blog

News and analysisi of the priorities, initiatives and regulatory actions and proceedings of the Consumer Financial Protection Bureau

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CFPB Reflects on Five Years of Dodd-Frank Enforcement in Written Senate Testimony

On July 15, 2015, the Consumer Financial Protection Bureau (“CFPB”) published on its website the written testimony of CFPB Director Richard Cordray before the Senate Committee on Banking, Housing, and Urban Affairs. In his testimony, Mr. Cordray noted that “[n]ext week marks five years since the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act and four years since the [CFPB] opened its doors.” Read More ›

CFPB Examinations for 2015 Q1 Reveal Particular Scrutiny on Mortgage Servicers

On June 23, 2015, the Bureau issued its eighth edition of Supervisory Highlights (the “Report”) in which the CFPB shared its “recent supervisory observations in the areas of consumer reporting, debt collection, student loan servicing, mortgage origination, mortgage servicing, and fair lending.” The CFPB reported that, for the first four months of 2015, “supervisory resolutions have resulted in remediation of approximately $11.6 million to more than 80,000 consumers.” Read More ›

Verizon and Sprint Agree to Pay Customers $120 Million for Allegedly Unauthorized Wireless Charges

UPDATE: Sprint submitted a brief to the New York federal court on June 15, arguing that the court should approve a $68 million settlement it had reached with the Bureau which the court refused to accept without further explanation last month. Read More ›

No Formal Grace Period for TILA-RESPA Integrated Disclosure Rule (TRID) – August 1 Implementation Effective Date Still Stands

UPDATE: On Wednesday, June 17, CFPB Director Richard Cordray issued a statement on a proposed amendment to the Truth in Lending and Real Estate Settlement Procedures Act Integrated Disclosure Rule (TRID). Citing an administrative error that violated federal law and would delay the operative date of the rule by two weeks, the amendment proposes to delay the enforcement of the rule until October 1, 2015. Read More ›

The CFPB Publishes a Final Rule Defining “Larger Participants” in the Consumer Automotive Financing Market

The Dodd-Frank Act grants the Consumer Financial Protection Bureau the authority to supervise any “larger participant of a market” for non-mortgage financial products or services. 12 U.S.C. § 5514(a)(1)(B). On June 10, 2015, the Consumer Financial Protection Bureau published a new rule granting the CFPB supervisory authority over any nonbank auto finance company that makes 10,000 or more annual originations. According to the Bureau, the purpose of the rule is to “ensure that larger auto finance companies treat consumers fairly.” Read More ›

CFPB Focus Group Raises Questions Regarding Reverse Mortgage Ads

Last week, the CFPB announced its findings from a focus group study it conducted regarding reverse mortgage advertising. Although the reverse mortgage market is about 1 percent of the size of the traditional mortgage market, with 628,000 outstanding loans, reverse mortgage lenders can expect increased scrutiny because the CFPB expects the number of reverse mortgage originations to rise now that “baby boomers” are retiring with little other than the equity in their homes to fund their retirements.  Read More ›

Director Cordray Increases Respa Disgorgement Penalty Against PHH Seventeen Fold

In what was the first appeal of an administrative decision before the CFPB, Director Richard Cordray issued a decision on June 4, 2015 that increased disgorgement sanctions against PHH Corporation from $6.4 million to approximately $109.2 million. The decision drew an immediate vow from PHH to appeal the decision, perhaps driven to some extent by the stark increase from the financial penalty contemplated by an Administrative Law Judge’s ruling. Read More ›

Democrats Push End to Mandatory Arbitration

On Thursday, May 21, 2015, fifty-eight Democratic members of Congress pushed the Consumer Financial Protection Bureau (“CFPB”) to prohibit mandatory arbitration clauses in consumer financial contracts. The clauses, which Democrats argue unfairly deprive consumers of their day in court, are often included as standard language in contracts for regularly utilized products such as credit cards and banking accounts. Read More ›

CFPB Invites Public Comment regarding an Information Collection Titled, "Registration of Mortgage Loan Originators (Regulation G) 12 CFR 1007"

Given the ever-increasing regulations pertaining to consumer financial services, servicers and lenders subject to such regulations may wish to voice their opinions and concerns both as to the regulations and the related information collection requirements. The CFPB has invited comment from the public on several topics, including an invitation for public comment by June 8, 2015, regarding an information collection titled, “Registration of Mortgage Loan Originators (Regulation G) 12 CFR 1007.” Read More ›

CFPB Proposes Changes to Expand Credit in Rural and Underserved Communities

On January 29, 2015 the Consumer Finance Protection Bureau (CFPB) proposed several changes to its mortgage lending rules which would apply to small creditors who lend money to those in rural and underserved communities. The amendments are an attempt to address the collateral consequences of strict regulations enacted in January 2013 pursuant to the Dodd-Frank Act. Read More ›