CFPB Issues Consumer Protection Principles for Sharing Financial Account Information with Third Parties

On October 18, 2017, the Consumer Financial Protection Bureau (CFPB) published guidelines for financial institutions to use when authorizing third-party access to consumers’ financial information.  These guidelines are targeted at protecting consumers who give their consent to allow other companies to access their account information.  Companies—including fintech firms, banks, and…

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CFPB Amends Mortgage Servicing Rule to Facilitate Communications with Borrowers

On October 4, 2017, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule amending a provision of Regulation X regarding the timing for mortgage servicers to communicate with borrowers about foreclosure prevention alternatives.  On the same date, the CFPB also issued a proposed rule regarding timing requirements for…

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OCC Issues Mortgage Lending Bulletin Concerning High-LTV Loans

On August 21, 2017, the Office of the Comptroller of the Currency (OCC) issued Bulletin 2017-28, providing risk management guidance to lenders offering residential mortgage loans with loan-to-value (LTV) ratios that exceed 100 percent at origination (“high-LTV loans”) in connection with community redevelopment programs. Since the onset of the financial crisis,…

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CFPB Publishes State-by-State Snapshot of Consumer Complaints

On June 27, 2017, the Consumer Financial Protection Bureau (CFPB) published a state-by-state breakdown of consumer complaints that have been filed with the CFPB.  The snapshot—which is contained in the June 2017 edition of the CFPB’s Monthly Complaint Report—compiled data from the CFPB’s Consumer Complaint Database about the number of…

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CFPB Examines Complaints Filed By Older Consumers

On May 31, 2017, the Consumer Financial Protection Bureau (CFPB) issued its Monthly Complaint Report, this month’s complaints by consumers aged 62 and older.   The CFPB drew its analysis of more than 103,100 complaints from its Complaint Database, which can be found here.  The complaint report is an illuminating view…

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CFPB Proposes Clarification to Home Mortgage Disclosure Act

On April 13, 2017, the Consumer Financial Protection Bureau (CFPB) issued proposed amendments to clarify certain requirements of the Home Mortgage Disclosure Act (HMDA).  HMDA requires that financial institutions collect and report certain information regarding their mortgage lending activities.  The information that financial institutions are required to collect and report includes…

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FTC Issues Order Against Debt Relief Company for Alleged Misrepresentations

On February 27, 2017, the Federal Trade Commission (FTC) entered into a stipulated order for permanent injunction and monetary judgment with defendants United Debt Counselors, LLC, a debt relief company, and its principals, banning the defendants from making misrepresentations about financial products and services and requiring the defendants to pay a $9…

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CFPB Issues Consent Order Against Moneytree for Deceptive Practices

On December 16, 2016, the Consumer Financial Protection Bureau (CFPB) and Moneytree, Inc., which offers payday loans and other financial services, entered into a consent order that requires Moneytree to pay approximately $255,000 in restitution to consumers and to pay an additional civil money penalty of $250,000.  The consent order concerns the CFPB’s allegations that…

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Class Action Scrutiny Of New York Loan Satisfactions Increases

**EDITOR’S NOTE:  This post was guest-authored by Goodwin Procter partner Joe Yenouskas and associate Alyssa Sussman.  Both are members of Goodwin Procter’s Consumer Financial Services Litigation Group.** A series of putative class actions have been filed recently in New York federal courts by borrowers alleging that their mortgage satisfactions were not timely…

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