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Is it time to remove the CFPB’s Chevron deference?
Posted Date: Monday, January 30, 2017
Scaling back the Consumer Financial Protection Bureau’s rulemaking and enforcement authority has been an industrywide undertaking ever since the bureau opened its doors nearly six years ago. Now, with Republicans controlling the White House and Congress, changes to agency deference under the Chevron doctrine may become a reality. Read on to learn about the lawmakers and bills that may make sweeping changes to the administrative process.
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Treasury, FSOC: Don’t consolidate constitutionality claims
Posted Date: Monday, January 16, 2017
The Treasury Department and Financial Stability Oversight Council have called for the U.S. District Court for the District of Columbia to wait and see whether the D.C. Circuit Court of Appeals will grant the Consumer Financial Protection Buruea’s petition for rehearing en banc in PHH Corp. v. CFPB before consolidating it with their case against State National Bank of Big Spring. Read on to learn more about this other constitutionality case.
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Company to remain anonymous in CID, constitutionality row
Posted Date: Thursday, January 19, 2017
Based on a stipulated order from the U.S. District Court for the District of Columbia, the Consumer Financial Protection Bureau has agreed to keep the name of the plaintiff confidential and to not take any adverse action. The plaintiff argued the bureau was unauthorized to issue a civil investigative demand because of the unconstitutionality findings the D.C. Circuit Court of Appeals made in PHH Corp. v. CFPB. What will happen next? Read on to find out.
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Are the CFPB’s ALJs next to be found unconstitutional?
Posted Date: Thursday, January 12, 2017
The Tenth Circuit Court of Appeals recently set aside a Securities and Exchange Commission decision after determining that the administrative law judge that conducted the proceeding was appointed unconstitutionally. The decision creates a circuit split, meaning that Supreme Court review is a strong possibility. Also, find out how the D.C. Circuit Court of Appeals’ decision in PHH Corp. v. CFPB was incorporated into the discussion.
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student loan servicer slapped with CFPB lawsuit
Posted Date: Thursday, January 19, 2017
The Consumer Financial Protection Bureau has filed a lawsuit against Navient Corp. – the nation’s largest servicer for both federal and private student loans – as well as Navient Solutions, Inc. and Pioneer Credit Recovery, Inc. for alleged violations of UDAAP, citing systematic steering of borrowers to forbearance rather than income-driven repayment plans, among other allegations. Get the details of the lawsuit, as well as statements from Department of Education Under Secretary Ted Mitchell and Student Loan Ombudsman Seth Frotman.
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Case split between mortgage servicing rules
Posted Date: Thursday, January 19, 2017
The U.S. District Court for the Southern District of New York recently was tasked with analyzing a case involving loss mitigation and qualified written request with facts that took place before the Consumer Financial Protection Bureau issued its mortgage servicing rules, as well as after.
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Court examines duty of care, 1024.41(g) triggers
Posted Date: Monday, January 9, 2017
The U.S. District Court for the Northern District of California recently was tasked with determining whether plaintiffs – in their lawsuit against National Default Services Corp. and Select Portfolio Servicing, Inc. – alleged sufficient facts that the defendants improperly moved for foreclosure after the plaintiffs submitted a complete loan modification application, and whether the defendants owed the plaintiffs a duty of care under a negligence theory.
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RESPA, statute of frauds considered in court order
Posted Date: Monday, January 9, 2017
In a claim against Ocwen Loan Servicing, LLC, Wells Fargo Bank, N.A. and Homeward Residential, Inc., the plaintiff asserted that a previous oral agreement and loan modification agreement overcame the statute-of-frauds bar. Additionally, the plaintiff alleged that Owcen failed to respond to qualified written requests for information. Find out how the court ruled.
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Learn these tricks of the Internet advertising trade
Posted Date: Thursday, January 12, 2017
Are you thinking about exiting your marketing services agreements (MSAs)? There are many alternative means of promoting your business, one of which is advertising on the Internet. What are some of the latest developments and trends (and potential RESPA compliance risks) in Internet advertising? Mark Meyer and Charles Irsch from MLinc Solutions shared their answers.
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Settlement providers discuss TRID, lender shortfalls
Posted Date: Thursday, January 19, 2017
More than a year has passed since the TILA-RESPA Integrated Disclosure (TRID) rule took effect, and six months have gone by since the Consumer Financial Protection Bureau offered proposed amendments to clarify many aspects of the TRID rule. Despite heightened familiarity with the TRID process over time, many questions and sticking points remain. At a recent conference in Arizona, some of those were addressed. Read on for more details.
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Mixed thoughts on HUD’s suspension of MIP reduction
Posted Date: Monday, January 23, 2017
On Jan. 20, within hours of President Donald Trump’s inauguration, the Department of Housing and Urban Development announced that it would suspend, indefinitely, the Federal Housing Administration’s annual reduction in its mortgage insurance premiums. It had been an action met with mixed responses.
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Priebus releases memo freezing regulatory rulemaking
Posted Date: Monday, January 23, 2017
Chief of Staff Reince Priebus released a memo to executive departments and agencies Jan. 20, calling for the agencies to freeze their rulemaking activities to allow President Donald Trump’s appointees and designees the opportunity to review any new or pending regulations. It is unclear, however, whether this freeze applies to the Consumer Financial Protection Bureau.
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Washington to define ‘independent contractor relationship’
Posted Date: Monday, January 23, 2017
The Washington State Legislature has introduced a bill that would define independent contractor relationships in the context of real estate licensing. The bill, Washington House Bill No. 1137, amends RCW 18.85.011, which governs the states definitions for real estate brokers and managing brokers.
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Abuse, deception alleged in CFPB’s overdraft complaint
Posted Date: Monday, January 23, 2017
The Consumer Financial Protection Bureau has filed a complaint against TCF National Bank for allegedly committing abusive and deceptive acts under the Dodd-Frank Act’s UDAAP prohibition. The allegations stem from the bank’s representations of its opt-in overdraft services.
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FHA issues final HECM rule
Posted Date: Monday, January 23, 2017
The Federal Housing Administration has published a final rule. The rule, Strengthening the Home Equity Conversion Mortgage (HECM) Program, codifies certain requirements implemented under the authority granted to HUD in the Housing and Economic Recovery Act of 2008, the Reverse Mortgage Stabilization Act of 2013, and statutory authority. Learn more about the rule’s new origination and servicing policies.
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Bill aimed at amending APA pushes through House
Posted Date: Monday, January 23, 2017
When the 115th Congress’ session began, its first day was marked by the introduction of a controversial bill that would have placed the independent Office of Congressional Ethics under congressional control. Shortly after, Rep. Bob Goodlatte (R-Va.) introduced another bill that would have a sweeping effect on government through proposals to amend the Administrative Procedures Act. Learn more about the Regulatory Accountability Act.
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OCC releases first-lien mortgages report
Posted Date: Thursday, January 19, 2017
The Office of the Comptroller of the Currency has released the findings of its latest Mortgage Metrics Report, recording that the performance of first-lien mortgages improved during the third quarter of 2016, compared with a year earlier. Find out what other improvements were discovered.
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Highlights from Carson’s confirmation hearing
Posted Date: Monday, January 16, 2017
The Senate Banking Committee held a confirmation hearing for former presidential candidate Ben Carson, president-elect Donald Trump’s nominee to become secretary of the Department of Housing and Urban Development. What questions did Carson field from Committee Chairman Mike Crapo (R-Idaho), Ranking Member Sherrod Brown (D-Ohio) and Sens. Elizabeth Warren (D-Mass.), Pat Toomey (R-Pa.) and Tim Scott (R-S.C.)? Read on to find out.
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Smooth beginning to MSA ban
Posted Date: Monday, January 16, 2017
Last August, when Colorado became the first state to officially ban marketing services agreements with the Division of Insurance’s issuance of Regulation 8-1-3, many title companies and settlement services providers welcomed the change. Deputy Commissioner of Consumer and Compliance Services at the Colorado Department of Regulatory Agencies Michael Conway spoke with RESPA News.
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FTC’s Ramirez announces resignation
Posted Date: Monday, January 16, 2017
The Federal Trade Commission has announced that Chairwoman Edith Ramirez will be resigning in February. What had been her priorities as chairwoman? Read on to find out.
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Equifax: New data could increase credit access
Posted Date: Monday, January 16, 2017
Equifax has released encouraging findings regarding extending access to credit through the use of trended credit data. “Giving weight to how borrowers pay off credit debt puts more power in their hands to manage their credit evaluation,” said Peter Maynard, senior vice president Global Analytics at Equifax. Read on for more about the latest findings.
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HUD finalizes rule to protect children from lead poisoning
Posted Date: Monday, January 16, 2017
Just one day after the Senate Banking Committee held a confirmation hearing for Ben Carson, president-elect Donald Trump’s nominee to lead HUD, the department issued a final rule amending its lead-based paint regulations to reduce blood lead levels in children under age 6. Find out what these more stringent requirements entail.
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Court examines pleading standard for affirmative defenses
Posted Date: Thursday, January 12, 2017
In a case involving alleged violations of RESPA, TILA and federal debt collection statutes, the U.S. District Court for the Middle District of Florida recently examined the pleading standard for affirmation defenses. The Eleventh Circuit has not resolved conflicting positions on how much factual support must be pleaded within affirmative defenses.
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CFPB changes up senior leadership
Posted Date: Thursday, January 12, 2017
The Consumer Financial Protection Bureau has announced changes to its senior leadership, including its new chief of staff; chief information officer, chief financial officer; the assistant director of consumer lending, reporting and collections markets; and the assistant director for the Office for Servicemember Affairs. The Trump transition team also has announced the names of additional CFPB landing team members. Read on to learn more.
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Waters to HUD, DOJ: Release OneWest’s investigation documents
Posted Date: Monday, January 9, 2017
House Financial Services Committee Ranking Member Rep. Maxine Waters (D-Calif.) has sent a letter to the Department of Justice and HUD, calling on Attorney General Loretta Lynch and Secretary Julián Castro to expedite the release of investigative documents pertaining to Steve Mnuchin (president-elect Donald Trump’s nominee for Treasure Secretary) and his involvement in possible fraudulent or discriminatory activities during his tenure as the CEO of OneWest Bank. Read on for more details.
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MBA reports increased mortgage credit availability
Posted Date: Monday, January 9, 2017
For the fourth consecutive month, the Mortgage Bankers Association has reported that the Mortgage Credit Availability Index has increased. Find out what resulted in this increase and what it means regarding lending standards.
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Company sees record 2016 loan originations
Posted Date: Monday, January 9, 2017
Genesis Capital, LLC – a private specialty finance company providing bridge loans to professional developers focused on the rehab and resale of single-family and multi-unit residential real estate – has announced it has achieved record loan originations exceeding $1 billion for 2016. Find out what else this company has accomplished.
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Financial committee members announced for 115th Congress
Posted Date: Monday, January 9, 2017
One of the first steps to advocating for legislative change is to know your lawmakers. For the 115th Congress, the Senate Banking Committee and House Financial Services Committee have announced their members and the leaders for their subcommittee. Find out which lawmakers you should keep your eye on for all laws banking and finance related.
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Force-placed insurance kickbacks alleged in class action lawsuit
Posted Date: Thursday, January 5, 2017
A class action lawsuit has been filed in the U.S. District Court for the Southern District of Florida, alleging that defendants Carrington Mortgage Services, LCC; Fay Servicing, LLC; American Modern Home Insurance Co.; American Western Home Insurance Co. and Southwest Business Corp. manipulated the force-placed insurance market through “collusive agreements involving kickback arrangements and other forms of improper compensation.”
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CFPB details budget in annual report
Posted Date: Thursday, January 5, 2017
In its report to Congress’s appropriations committees, pursuant to Section 1017(e)(4) of the Dodd-Frank Act, the CFPB provided details regarding its funding and budget. The CFPB is funded through the Federal Reserve System – a process that has been of major concern among lawmakers and likely will be addressed in the upcoming Congress.
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CFPB updates materials for HMDA filers
Posted Date: Thursday, January 5, 2017
The CFPB’s regulatory implementation team has announced that its “Resources for HMDA Filers” website has been updated, along with several other HMDA compliance materials. Read on to get quick and easy access to these materials now.
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CFPB finds deceptive marketing from TransUnion, Equifax
Posted Date: Thursday, January 5, 2017
The Consumer Financial Protection Bureau has entered into two consent orders with Equifax, Inc., TransUnion, and their subsidiaries after determining the companies falsely represented that the credits scores they provided were the same scores used by lenders to determine creditworthiness, among other detected violations.
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United Shore Financial Services agrees to $48 million settlement
Posted Date: Thursday, January 5, 2017
United Shore Financial Services LLC (USFS) has agreed to pay $48 million to settle allegations that it violated the False Claims Act by knowingly originating and underwriting FHA-insured mortgage loans that did not meet applicable requirements. Find out what the Department of Justice determined throughout its investigations.
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