LexisNexis® Legal Newsroom
Cordray Confirmed 66 to 34: Certainty For Financial Institutions?

by Haydn J. Richards, Jr. and Jeffrey E. Jamison The Senate voted 66 to 34 Tuesday to confirm Richard Cordray's nomination to be the Director of the CFPB. The confirmation is, however, notable for what did not happen. Since the Dodd-Frank Act was passed and further complicated by Mr. Cordray's...

CFPB Proposes Final Interim Mortgage Servicing Rule

by Karen M. Morgan In keeping with its promise to provide further guidance to the industry on the mortgage loan rules that go into effect in January, the Consumer Financial Protection Bureau (CFPB) recently issued a press release , bulletin , and interim final rule amending the mortgage servicing...

CFPB Releases Bulletin and Interim Final Rule Clarifying its Mortgage Servicing Regulations

by Haydn J. Richards, Jr. and Heather C. Hutchings On October 15, the Consumer Financial Protection Bureau released a bulletin and interim final rule concerning mortgage servicing regulations that take effect in January 2014. The bulletin and interim final rule seek to clarify outstanding issues related...

Agencies Address Fair Lending Concerns of Industry and Indicate that ECOA, Ability-to-Repay Rule Compatible

by Haydn J. Richards, Jr. and Heather C. Hutchings In an October 22, 2013 statement released by the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National...

CFPB Fines Payday Lender Over Claims of Robo-Signing

by Zachary Q. Hoard As previously mentioned in this blog , the Consumer Financial Protection Bureau (CFPB) recently announced that it would begin fielding complaints about payday lenders. On November 20, 2013, the CFPB announced its first enforcement action against a payday lender. The CFPB ordered...

CFPB Presents Annual Fair Lending Report to Congress

by Stephanie T. Yu On April 30, the Consumer Financial Protection Bureau (the CFPB) presented its annual Fair Lending Report to Congress. The Fair Lending Report details the CFPB’s actions and initiatives during 2013. In particular, the Report reveals how the CFPB makes enforcement decisions...

House Republicans Send Letter to CFPB Director Cordray Renewing Questions Concerning Recess Authority

by Paige S. Fitzgerald and Alan Wingfield In a letter dated July 29, addressed to Richard Cordray, Director of the Consumer Financial Protection Bureau, two Republicans – Representative Jeb Hensarling, Chairman of the House Committee on Financial Services, and Mike Crapo, Ranking Member of...

CFPB Releases “Your Home Loan Toolkit”

by S. Mohsin Reza and John C. Lynch As part of its “Know Before You Owe” mortgage initiative, the Consumer Financial Protection Bureau released a guide to assist consumers through the process of shopping for a mortgage and buying a house. The Toolkit is designed to help consumers take...

CFPB May Sue PayPal Over Its Payment Services

by H. Scott Kelly and Michael E. Lacy On April 9, PayPal Holdings Inc . (“PayPal”) issued a regulatory filing indicating that it may soon face a lawsuit from the Consumer Financial Protection Bureau . The CFPB is targeting the activities of PayPal’s payments service, which lets consumers...

CFPB’s Winter 2015 Supervisory Highlights Report Provides a Roadmap to Compliance

by Paige S. Fitzgerald and Alan D. Wingfield The Consumer Financial Protection Bureau in March issued its Winter 2015 Supervisory Highlights report which provides an overview of the supervision work completed by the CFPB from July through December 2014. Matters resolved by the CFPB’s Supervision...

Democrats Push End to Mandatory Arbitration

by Samantha L. Walls 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...

Director Cordray Increases RESPA Disgorgement Penalty Against PHH Seventeen Fold

by Robert Hugh Ellis 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...