Bank Notes

  • May 6, 2016
    On Thursday, May 5, 2016, the CFPB released its arbitration rulemaking proposal and the Final Report of the small business review panel. The proposal prohibits covered providers of consumer financial products and services from using pre-dispute arbitration agreements to prevent consumers from filing or participating in a class action against the provider. The proposal is largely consistent with...
  • May 6, 2016
    The CFPB’s Office for Older Americans announced it will hold a webinar on May 25, 2016, at 2 p.m. EDT on how banks and credit unions can better protect older consumers from financial abuse. The webinar will highlight a recent CFPB report which looks at financial exploitation, case scenarios, and detailed recommendations for banks and credit unions for how to prevent, recognize, report, and...
  • May 6, 2016
    On Wednesday, May 4, 2016, the Federal Housing Finance Agency (FHFA) announced it has increased the 2016 multifamily lending caps for Fannie Mae and Freddie Mac from $31 billion to $35 billion, effective immediately. The adjustment is consistent with FHFA's 2016 Scorecard for the Enterprises in which FHFA committed to review the estimates for the size of the multifamily finance market each...
  • April 28, 2016
    On Thursday, April 28, 2016, CBA sent a letter to Congressmen Blaine Luetkemeyer (R-MO) and Randy Neugebauer (R-TX) thanking them for their continued oversight of the CFPB and its implementation of the TRID rules. In its letter, CBA explained the continued complications banks encounter in establishing operational systems to merge TILA and RESPA, which has led to longer closings for consumers as...
  • April 28, 2016
    On Thursday, April 28, 2016, the CFPB released its student loan Payback Playbook , a set of prototype disclosures designed to outline a path to affordable payments for borrowers trying to avoid student debt distress. The Payback Playbook provides borrowers with personalized information about their repayment options from loan servicers so they can secure a monthly payment they can afford. The...
  • April 26, 2016
    On Tuesday, April 26, 2016, the Bureau released the Monthly Complaint Report which focused on mortgage complaints and complaints received from California. According to the report, as of April 1, 2016, the CFPB has handled approximately 859,900 total complaints, including 26,500 complaints in March 2016, and 223,100 mortgage complaints, and 118,900 from California. Other notably takeaways include...
  • April 26, 2016
    On Tuesday, April 26, 2016, the CFPB released the results of a report conducted by Fors Marsh Group, titled: “Testing of Bankruptcy Periodic Statement Forms for Mortgage Servicing.” The Bureau commissioned the survey to test sample bankruptcy-specific periodic statement forms. The forms were developed using suggestions collected during the comment period for the proposed amendments to Regulation...
  • April 25, 2016
    On Monday, April 25, 2016, the CFPB entered into a consent order with a debt collection law firm Pressler & Pressler LLP and debt buying firm New Century Financial Services, Inc. The Bureau alleges the firm engaged in violations of the Fair Debt Collection Practices Act and the ban on unfair, deceptive or abusive acts and practices when it “filed hundreds of thousands of lawsuits against...
  • April 21, 2016
    On Thursday, April 21, 2016, a D.C. District Court Judge issued arguably the most public rebuke of the CFPB to date. In CFPB v. Accrediting Council for Independent Colleges and Schools (ACICS), Judge Richard Leon denied the CFPB’s civil investigatory demand against ACICS and dismissed the related enforcement action. The court found the CFPB acted outside its jurisdiction because ACICS was...

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