Tag Archives: CFPB

Reed Smith to Present on New CFPB Residential Mortgage Regulations at Pennsylvania Bankers Association Seminar in Harrisburg

On Wednesday, April 3, 2013, Leonard A. Bernstein and Robert M. Jaworski will be speaking at the Pennsylvania Bankers Association’s (PBA) Mortgage Regulation Revolution Seminar at Harrisburg Country Club. This presentation will provide an overview of the explosion of new residential mortgage regulations from the CFPB in January 2013, similar to recent teleseminars we held … Continue Reading

GOP Senators Tell President They Will Oppose Any CFPB Nominee Until Reforms Are Made

On January 31, 2013, 42 Republican Senators joined in a letter to President Obama, warning that they will oppose the confirmation of any nominee to be Director of the Consumer Financial Protection Bureau ("CFPB"), until significant reforms are made to ensure "transparency and accountability" at the Bureau.… Continue Reading

Sixth Circuit Holds that Mortgage Foreclosure and Foreclosure Lawyers are Subject to the FDCPA

Recently, the U.S. Court of Appeals for the Sixth Circuit held that mortgage foreclosure actions are “debt collection” under the Fair Debt Collection Practices Act (FDCPA). Glazer v. Chase Home Finance LLC, No. 10-3416, 2013 WL 141699 (6th Cir. Jan. 14, 2013). In this decision, the Sixth Circuit also held that lawyers who meet the … Continue Reading

CFPB Announces its Ability to Repay Rule Baltimore

Direct from Baltimore: I just walked out of Westminster Hall in Baltimore, Maryland where I attended the Consumer Financial Protection Bureau’s (“CFPB”) field hearing where the CFPB announced the issuance of its “ability to repay rule,” a rule required by the Dodd-Frank Act and designed to ensure that prospective borrowers have the ability to repay … Continue Reading

Debt Collectors Now Subject to CFPB Oversight

The CFPB has announced that, effective January 2, 2013, it will assume oversight of debt collection agencies that have more than $10 million in annual receipts from consumer debt collection activities. The CFPB examiners will be determining whether debt collectors: Provide required disclosures Provide accurate information Have a consumer complaint and resolution process Communicate civilly … Continue Reading

CFPB Regulatory Onslaught: Now is the Time to Comment

The Consumer Financial Protection Bureau ("CFPB") has been on a tear lately, putting out regulatory proposals seemingly on a weekly basis. In each proposal, it has requested comments from interested parties, and, based on what CFPB representatives indicated at the Mortgage Bankers Association's recent Regulatory Compliance Conference in Washington, D.C., which I attended, the CFPB is truly interested in what the public has to say about its residential mortgage-related proposals. So, unless you prefer to sit back and allow the CFPB to make decisions concerning your business without any input from you, or you have already provided input, now is the time to review the CFPB's proposals and submit comments.… Continue Reading

CFPB Publishes Credit Score Study

On September 25, 2012, the Consumer Financial Protection Bureau published a study on credit scores titled “Analysis of Differences between Consumer-and-Creditor Purchased Credit Scores.” This report is a follow-up to the July 19, 2011 CFPB report on “The Impact on Differences between Consumer-and-Creditor Purchased Credit Scores.” Section 1078 of the Dodd-Frank Wall Street Reform and … Continue Reading

Reed Smith to Present on CFPB Examinations and Enforcement at Bankers Association’s Senior Management Conference

On Thursday, September 13, 2012, Robert M. Jaworski and Travis P. Nelson will be speaking at the New Jersey Bankers Association’s 2012 Senior Management Conference. This presentation will examine past and future supervisory policies and issues that are currently being considered by the Consumer Financial Protection Bureau (CFPB), including the areas of mortgage lending and … Continue Reading

Reed Smith Presents on Recent Developments Under the Equal Credit Opportunity and Fair Housing Acts

On July 25, 2012, our Chicago-based Financial Services Regulatory colleague, John Mussman, presented a Webinar to the Association of Corporate Counsel’s Financial Services Committee entitled What Constitutes Discrimination? Recent Developments Under the Equal Credit Opportunity Act and the Fair Housing Act. John discussed recent regulatory action on ECOA by the Consumer Financial Protection Bureau and Settlements … Continue Reading

Reed Smith Comments on the CFPB’s First Enforcement Action and Subsequent Regulatory Bulletin

Our Financial Services Regulatory Group’s own Bill Mutterperl recently commented on the CFBP’s first enforcement action against Capital One Financial Corporation and the regulatory bulletin that was subsequently issued as a result of a $210 settlement reached between Capital One and the CFPB, along with other federal regulators. In looking at the implications of this … Continue Reading

CFPB Proposes Nonbank Risk Supervision

Recently, our colleagues Robert M. Jaworski and Joseph I. Rosenbaum wrote about the Dodd-Frank Act granting to the newly created Consumer Financial Protection Bureau (“CFPB”) supervisory authority over a wide array of financial entities, including large depository institutions and their affiliates, as well as various nonbank “covered persons,” such as residential mortgage originators and servicers, … Continue Reading

CFPB Seeks Comment on Regulation of Reloadable Prepaid Cards

The Consumer Financial Protection Bureau ("CFPB") announced May 24, 2012, that it was seeking comments from the public on an Advance Notice of Proposed Rulemaking ("Notice") regarding general purpose reloadable prepaid cards ("GPR cards"). The CFPB described a GPR card as a product that is "issued for a set amount in an exchange for payment made by a consumer" and to which a consumer can add funds. GPR cards can also be in the form of a key fob or cell phone application.… Continue Reading

CFPB Announces Supervisory Approach on Fair Lending

On April 18, 2012, the Consumer Financial Protection Bureau (the "Bureau") issued Bulletin 2012-04, announcing its approach to evaluating discrimination under the Equal Credit Opportunity Act ("ECOA") and its implementing regulation, Regulation B. There were no surprises, as the CFPB reaffirmed the position taken previously in the 1994 Policy Statement on Discrimination in Lending ("Policy Statement") by 10 federal banking agencies, the FTC, and the Justice Department, and in Regulation B and the Federal Reserve Board Staff Commentary on Regulation B.… Continue Reading