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CFPB Releases Report on Single-Payment Vehicle Title Loans

Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued a report analyzing consumer usage and default patterns for certain single-payment vehicle title loans (the “Report”).  Vehicle title loans are loans issued to borrowers by non-depository lenders in exchange for a security interest in their vehicles.  A unique aspect of vehicle…

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Treasury Department Weighs in on Online Marketplace Lending

On May 10, 2016, the U.S. Treasury Department released a white paper entitled, “Opportunities and Challenges in Online Marketplace Lending.”  The white paper is the result of a request for information that elicited more than 100 industry responses, and it reviews the benefits and risks of online marketplace lending before making…

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OCC Introduces Framework for Responsible Innovation

On March 31, 2016 the Office of the Comptroller of the Currency (OCC) issued a white paper setting forth its vision of responsible innovation, and signaling its increasing involvement in the financial technology (Fintech) space.  The white paper, titled “Supporting Responsible Innovation in the Federal Banking System: An OCC Perspective,”…

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Policy Analysts Propose Merger of Freddie Mac and Fannie Mae

In a March 23, 2016 proposal titled “A More Promising Road to GSE Reform“, several prominent policy commentators recently outlined their suggested plan for reforming the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae), which—according to these analysts—are “two enormously important yet flawed institutions”…

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FHA Announces Final Revisions to Loan-Level Certification Form

On March 15, 2016, the Federal Housing Administration (FHA) announced final changes to its loan-level certification form, 92900-A HUD/VA Addendum to the Uniform Residential Loan Application.  The announcement represents important and highly-anticipated changes to the FHA’s required certification. The FHA’s loan-level certification form, which the lender completes for every loan…

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CFPB Steps Up Scrutiny of Fintech Companies

On March 7, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will begin collecting complaints from consumers about online marketplace lenders, signaling its intention to increasingly regulate the evolving and growing Financial Technology (Fintech) industry.  The CFPB announcement emphasized that marketplace lending is “a relatively new kind of…

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CFPB Confirms Credit Unions Will Remain Subject to Regulations

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On February 23, 2016, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray delivered prepared remarks (click link for full text) regarding CFPB regulation of credit unions to the Credit Union National Association.  The crux of Director Cordray’s remarks was that the CFPB has affirmatively decided not to exclude credit unions from CFPB…

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CFPB Issues Monthly Consumer Complaint Report Highlighting Consistent Concerns with Mortgages, Credit Reporting, and Debt Collection Practices

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On January 28, 2016, the Consumer Financial Protection Bureau (CFPB) published its monthly consumer complaint snapshot, identifying the most recent trends in consumer complaints about various financial products and services.  CFPB Monthly Complaint Rep., Jan. 2016, at 1.  The report analyzes trends by complaint volume by product, state, and company.  Id. at 3-10….

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House Republicans Level Another Blow at CFPB’s Auto-Lending Policies

Scrutiny of the CFPB’s auto-lending supervision and enforcement practices was renewed last week when Republicans on the U.S. House of Representatives Committee on Financial Services issued another scathing report criticizing the agency, this time focusing on its handling of the distribution of the Ally Financial auto-lending settlement funds.  Concurrently with…

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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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Final Countdown: Mortgage Industry Apprehensive as TRID Effective Date Looms

Arguably the most pressing topic at this year’s Mortgage Bankers Association’s (MBA) Regulatory Compliance Conference (held on September 20-22, 2015 in Washington, D.C.) was the implementation of the TILA-RESPA Integrated Disclosure (TRID) Rule, which will take effect on October 3, 2015.   While industry leaders at the conference generally seemed to accept…

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In Well-Reasoned Decision, Sixth Circuit Joins Eleventh Circuit On TCPA Prior Express Consent

On August 21, 2015, the Sixth Circuit issued its widely anticipated decision in Hill v. Homeward Residential, Inc., No. 14-4168 (6th Cir. August 21, 2015), which affirmed a jury verdict that found Homeward Residential, Inc. had plaintiff Hill’s prior express consent to call him using an auto-dialer.  The case is significant because plaintiff Hill…

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