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The CFPB has issued an interim final rule that requires “debt collectors” as defined under the FDCPA who seek to evict tenants for non-payment of rent to provide written notice to tenants of their rights under the Centers for Disease Control and Prevention (CDC) Order that establishes an eviction moratorium.  The interim rule also prohibits…

The CFPB recently issued its annual fair lending report.  The report describes the CFPB’s fair lending activities in supervision and enforcement; guidance and rulemaking; interagency coordination; and outreach and education for 2020.

The report states that the Bureau announced two public fair lending enforcement actions in 2020.  One of those actions represented the CFPB’s…

The CFPB announced earlier this week that it has entered into a proposed settlement  of its lawsuit filed in a California federal district court against SettleIt, Inc., a debt settlement company, alleging that the company engaged in abusive acts or practices in violation of the Consumer Financial Protection Act and also violated the Telemarketing Sales…

Mr. Hunt shares his perspective on a range of issues, including how Rohit Chopra, CFPB Director-nominee, is likely to approach his new role, the CFPB’s likely approach to innovation and overdraft rulemaking under Mr. Chopra’s leadership, how banks are engaging with data aggregators, the OCC’s role and expectations for a new Comptroller, the status of…

The CFPB was busy last week, issuing a series of measures that impact the mortgage servicing industry.

  • On March 31st, the CFPB rescinded seven policy statements, including statements that provided flexibility from supervisory or enforcement actions for loss mitigation and credit reporting activity in connection with the COVID-19 national emergency.
  • On April

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On April 5, 2021, the CFPB issued a blog post suggesting various communication strategies for mortgage servicers, to handle increased volume associated with the COVID-19 national emergency.  Noting the CFPB’s recent Compliance Bulletin 2021-02 and Mortgage Servicing Notice of Proposed Rulemaking, the post encourages mortgage servicers to use all available tools to reach affected…

On April 5, 2021, the CFPB issued a Notice of Proposed Rulemaking to amend Regulation X in various ways related to the COVID-19 national emergency (the “Proposed Rule”).  With the goal of enhancing protections for impacted borrowers, the Proposed Rule amends aspects of the early intervention requirements (12 C.F.R. § 1024.39), and loss mitigation procedures…

On April 1, 2021, the CFPB issued Compliance Bulletin 2021-02 (the “Bulletin”), warning mortgage servicers to “take all necessary steps now to prevent a wave of avoidable foreclosures this fall.”  The Bulletin and associated press release cite industry data suggesting that around 1.7 million borrowers will exit COVID-related forbearances in September 2021 and the following…

Rescission of Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic.  The CFPB issued a Rescission of Statement of Policy for the previously-issued Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic (March 26, 2020).  That statement is rescinded as of April 1, 2020, and in the rescission document, the CFPB announces…

The CFPB announced that it has entered into a consent order to settle the CFPB’s allegations that a debt collector, Yorba Capital Management, LLC (Yorba), and its owner, Daniel Portilla, Jr., violated the Consumer Financial Protection Act and that Yorba violated the Fair Debt Collection Practices Act.  The consent order permanently bans both Yorba and…