Last week, Congressional representatives Maxine Waters, D-CA, Bobby Scott, D-VA, and Elijah Cummings, D-MD, as chairs of committees with oversight responsibility for the student loan servicing market, sent letters to CFPB Director Kathleen Kraninger and Department of Education Secretary Betsy DeVos about their concerns with the current state of the student loan industry. The letters
CFPB General
Solicitor General asks SCOTUS for extension to file response to Seila Law’s cert petition
By Alan S. Kaplinsky on
Posted in CFPB General, CFPB Monitor
The Solicitor General has filed a motion with the U.S. Supreme Court asking for an extension of the date by which the government must file its response to Seila Law’s petition for a writ of certiorari. The petition seeks review of the Ninth Circuit’s ruling that the CFPB’s single-director-removable-only-for-cause structure is constitutional.
The government’s response…
OIG report looks at CFPB internal sharing of complaint data
By Barbara S. Mishkin on
Posted in CFPB General
The Office of Inspector General for the CFPB (and the Fed) recently issued a report on its evaluation of the Office of Consumer Response’s sharing of complaint data within the CFPB.
As background, the report describes the tools available to Bureau users of complaint data (complaint-sharing tools) to search such data, identify issues, and summarize…
New plaintiffs join lawsuit against CFPB for delaying Section 1071 implementation
By Alan S. Kaplinsky on
The National Association for Latino Community Asset Builders (NALCAB) and two individual small business owners have joined the lawsuit filed against the CFPB in May 2019 by the California Reinvestment Coalition in a California federal district court seeking a declaration that the CFPB’s failure to issue regulations implementing Section 1071 of the Dodd-Frank Act violates…
Seila Law asks U.S. Supreme Court to review Ninth Circuit ruling that CFPB’s structure is constitutional
By Alan S. Kaplinsky on
Posted in CFPB General
Seila Law has filed a petition for a writ of certiorari with the U.S. Supreme Court seeking review of the Ninth Circuit’s ruling that the CFPB’s single-director-removable-only-for-cause structure is constitutional. The petition follows the entry of an order by the Ninth Circuit granting Seila Law’s motion for a stay of the Ninth Circuit’s mandate in…
To call or not to call: the NPRM’s proposed call frequency and time/place limitations
By Stefanie Jackman on
In this blog post, we attempt to dissect and explore the Bureau’s proposed call frequency and time/place limitations in the recently-released debt collection NPRM.
Proposed Call Frequency Limitations
First, let’s tackle the proposed call frequency limitations. Section 1006.14(b)(2) prohibits attempting to call (note the use of the word “call,” as opposed to “communicate with”)…
CFPB Releases Redesigned HMDA Research and Data Page
By Richard J. Andreano, Jr. on
The CFPB recently released a redesigned version of its Home Mortgage Disclosure Act (HMDA) data and research page. The webpage provides access to various types of HMDA information and data, including HMDA data of individual institutions, and HMDA data aggregated on a national basis and a metropolitan area basis.
The CFPB advises that in…
CFPB Issues Guidance on Applicability of TRID Rule to Assumptions
By Richard J. Andreano, Jr. on
The CFPB recently issued a factsheet addressing whether a Loan Estimate and Closing Disclosure are required in connection with the assumption of a residential mortgage loan.
As previously reported, the Economic Growth, Regulatory Relief, and Consumer Protection Act (Growth Act) includes a sense of Congress provision that the CFPB should endeavor to provide clearer,…
Revised HMDA Examination Guidelines Issued
By Richard J. Andreano, Jr. on
The CFPB recently posted on its website revised Home Mortgage Disclosure Act (HMDA) examination guidelines.
The revised guidelines address the exemption adopted in the Economic Growth, Regulatory Relief, and Consumer Protection Act (also known as S.2155) applicable to the new HMDA data categories added by Dodd-Frank and the HMDA rule adopted by the CFPB…
CFPB Releases 2018 HMDA Data
By Richard J. Andreano, Jr. on
Posted in CFPB General, HMDA
The CFPB recently released modified Home Mortgage Disclosure Act (HMDA) loan application registers of approximately 5,400 financial institutions for calendar year 2018.
Calendar year 2018 is the first year that the mortgage industry collected HMDA data under the modified, and significantly expanded, data reporting requirements under the revised HMDA rule adopted in October 2015 by…