The CFPB has announced that on January 10, 2014, the date on which most of its new mortgage rules take effect, it will host an event entitled “Protecting homeowners: New tools for empowering consumers and advocates.” The event, which will take place in Phoenix and be viewable on the CFPB’s website, is described as “an in-depth training presentation” on the new mortgage servicing rule for “housing counselors, legal aid attorneys, and other advocates.” Director Cordray is scheduled to make introductory remarks.
In rejecting the widespread calls for a delay in the rules’ effective date, Director Cordray indicated that the CFPB intends to take an approach of being reasonable in enforcement with lenders that have made a good faith effort to comply. We have pointed out, however, that while the CFPB may not be looking for compliance perfection, industry should not expect the same from plaintiffs’ attorneys. We have also expressed concern that consumers could misinterpret certain statements made by the CFPB in its education campaign on the new rules as an encouragement to sue. We hope the CFPB’s January 10 training program will not become a “how to” guide for plaintiffs’ attorneys and others seeking opportunities for bringing lawsuits.