In a letter dated April 28, 2016, addressed to Industry Trades and their Members and signed by Director Cordray, the CFPB announced its intention to reopen the rulemaking for the TILA/RESPA Integrated Disclosure (TRID) rule. The Bureau announced the Notice of Proposed Rulemaking (NPRM) would likely be issued in late July.… Continue Reading

The CFPB has issued its April 2016 complaint report which highlights complaints about mortgages and complaints from consumers in California.  The CFPB began taking complaints about mortgages in December 2011.

General findings include the following:

  • As of April 1, 2016, the CFPB handled approximately 859,900 complaints nationally, including approximately 26,500 complaints in March 2016. 
… Continue Reading

The CFPB has issued a final rule that adopts as final, the interim final rules issued  by the CFPB in December 2011 in connection with the Dodd-Frank Act’s general transfer of rulemaking authority to the CFPB for the consumer financial protection laws implemented by such rules.

The Dodd-Frank Act, as of July 21, 2011, transferred to the CFPB the rulemaking authority of the Fed and various other federal agencies under 14 federal consumer financial protection laws (except with respect to certain sections of such laws). … Continue Reading

The CFPB’s website has a new look.  Last week, the CFPB unveiled a set of updates to the website.  According to the CFPB, the new features “will help users quickly and easily browse the vast range of information, tools, and reports that we provide.”

We certainly hope that the changes will make it easier for website users to locate information, something we have encountered difficulty with from time to time. … Continue Reading

The CFPB responded to a letter from Senator Corker (R. Tenn.) requesting the Bureau to release official guidance on what constitutes a technical error under the TILA/RESPA Integrated Disclosure (TRID) rule and possible remediation methods for such errors. Senator Corker commented in his letter that “there appears to be an overarching concern that the rule’s lack of specificity and clarity has created challenges for a number of market participants;” and observed that “the lack of clarity around what constitutes a technical error and the curability of those errors by the CFPB has led to confusion throughout the market.”… Continue Reading

The CFPB announced that it has entered into two consent orders involving debt collection litigation practices. A debt collection law firm and two of its partners are the subject of one consent order and a debt buyer is the subject of the other consent order.  The consent orders recite that the conduct of the law firm, named partners and debt buyer violated the FDCPA prohibition against using false or misleading representations in connection with the collection of a debt and also constituted deceptive and unfair acts or practices in violation of the CFPA. … Continue Reading

The D.C. federal district court has ruled that the CFPB exceeded its statutory authority when it issued a CID to the Accrediting Council for Independent Colleges and Schools (ACICS) in August 2015.

ACICS’s petition to modify or set aside the CID was denied by the CFPB on October 8, 2015, and the CFPB thereafter filed a petition in D.C.… Continue Reading

The CFPB has issued a new report entitled “Online Payday Loan Payments,” summarizing data on returns of ACH payments made by bank customers to repay certain online payday loans.  The latest report is the third report issued by the CFPB in connection with its payday loan rulemaking.  (The previous reports were issued in April 2013 and March 2014.) … Continue Reading

The CFPB has announced that it will hold a field hearing in Albuquerque, New Mexico about arbitration on May 5, 2016.  We expect the field hearing to coincide with the release of the CFPB’s proposed rule on the use of arbitration agreements in certain consumer financial services contracts.

In October 2015, the CFPB convened its Small Business Regulatory Enforcement Fairness Act (SBREFA) panel to review the proposals it was considering. … Continue Reading

Since it was filed in a California federal court in July 2012, we have been following CFPB v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by falsely promising loan modifications in exchange for advance fees and, in reality, did little or nothing to help consumers. … Continue Reading