The Consumer Finance Protection Bureau’s (the “CFPB”) amendments to the 2013 TILA-RESPA Integrated Disclosure Rule (“TRID”) will become effective on October 3, 2015.
On August 5, 2015, the Consumer Financial Protection Bureau (CFPB) published a report titled “Leveraging technology to empower mortgage consumers at closing,” which concluded that borrowers can benefit from electronic closings or “eClosings” – that is, closings in which a borrower can view and sign documents electronically.
On August 25, the Consumer Financial Protection Bureau released its monthly consumer complaint snapshot, which included a focus on complaints regarding credit reporting.
84 House members recently wrote to the CFPB to urge it to expedite rulemaking to implement the small business lending data requirements of Dodd-Frank Section 1071.
Many readers probably remember Edwards v. First American Financial Corp. for its ill-fated journey to the U.S. Supreme Court.
Consumer Financial Protection Bureau Files Suit Against Company and Individuals Who Allegedly Ran Pension Loan Scam
On August 20, 2015, the Consumer Financial Protection Bureau (“CFPB”) and the New York superintendent of financial services jointly sued Pension Funding, LLC; Pension Income, LLC; and individuals Steven Covey, Edwin Lichtig, and Rex Hofelter (collectively, “PF-PI”) in the Central District of California for violation of the Consumer Financial Protection Act, usury, and fraud, among other claims.
We have previously blogged about the comment letter concerning the CFPB’s March 10, 2015 Study on consumer arbitration that we submitted to the CFPB on behalf of the American Bankers Association, the Consumer Bankers Association and The Financial Services Roundtable.
Consumer Financial Protection Bureau Takes Action Against Payment Processing Company and Mortgage Servicer
The Consumer Financial Protection Bureau (CFBP) recently took action against a payment processing company, Paymap Inc. (Paymap), and mortgage servicing company, LoanCare, LLC (LoanCare), for deceptive conduct in connection with a mortgage payment program.
A new lawsuit, filed by the CFPB and the New York Department of Financial Services (NY DFS) in a California federal court against two pension advance companies and three of the companies’ individual managers, again demonstrates the aggressive approach taken by both agencies.