June 29, 2015
CFPB Mortgage Highlights
The Consumer Financial Protection Bureau issued its most recent Supervisory Highlights. The CFPB is “committed to transparency in its supervisory program by sharing key findings in order to help industry limit risks to consumers and comply with Federal consumer financial law.” … Continue reading
June 29, 2015 in CFPB | Permalink | No Comments
Monday’s Adjudication Roundup
Massachusetts’s federal court found that a unit of Deutsche Bank AG failed to vet some residential mortgage-backed securities, which mislead Massachusetts Mutual Life Insurance Co. US Bank filed an amended complaint claiming that Citigroup Global Markets Realty Corp. and CitiMortgage … Continue reading
June 29, 2015 in CFPB | Permalink | No Comments
June 19, 2015
CFPB Roundup
The Consumer Financial Protection Bureau released its Semi-Annual Report. From a news perspective, it is a snoozer — dog bites man — as it is really just a summary of what the Bureau has done (and already issued press releases … Continue reading
June 19, 2015 in CFPB | Permalink | No Comments
June 17, 2015
The Quest for Consumer Comprehension
Lauren Willis has posted The Consumer Financial Protection Bureau and the Quest for Consumer Comprehension to SSRN. it opens, Dodd-Frank tasked the Consumer Financial Protection Bureau with ensuring that “consumers … understand the costs, benefits, and risks associated with” financial products. … Continue reading
June 17, 2015 in CFPB | Permalink | No Comments
June 15, 2015
Monday’s Adjudication Roundup
The CFPB increased PHH Corp.’s penalty to $109 million from $6.4 million on appeal, while upholding an administrative judge’s ruling that the firm was involved in a mortgage insurance kickback scheme. A class of PHH borrowers have been granted cert … Continue reading
June 15, 2015 in CFPB | Permalink | No Comments
June 12, 2015
Reiss on Big Kickback Penalty
Law360 quoted me in CFPB Ruling Adds New Front In Administrative Law Fight (behind a paywall). The story opens, Consumer Financial Protection Bureau Director Richard Cordray’s decision last week upholding an administrative ruling against PHH Mortgage Corp. and jacking up the firm’s … Continue reading
June 12, 2015 in CFPB | Permalink | No Comments
June 9, 2015
Tuesday’s Regulatory & Legislative Round-Up
The Consumer Financial Protection Bureau issued a consumer advisory in the first regulatory action prompted by the results of its reverse mortgage report entitled A Closer Look at Reverse Mortgages. Advertisements often lead retirees to believe that reverse loan offers … Continue reading
June 9, 2015 in CFPB | Permalink | No Comments
