Each month, we host a 30-minute
webinar outlining the month s key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. In this month s article, we share some of our top bites covered during the January 26 webinar.
So what happened at the CFPB in the past month? A whole lot.
Bite #10 - Settled with a mortgage servicer.
The CFPB settled with a mortgage servicer over alleged violations of the Consumer Financial Protection Act and Regulation Z in relation to processing loss mitigation applications. The CFPB claimed that the mortgage servicer violated the CFPA by:
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Our Financial Services Litigation Team examines the latest effort by the Consumer Financial Protection Bureau to crack down on deceptive and unfair acts and practices – is it a harbinger of things to come under the Biden Administration?
A panoply of Acts allegedly violated
Accusation that the lender’s business model is deceptive
How may this show what is on the horizon?
The number of enforcement actions by the Consumer Financial Protection Bureau (CFPB) more than doubled from 2019 to 2020. The CFPB made clear that cracking down on deceptive and unfair acts and practices under the Consumer Financial Protection Act of 2010 (CFPA) remains a core focus, with 11 of the 15 complaints it filed last year alleging such violations.
CFPB Launches Complaint Against 1st Alliance Lending mortgageorb.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mortgageorb.com Daily Mail and Mail on Sunday newspapers.
IT, AE Jobs; Jumbo, Origination, Productivity Tools; Thoughts on the CFPB Nominee; Training and Events Jan 19 2021, 7:56AM
Sometimes running a mortgage compliance department can seem like this short clip Indiana’s Carol K. sent along. Yet there is value in compliance, and it is good that lenders and servicers are much more cognizant of rules and regulations than we were 12-14 years ago, along with requiring that borrowers have the ability to repay a loan. President-elect Joe Biden will nominate Rohit Chopra to be the next director of the Consumer Financial Protection Bureau. He is a strong consumer advocate, aligned with Senator Elizabeth Warren, lifelong friend of banks everywhere. (Snort.) There is value provided to consumers by the CFPB, and we’ll see a lot of that in the next four years. Individuals and companies are hard at work finding value out there, whether it is uncovering borrowers with high rates to refinance or investment banks finding v
In this Issue. The Office of the Comptroller of the Currency (OCC) issued guidance on its authority to charter limited purpose trust companies, raising the possibility that a limited.