In a recent Financial Services & Products Advisory, Partners Nanci Weissgold and Anoush Garakani evaluate the CFPB’s recent “junk fees” initiative and its potential effect on mortgage servicing fee structures. The advisory can be accessed here.
Consumer Financial Protection Bureau (CFPB)
CFPB Issues Bulletin About Auto Repossession, Congressional Republicans Respond
A&B Abstract: The Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) recently released a Bulletin addressing the repossession of vehicles and alerting market participants to what it views as those market participants’ legal obligations under federal law governing unfair, deceptive, or abusive acts or practices (“UDAAP”). That same day, the CFPB also published an inflammatory […]
CFPB’s SBREFA Outline on Automated Valuation Models Rekindles Debate over Disparate Impact Liability under the ECOA
Section 1473(q) of the Dodd-Frank Act (now codified at 12 U.S.C. § 3354(q)) amended the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (“FIRREA”) to instruct the CFPB, Fed, OCC, FDIC, NCUA, and FHFA (collectively, the “agencies”) to jointly develop regulations for quality control standards for automated valuation models (“AVMs”), defined as “any computerized […]
Update regarding the BrightSpeed payment processor case
On January 18, after approximately fourteen months of settlement negotiations, the CFPB announced that it secured a settlement agreement with BrightSpeed Solutions, Inc., a third-party payment processor that had ceased operations nearly three years ago. As we reported in greater detail in a prior post, the CFPB asserted jurisdiction to bring its complaint against BrightSpeed […]
Update Regarding the CFPB’s Buy Now, Pay Later Orders
In a prior post, we reported that the language used in orders recently issued by the CFPB to leading Buy Now, Pay Later (“BNPL”) providers suggested that the CFPB intends to use the information it collects to build enforcement cases rather than monitor market developments. We also reported that if this is the case, it […]