Tag Archives: Consumer Financial Protection Bureau

CFPB Loses Motion For Reconsideration In Borders Case: Its Next Steps May Provide Insight Into The Mulvaney Enforcement Strategy

Borders
Following Borders & Borders PLC’s (Borders) successful summary judgment motion last summer, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a motion for reconsideration with the federal district court in Kentucky, arguing that the court had misconstrued the affiliated business arrangements (ABAs) exemption under RESPA section 8(c)(4). Late last week, the court not only … Continue reading this entry

RESPA and UDAAP Enforcement Following The PHH Decision: What To Expect

Tolling
As anyone who is associated with the residential real estate settlement services industry can appreciate, resolution of the PHH case by the full bench of the D.C. Circuit Court of Appeals[1] has brought much-needed clarity and reason to fundamental issues under the Real Estate Settlement Procedures Act (RESPA). This includes clarifying that Section 8(c) of RESPA really is … Continue reading this entry

3 Enforcement Priorities For State AGs In 2018

Enforcement
2018 is, once again, an election year! State attorney general campaigns will be in full swing with 31 elections, of which 10 are open seats, including big-state races in Florida, Illinois, Ohio, Michigan, and the most competitive per-capita primary in South Dakota. In addition, next year triggers up to three gubernatorial appointments among Alaska, Wyoming … Continue reading this entry

Settlement in Mortgage Discount Points Case Highlights Risk From Claimed Inconsistency Between Representations to Consumers and Actual Practices

Settlement
A recent settlement of deceptive practice allegations against Peoples Bank of Lawrence, Kansas, (Peoples) by the Board of Governors of the Federal Reserve System (Board of Governors) serves as a reminder that unfair or deceptive acts or practices (UDAP) claims may be triggered based on perceived inconsistencies between representations a consumer financial services institution makes … Continue reading this entry

What Real Estate Settlement Service and Other Consumer Financial Services Providers Need to Know About the CFPB’s Final Arbitration Rule

Borders
On July 10, 2017, in a surprise move, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its long awaited final rule on arbitration (Final Arbitration Rule).  This rule-making has been a lightning rod issue for the Bureau, and its Final Arbitration Rule is likely to face serious political and legal challenges in the weeks … Continue reading this entry

CFPB Settlements: It’s Not Over Until It’s Over

CFPB settlements
On April 26, 2017, the Consumer Financial Protection Bureau (“CFPB”) broke new ground by imposing a fine – in excess of a million dollars – against a consumer financial services company for allegedly violating the terms of its prior settlement with the CFPB.… Continue reading this entry

CFPB Seeks Rehearing of D.C. Circuit Panel Ruling in PHH: What Now?

Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (Bureau) Friday filed a petition in the closely-watched PHH case, seeking to undo a ruling by a panel of judges for the D.C. Circuit Court that was highly critical of the Bureau’s interpretation of the Real Estate Settlement Procedures Act (RESPA).  The Bureau also seeks to challenge a ruling in … Continue reading this entry

PHH v. CFPB: "What is a Kickback?"

On April 12, 2016, a panel of the U.S. Court of Appeals for the D.C. Circuit heard oral argument in PHH Corporation’s (PHH) milestone legal battle with the Consumer Financial Protection Bureau (Bureau). During the argument, the Bureau had a lot to worry about: whether the agency’s unusual structure, headed by a single director who has … Continue reading this entry

CFPB Director’s Divisive View of RESPA Limitations Period Central to Ongoing UDAAP Action

In the ongoing Integrity Advance enforcement action by the Consumer Financial Protection Bureau (“CFPB” or “Bureau”), the Office of Enforcement this January filed a brief arguing that its claims for alleged unfair, deceptive, or abusive acts or practices (“UDAAP”) in a payday lending case are not subject to the three-year statute of limitations (“SoL”) set forth … Continue reading this entry

CFPB Director Cordray Issues First-Ever Agency Appellate Decision in RESPA Case

The Director of the federal Consumer Financial Protection Bureau (CFPB), Richard Cordray, issued a decision yesterday in the first appeal of a Bureau administrative enforcement action. Cordray’s decision upholds in part, and reverses in part, a 2014 Administrative Law Judge (ALJ) decision which held that PHH Corp. (“PHH”) violated the Real Estate Settlement Procedures Act … Continue reading this entry