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News By Edition
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RESPA News Monthly Edition
RESPA News Monthly June 2018
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The NeverEnding Story: How long can Mulvaney be interim director?
Posted Date: Thursday, June 21, 2018
When President Donald Trump appointed Mick Mulvaney to work at the Consumer Financial Protection Bureau (CFPB) as its acting director under the Federal Vacancies Reform Act (FVRA), the move was expected to be a place-holder until a full-time director could be nominated.
But what if the president’s plan was to keep Mulvaney at the CFPB as long as possible, without having to be confirmed by the Senate? How long could an acting director be an acting director under the FVRA?
Hint: The answer is likely much longer than you think. RESPA News consulted with Hahn Loeser & Parks, LLP Partner Derek Diaz about how long Mulvaney could stay in place. Read on for the findings.
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FinCEN issues CDD relief on CDs
Posted Date: Thursday, May 17, 2018
In an appearance before the House Financial Services Committee’s Terrorism and Illicit Finance Subcommittee, Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco told members the agency would issue exceptive relief to part of its Consumer Due Diligence rule.
Later that afternoon, the move became official when FinCEN issued an administrative ruling providing 90 days of limited exceptive relief.
Read on for details of the relief and for insight from Blanco on how FinCEN hopes to work with federal agencies overseeing compliance with the new rules.
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California court rules on statute of limitations in CFPB case
Posted Date: Thursday, May 17, 2018
A district court in California has ruled that a company which engages in continuous fraud over a singular scheme is not shielded from a statute of limitations, saying the Consumer Financial Protection Bureau can pursue a case for separate violations occurring within the singular scheme, within the statute of limitations.
The case involves the individuals and law firms that the bureau alleges partnered with Morgan Drexen to offer debt relief services to consumers.
Read on for details from the court’s ruling.
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Law firm: Ratification doesn’t solve CFPB’s unconstitutionality
Posted Date: Thursday, May 17, 2018
A law firm challenging a civil investigative demand (CID) request told the Ninth Circuit Court of Appeals that the Consumer Financial Protection Bureau is unconstitutionally structured, and that the ratification of actions by acting director Mick Mulvaney cannot cure the defects.
Thus, the bureau’s pursuit of a CID against the law firm should be dismissed.
Read on for more of Seila’s arguments, including the CFPB’s stance on Supreme Court precedent regarding its structure.
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NS3 Keynote: Surviving, thriving in new regulatory world
Posted Date: Thursday, May 17, 2018
Flagstar Bank President and CEO Alessandro DiNello helped build Flagstar into the fifth-largest mortgage bank in the country, as well as one of the few to grow its servicing business in subsequent years. He will bring an expansive knowledge base to the stage as the keynote speaker at the 2018 National Settlement Services Summit (NS3) in Detroit, discussing collaboration with industry partners and new regulatory challenges to face.
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CSBS elects new directors
Posted Date: Thursday, May 17, 2018
The Conference of State Bank Supervisors (CSBS) elected Charlotte Corley, commissioner of the Mississippi Department of Banking and Consumer Finance, as the new chairwoman of the CSBS Board of Directors.
Corley’s election was among the new officers elected at CSBS’ annual membership meeting.
Read on for more details of the officers and committee chair appointments made at the meeting.
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Burke to spearhead senior talent acquisition at Treliant
Posted Date: Wednesday, May 16, 2018
Treliant has named Mary Anne Burke as its senior director for senior talent acquisition and affairs, underscoring the firm’s commitment to attracting and retaining the most qualified professionals to serve its clients.
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NAR senior VP to retire
Posted Date: Wednesday, May 16, 2018
Jerry Giovaniello, long-time senior vice president and chief lobbyist at the National Association of Realtors will retire at the end of this year.
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Companies provide proof of ongoing RESPA investigations
Posted Date: Monday, May 14, 2018
Critics of Mick Mulvaney’s direction of the Consumer Financial Protection Bureau (CFPB) since his appointment as acting director in November have questioned the fervor and activity the bureau has put into enforcement over that time.
Mulvaney has publicly cited 25 cases which remain in litigation and continued efforts in examinations as proof that the CFPB continues its work under his leadership. The statements often have fallen upon deaf ears of critics, but there is continuing evidence that supervision and enforcement staff at the bureau are doing their jobs.
Read on for details on how the companies themselves are reporting ongoing RESPA investigations by the bureau.
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CFPB agenda shows rulemaking stopped, overdraft abandoned
Posted Date: Monday, May 14, 2018
If there were any questions over whether the Consumer Financial Protection Bureau has stopped rulemaking activity, they have been answered.
Rulemaking has ground to a halt.
Only three rules in final stages are listed by the bureau in its latest rulemaking agenda. As notable for what won’t be done soon is what has been abandoned altogether. Read on for details of the agenda and what it means for the industry in the next 12 months.
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CDD takes effect, FFIEC updates exam procedures
Posted Date: Monday, May 14, 2018
The Financial Crimes Enforcement Network (FinCEN) rule on Customer Due Diligence (CDD) has taken effect, and as such the Federal Financial Institutions Examination Council announced updates to its examination procedures.
These examination procedures apply to banks, savings and loan associations, savings associations, credit unions, and branches, agencies, and representative offices of foreign banks.
Read on for more from the financial regulators on CDD compliance.
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Updated: Bureau adds staff, new direct reports
Posted Date: Monday, May 14, 2018
Mick Mulvaney, acting director at the Consumer Financial Protection Bureau, held a staff meeting Wednesday and distributed an email to all bureau workers concerning changes to the agency’s organizational structure and new hires.
Changes to the office of Students & Young Consumers garnered the most initial interest, but the reporting structure Mulvaney is implementing might be the biggest change announced.
How will the changes affect staff, responsibilities and oversight? Who is the new chief operating officer for now? Read on for more details.
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Regulators release HMDA data for 2017
Posted Date: Monday, May 14, 2018
The Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on mortgage lending transactions at 5,852 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies.
The released includes loan-level HMDA data that covers 2017 lending activity submitted by financial institutions on or before April 18, 2018, the FFIEC said in a release.
Read on for initial insights from the collection, including why the number of institutions reporting fell by more than 10 percent.
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Law firms honored for pro bono work
Posted Date: Monday, May 14, 2018
Last month, 37 law firms were recognized by the chief judges of the U.S. Courts of the D.C. Circuit for their leadership in pro bono service.
The event honors law firms at which at least 40 percent of all attorneys dedicated 50 or more hours in 2017 to providing free legal representation to individuals with limited financial resources or to charitable organizations. The 37 firms honored are a record.
Read on for details and names of the firms.
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NS3 Preview: Meridian CEO discusses life after CFPB enforcement
Posted Date: Monday, May 14, 2018
RESPA enforcement actions handed down to title agencies don’t come every day, and finding a way to make the best of business after a company has been in the news isn’t easy.
Meridian Title CEO Mark Myers, for the first time, takes the stage to discuss “Life After Enforcement” at the National Settlement Services Summit (NS3) in Detroit. He will be joined by Francis “Trip” Riley, partner, Saul Ewing Arnstein & Lehr, LLC; and Leslie Wyatt, SoftPro’s director of regulatory compliance.
Read on for details of the session and how you can attend to hear first-hand how Meridian Title has grown after the action.
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CFPB guidance rejected by House, awaits presidential signature
Posted Date: Thursday, May 10, 2018
Congressional disapproval of regulatory guidance which has been in place for five years is nearly complete, following the House’s vote Tuesday in favor of a Senate resolution repealing the Consumer Financial Protection Bureau’s 2013 indirect auto lending bulletin.
Congressional Review Act (CRA) disapproval resolutions have happened 16 times since the passage of the act in 1998, once in 2001 and 15 times since Republicans took control of the House, Senate and presidency in 2017.
This, however, would be the first time CRA disapproval had been used to nullify a form of guidance, rather than a promulgated rule. Read on for more.
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CFPB debate turns into partisan discrimination accusations
Posted Date: Thursday, May 10, 2018
As the House is preparing to pass bipartisan reforms from the Senate regarding Dodd-Frank Act statutes and the Consumer Financial Protection Bureau (CFPB), a heated debate before a vote on repealing indirect auto lending guidance shined a light on fractures surrounding the bureau.
Rep. Mike Kelly (R-Pa.), whose family has been in the auto dealer business for more than 60 years, said he was appalled by the divisiveness shown by Democrats in debating the resolution. Rep. Maxine Waters (D-Calif.) said she was “more offended as an African-American woman than you will ever be.” Financial Services Committee Chairman Jeb Hensarling (R-Texas) said he was shocked as Democrats came to “accuse us of such outrageous defending discrimination.”
Read on for details of the exchanges, and what impact the tone might have for future reforms of the CFPB and Dodd-Frank.
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NS3 Preview: Moving your business from the Stone Age to eClosings
Posted Date: Thursday, May 10, 2018
While lenders and customers (especially millennials) are embracing the electronic real estate process of the future, the same cannot always be said for title and settlement companies.
“The technology in the mortgage origination process has gone through a metamorphosis in the past 10 years,” said Jaime Kosofsky, partner, Brady & Kosofsky, PA.
During a session at this year’s National Settlement Services Summit (NS3) in Detroit June 6-8 titled “From Zero to eClosing,” Kosofsky and other industry experts will discuss eNotarizations, eClosings and the remaining roadblocks to their widespread adoption. Read on for more.
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Wells settles securities case before rebranding campaign
Posted Date: Thursday, May 10, 2018
Wells Fargo announced that it reached a settlement with plaintiffs who filed a securities fraud class action suit against the company in California.
As part of the settlement, Wells Fargo said in a statement that it denied the claims and allegations in the action and entered into the agreement in principle to avoid the cost and disruption of further litigation.
Two days after announcing the settlement, Wells Fargo launched a marketing campaign to emphasize the company’s commitment to re-establish trust with stakeholders. Read on for details of the settlement, Moody’s analysis of the impact and more on the marketing campaign CEO Tim Sloan called a “turning point” for the company.
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Jury votes in CFPB suit, but case not done yet
Posted Date: Thursday, May 10, 2018
In a rare trial in which the Consumer Financial Protection Bureau (CFPB) has argued in front of a jury, the district court judge took the jury’s decision under advisement, discharged the jury, and plans to rule later this summer.
The court trial started May 1 and continued through May 4 over CFPB allegations that Weltman engaged in unlawful collection activities by misrepresenting the level of attorney involvement in demand letters it sent and calls it made to consumers requesting payment.
Read on for more on how the jury voted and what happens next.
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How I named the CFPB
Posted Date: Monday, May 7, 2018
Over the course of nine years and more than 200 episodes, “How I Met Your Mother” took TV viewers on a long journey which had main character Ted Mosby revealing to his children the first day that he met their mother.
It’s taken more than nine years, but the truth about the naming of the CFPB appears to have come into focus as well.
And no, Elizabeth Warren didn’t do it, as acting director Mick Mulvaney has publicly suggested. Read on to find out the inside scoop on how it came to be.
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TRID Black Hole fix published, effective date set
Posted Date: Monday, May 7, 2018
The latest amendments to the TRID rule have been published and we now know when the Black Hole officially will disappear from mortgage transactions.
But just because the four-business-day limit is being scrapped by the Consumer Financial Protection Bureau doesn’t mean examiners will shift their focus away.
Read on for details on when the final rule takes effect and what the bureau said its examiners will keep a close eye on regarding timing compliance.
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Securities suit against Ocwen dismissed
Posted Date: Monday, May 7, 2018
A Florida district court recently dismissed a class-action securities lawsuit filed against Ocwen Financial Corp.
The case, led by the University of Puerto Rico Retirement System alleged that Ocwen made materially false and misleading statements and omissions about its servicing technology, which later led to regulatory enforcement actions. As a result, stockholders saw the company’s shares fall 80 percent over a three-month span.
Read on for details of the court’s decision and reaction from Ocwen.
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Consumer report details risk in changing CFPB supervisory threshold
Posted Date: Monday, May 7, 2018
A new report from the Consumer Federation of America (CFA) warns that potential changes to the threshold for financial institution supervision by the Consumer Financial Protection Bureau (CFPB) could heighten risk to consumers.
A bill introduced in the House of Representatives, H.R. 3072, would raise the current supervision and examination threshold for financial institutions from $10 billion to $50 billion. The CFA report found the change would trim the number of banks subject to CFPB supervision from 124 – out of 5,679 nationwide – to 43.
Read on for more details from the report.
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House looks into need for CDD compliance delay
Posted Date: Monday, May 7, 2018
A recent hearing of the House Financial Institutions and Consumer Credit Subcommittee discussed the impending implementation of the customer due diligence rule issued by the Financial Criminal Enforcement Network (FinCEN).
The rule is scheduled to take effect May 11. “Delayed implementation and enforcement of this important rule is the most responsible way to ensure that financial institutions are able to comply,” Subcommittee Chairman Blaine Luetkemeyer (R-Mo.) said.
Read on for more reaction and insight from the hearing, including whether bank examiners are correctly interpreting FinCEN rulemaking.
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Experienced benefits attorney joins Bricker & Eckler
Posted Date: Tuesday, May 1, 2018
Lauren Gresh has joined Bricker & Eckler LLP in the law firm’s Employment & Labor group. With more than 17 years of broad legal experience, she will serve employer clients in the areas of benefits and pension plans, assisting with the design, qualification and administration of numerous tax-qualified plans, as well as complex pension arrangements.
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FTC back at full strength
Posted Date: Monday, April 30, 2018
For the first time in nearly three years, the Federal Trade Commission has a full slate of commissioners confirmed by the Senate to run the agency.
Last week, the Senate confirmed by voice vote Joseph Simons, Noah Joshua Phillips, Rebecca Kelly Slaughter, Rohit Chopra and Christine Wilson.
Read on for details of the confirmation, reaction from acting chairwoman Maureen Ohlhausen and comments from senators and Simons at an earlier confirmation hearing.
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Calls for Mulvaney to resign after lobbying remarks
Posted Date: Monday, April 30, 2018
Consumer Financial Protection Bureau acting director Mick Mulvaney’s closing remarks at a recent American Bankers Association summit have prompted calls for his resignation and an investigation into lobbyists meeting with Mulvaney after he took over as director of the Office of Management and Budget.
Mulvaney, who was speaking without prepared remarks or notes, appeared to be thanking and encouraging the audience for traveling to Washington to meet with their congressional representatives.
Instead, consumer groups and Sen. Sherrod Brown are demanding his resignation over what they consider pay-to-play policies. Read on for more.
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Olson back, arguing CFPB unconstitutional
Posted Date: Monday, April 30, 2018
After the U.S. District Court for the Southern District of Mississippi ruled against its motion on the pleadings, All-American Check Cashing has appealed its case to the Fifth Circuit Court of Appeals, saying the Consumer Financial Protection Bureau is unconstitutional.
The lead counsel for All-American Check Cashing is Theodore Olson of Gibson Dunn, who argued that the bureau was unconstitutional in the PHH Corp. v. CFPB case.
Read on for more about the district court’s ruling and the next step in the case.
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ARMCO report finds loan defects in underwriting
Posted Date: Monday, April 30, 2018
The latest review of loan quality findings by ACES Risk Management (ARMCO) finds that critical defects dropped as refinance originations rose.
The ARMCO Mortgage QC Trends Report for the third quarter of 2017 reviewed loans that showed the industry remaining in a purchase-driven market, even as refinances ticked up. In keeping with a trend reported in the previous two quarters, the reported net critical defects for Q3 2017 appear to be affiliated primarily with the process of underwriting a mortgage loan.
Read on for more insights from the report.
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HUD rent reforms address administrative burdens
Posted Date: Monday, April 30, 2018
Citing administrative burdens of public housing authorities (PHAs), the Department of Housing and Urban Development (HUD) has proposed reforms to the agency’s rental assistance programs.
PHAs and landlords participating in HUD’s rental assistance programs must currently navigate a complex set of rules to properly calculate a household’s rent contribution, HUD said in a press release announcing the reforms.
An analysis by the Center on Budget and Policy Priorities found that the proposal would triple the minimum rent on the poorest households getting assistance, totaling about 712,000 households nationwide. Read on for more from HUD’s proposals.
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Day Joins Gibson Dunn as a partner in D.C.
Posted Date: Friday, April 27, 2018
Gibson, Dunn & Crutcher LLP announced that M. Kendall Day will join the Washington, D.C. office of the firm. He was most recently an Acting Deputy Assistant Attorney General with the U.S. Department of Justice’s Criminal Division.
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Who’s Who Legal recognizes 10 Butler Snow attorneys
Posted Date: Thursday, April 26, 2018
Butler Snow announced that 10 of its attorneys have been recognized by Who’s Who Legal. Christy D. Jones has also been named to Who’s Who Legal: Thought Leaders 2018, ranking third in the Americas by the publication in the categories of life sciences and product liability.
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Bureau finalizes Black Hole fix
Posted Date: Thursday, April 26, 2018
The Consumer Financial Protection Bureau announced it finalized amendments to TRID which eliminate the four-business-day limit and permits creditors to reset tolerances.
The move was designed to correct problems cited in the so-called Black Hole time period, in which a creditor could use a valid changed circumstance or other reason for revising tolerances because TRID did not permit its disclosure on the Closing Disclosure.
Read on for your first look at the finalized TRID changes and reaction from Mayer Brown's Phillip Schulman and RESPRO's Ken Trepeta.
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QuestSoft study: HMDA relief level too high
Posted Date: Thursday, April 26, 2018
A pair of experts from QuestSoft recently released a study examining the effects of Home Mortgage Disclosure Act (HMDA) relief provided in the Senate regulatory reform bill, recently passed and awaiting House action.
The study looked at both the change in the threshold limit for not having to file HMDA data, along with proposed changes in data collection.
What the study found was that the relief level set in the bill was too high. Read on for details of why and the impact it might cause.
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Public or not? Mulvaney mulls complaint database
Posted Date: Thursday, April 26, 2018
In 2017 the Consumer Financial Protection Bureau (CFPB) reported receiving more than 320,000 complaints in its Consumer Complaints Database. That includes more than 37,000 related to mortgage complaints.
In addressing the American Bankers Association Government Relations Summit, acting director Mick Mulvaney said the Dodd-Frank Act doesn’t require the bureau to run a “Yelp for financial services.”
Will the CFPB continue to make complaints public? Will the 1.4 million complaints submitted since 2011 – and all future complaints – instead be collected but held internally? Read on for more.
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ICBA asks FinCEN for delay
Posted Date: Thursday, April 26, 2018
Citing the length of time the Financial Crimes Enforcement Network (FinCEN) took to issue guidance on its due diligence rule, the Independent Community Bankers of America (ICBA) wrote to the agency requesting a one-year delay on implementation of its rule.
“Given that FinCEN took nearly two years to address some of the questions and ambiguities in the rule, it is clear this rule is complex and requires ample time” for compliance, ICBA wrote.
Read on for more of ICBA’s case for delaying the rule.
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Stratmor: Lenders against ATR/QM changes
Posted Date: Thursday, April 26, 2018
Five years after the implementation of the Ability to Repay (ATR) and Qualified Mortgage (QM) standards, the Consumer Financial Protection Bureau is conducting a statutorily mandated look back at the rules to determine whether changes are appropriate.
Stratmor Group found in a recent survey that the industry on the whole is not in favor of change. “Just when they’ve figured out how to comply with rules, ‘change’ is in the air,” Senior Advisor Rob Chrisman said.
Read on for more details of the findings of Stratmor’s study, including surprising results from larger lenders.
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ReverseVision, Allegiant Reverse Services simplify title for HECM loans
Posted Date: Thursday, April 26, 2018
ReverseVision, the leading provider of technology and training for the Home Equity Conversion Mortgage (HECM) industry, announced a partnership with Allegiant Reverse Services (ARS), a full-service title and settlement company with an exclusive focus on reverse mortgage closings.
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CFPB adds director to regulations division
Posted Date: Monday, April 23, 2018
The Consumer Financial Protection Bureau (CFPB) has a new director in its Research, Markets and Regulations division this week, albeit one with a familiar face.
Thomas Pahl is returning to the CFPB, where he worked as a managing counsel until leaving in the fall of 2016 for private practice. Pahl is taking on a newly created role and will be reporting directly to acting director Mick Mulvaney.
Read on for more about the new hire and Pahl’s background with the bureau.
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Open story: Does $1 billion penalty create new ‘sea change’?
Posted Date: Monday, April 23, 2018
In the fall of 2016, the Consumer Financial Protection Bureau came out with what was termed a “sea change” settlement action – a record $100 million civil penalty against Wells Fargo.
Less than two years later, the CFPB and OCC announced something 10 times stronger, a $1 billion settlement with the bank over violations of mandatory insurance related to auto loans and how it charged certain borrowers for mortgage interest rate-lock extensions.
What does a $1 billion penalty mean for regulatory compliance and risk management? RESPA News talked with Richard Horn, principal at Garris Horn PLLC, to find out.
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CRA: What could be repealed next?
Posted Date: Monday, April 23, 2018
According to a report by The Hill, the House plans to vote on repealing the Consumer Financial Protection Bureau’s indirect auto lending bulletin guidance the week of May 7. The vote would need a simple majority to pass the House and head to the president’s desk for signature and repeal of the five-year-old guidance.
But it is far from the only step which Congress can take with use of the Congressional Review Act (CRA) over guidance. The Government Accountability Office already has reviewed three other pieces of guidance which it has determined to be considered rules subject to CRA standards.
Read on for the next steps Congress could take in reviewing old regulatory guidance.
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Questions over ‘undisputed evidence’ of mailing
Posted Date: Monday, April 23, 2018
Homeowners in Ohio sued their loan servicer for violations of RESPA, stemming from the servicer’s failure to timely provide a response to a loan modification application.
The servicer moved for summary judgment, arguing there was “undisputed evidence” of the mailing of the response.
The judge denied summary judgment to both parties, ruling there were genuine issues of material fact about the notice. How could “undisputed evidence” have genuine issues? Read on for the details.
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Audit of CFPB budget details stale obligations
Posted Date: Monday, April 23, 2018
An annual audit of operations and budgeting at the Consumer Financial Protection Bureau (CFPB) recently was released, with auditors KPMG LLP discovering one deficiency related to the bureau’s closing out of undelivered orders.
The audit looked into three areas, including the budget process, the CFPB’s monitoring of its interagency agreement with the Bureau of Fiscal Service-Administrative Resource Center and its corrective actions on last year’s reported deficiency.
Read on for details of the deficiency and recommendations included in the auditor’s report.
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Horn, Garris join forces in Garris Horn PLLC
Posted Date: Thursday, April 19, 2018
Richard Horn Legal PLLC, the law office of the former CFPB senior official who led the TRID rule and the design of the TRID disclosures, announced that it has transitioned to Garris Horn PLLC, with industry veteran Troy Garris joining Richard Horn in the practice.
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Mulvaney refers leak for investigation
Posted Date: Thursday, April 19, 2018
Three days after Reuters published a report, citing three unnamed sources, that the Consumer Financial Protection Bureau was considering a $1 billion civil money penalty for Wells Fargo, acting director Mick Mulvaney told staff he was referring the leak for investigation.
In a memo to staff April 12, made available by the CFPB, Mulvaney said he was “extraordinarily concerned.”
Read on for more details from Mulvaney’s memo and how he feels the leaks are impact the reputation of the regulator.
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Mulvaney rejects CFPB authority to promulgate under UDAAP
Posted Date: Thursday, April 19, 2018
The second act of Mick Mulvaney’s appearance before Congress representing the Consumer Financial Protection Bureau (CFPB) was supposed to be more fraught with fireworks than his appearance before the House Financial Services Committee a day earlier.
The anticipated showdown between Mulvaney and Sen. Elizabeth Warren (D-Mass.) on the Senate Banking Committee, as well as harsh criticism from other Senate Democrats, failed to live up to the billing.
Still, the headline of the day was Mulvaney’s rejection of the CFPB’s authority to create rules under its authority to protect against unfair, deceptive and abusive acts and practices. Read on for more details.
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NS3 Preview: Underwriters, lenders, regulators take the stage
Posted Date: Thursday, April 19, 2018
The National Settlement Services Summit (NS3) comes home to the Midwest for the 14th edition of the annual conference that brings all parties of the real estate transaction together in one place. The conference is slated for June 6-8 in Detroit at the Detroit Marriott at the Renaissance Center.
One thing that remains the same, though, is the ability for attendees to learn from top executives and companies representing the industry, with panels scheduled featuring leading underwriters, lenders and regulators.
Read on for more about the top-quality speakers set to pass along their insights in June.
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Senate takes first step in CRA rejection of 2013 CFPB guidance
Posted Date: Thursday, April 19, 2018
For the first time, Congress has voted on a resolution to disapprove regulatory guidance, using its authority under the Congressional Review Act.
By a 51-47 vote, the Senate voted to reject the five-year-old Consumer Financial Protection Bureau bulletin on indirect auto lending guidance. The resolution now heads to the House, where a majority vote for disapproval will put it on the president’s desk to be signed.
Read on for more details about the process and reaction from the Senate co-sponsors and industry.
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House bill requires CFPB guidance as Senate repeals it
Posted Date: Thursday, April 19, 2018
A new bill introduced by the House seeks to encourage the Consumer Financial Protection Bureau (CFPB) to issue guidance.
The bill was introduced the same time in which the Senate voted to disapprove a five-year-old bulletin the CFPB issued providing guidance on indirect auto lending.
The bill compels the agency to issue guidance, including guidance necessary to comply with the law, and received positive feedback from the industry. Read on for more details.
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