The holidays came early for the financial services industry. First, the Senate voted to repeal the CFPB’s rule banning class waivers in arbitration agreements in consumer financial contracts. Then, Richard Cordray stepped down as CFPB Director. Former Director Cordray’s attempt to name his interim successor hours before submitting his formal resignation created dueling interim directors… Read More
Category Archives: Foreclosure
Subscribe to Foreclosure RSS FeedFinancial Services Report – Summer 2017
Posted in Add On Products, Arbitration, CFPB, Credit Cards, Credit Reports, Enforcement Actions, Fair Lending, Foreclosure, Investigations, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, State Regulators, Student LendingSummer blockbuster season is officially upon us. Have you seen Wonder Woman yet? What about Guardians of the Galaxy Part 2? It’s déjà vu all over again with Baywatch, Pirates of the Caribbean, Alien, Planet of the Apes, Transformers, Cars, Spider Man, and more Inconvenient Truths from Al Gore all coming to a theatre near… Read More
Financial Services Report – Spring 2017
Posted in Arbitration, CFPB, Credit Cards, Credit Reports, Electronic Payments, Enforcement Actions, Fair Lending, Foreclosure, Investigations, Military Issues, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, State Regulators, Student LendingIn like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s tenure and the fate of Dodd-Frank, as it appears the Trump administration is focusing on other priorities. So… Read More
Financial Services Report – Winter 2016
Posted in Arbitration, Auto Lending, CFPB, Credit Cards, Disparate Impact, Electronic Payments, Enforcement Actions, Fair Lending, Foreclosure, Military Issues, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, State Regulators, UDAAPHope you survived all of those awkward Thanksgiving holiday conversations—amazing how divided people are on whether the court got it right in the PHH case, isn’t it? So on we go into the holiday season, while visions of Dodd-Frank repeal dance in our heads. No long winter’s nap for the CFPB, not with the inauguration… Read More
Financial Services Report – Fall 2016
Posted in Add On Products, Arbitration, CFPB, Credit Cards, Credit Reports, Disparate Impact, Electronic Payments, Enforcement Actions, Fair Lending, Foreclosure, Military Issues, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, UDAAPSo much for summer! The weather is cooling, the kids are back to school, and we better not see you wearing white so long after Labor Day! For those of you having a little trouble getting back in the swing of things, we thought we’d lead with just a few of the animals making headlines… Read More
CFPB Issues Guiding Principles for Loss Mitigation after HAMP
Posted in CFPB, Fair Lending, Foreclosure, Mortgage, Regulatory DevelopmentsOn August 2, 2016, the CFPB published a new guidance document titled CFPB’s Principles for the Future of Loss Mitigation (the “Guidance”), which outlines a recommended framework for new, industry-driven foreclosure relief programs. The Guidance largely follows the July 25, 2016, white paper jointly issued by the U.S. Department of the Treasury (“Treasury”), the U.S…. Read More
Financial Services Report – Spring 2016
Posted in Arbitration, Auto Lending, CFPB, Credit Cards, Credit Reports, Disparate Impact, Electronic Payments, Enforcement Actions, Fair Lending, Foreclosure, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, State Regulators, UDAAPWhy another law firm newsletter? Over ten years ago, Will Stern answered that question in the first Editor’s Note of the first Financial Services Report. Some things have changed since then—we no longer print and mail paper copies, and we report on issues that were not even a twinkle in anyone’s eye back then (the… Read More
CFPB: “F” is for “Foreclosure,” “FDCPA”
Posted in CFPB, Foreclosure, MortgageThe CFPB has weighed in on whether a trustee foreclosing on a California home qualifies as a “debt collector” under the federal Fair Debt Collection Practices Act. In Ho v. ReconTrust, N.A. (9th Cir. Aug. 7, 2015), the Bureau filed an Amicus Curiae brief arguing that a trustee engages in debt collection if it sends… Read More