On June 11, as a result of the growing use of mobile banking services across the country, the CFPB announced that it was conducting a request for information into the benefits and consequences of expanding mobile financial services. Its focus is underserved and remote communities, but any actions the CFPB…
On May 22, the CFPB released its fourth “Supervisory Highlights” publication, giving financial services providers a preview of the CFPB’s future enforcement priorities. This edition drew attention to regulatory compliance in nonbank financial entities like debt collectors, payday lenders, and consumer credit reporting firms. While those industries have been subject to…
On January 10, 2014, new CFPB amendments to Regulation X (implementing the Real Estate Settlement Procedures Act) and Regulation Z (implementing the Truth in Lending Act) became effective, imposing new requirements on loan servicers to respond to inquiries from residential mortgage loan borrowers within statutorily-specified time periods. An understanding of…