A&B Abstract: With the January 2021 expiration of the so-called “QM Patch” looming, what courses of action are available to the CFPB? Background One of the most vexing issues currently facing the Consumer Financial Protection Bureau (“CFPB”) is the fate of the so-called “QM Patch”. The CFPB’s ability-to-repay/qualified mortgage regulations promulgated pursuant to the Dodd-Frank […]
Consumer Financial Protection Bureau (CFPB)
Will the CFPB find its Voice on “Abusiveness”?
On June 25, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) kicked off its symposia series with a panel discussion of whether the Bureau should use its rulemaking authority to further define “abusive acts or practices.” The Dodd-Frank Act added a prohibition on abusive acts and practices to the established prohibition on unfair acts and […]
New York DFS Unveils Two New Divisions Focused on Consumer Protection, Financial Enforcement and Cybersecurity
New York State’s Department of Financial Services (DFS) recently unveiled two new divisions with broad enforcement authority focused on consumer protection, financial enforcement, and cybersecurity. Financial service providers should take note as New York and other states continue to shore up their enforcement capabilities. Consumer Protection & Financial Enforcement DFS’ highly touted Consumer Protection and […]
Ninth Circuit Finds CFPB’s Structure Constitutional
The Ninth Circuit last week affirmed a district court’s ruling upholding the constitutionality of the structure of the Consumer Financial Protection Bureau (“CFPB”). The case stems from a CFPB investigation into whether Seila Law LLC, a firm that provides debt-relief and other services, violated the Telemarketing Sales Rule. Seila Law had refused to comply with […]
Alston & Bird Publishes Article in “Mortgage Compliance Magazine” Addressing Key Debt Collection Challenges Raised Under the Fair Debt Collection Practices Act as a Major Focus for Industry in 2019
In February 2019, Alston & Bird Partner Nanci Weissgold and Senior Associate Anoush Garakani, wrote an article published in “Mortgage Compliance Magazine,” in anticipation of the Consumer Financial Protection Bureau’s (“CFPB”) recent Proposed Rule implementing the FDCPA. The article brings to the attention of the mortgage servicing industry the complex issues faced when applying the […]