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Dodd-Frank Act

CFPB Issues Warning to Mortgage Servicing Industry

April 5, 2021 By Nanci Weissgold and Anoush Garakani

A&B ABstract: On April 1, 2021, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a Compliance Bulletin and Policy Guidance (the “Bulletin”) on the Bureau’s supervision and enforcement priorities with regard to housing insecurity in light of heightened risks to consumers needing loss mitigation assistance once COVID-19 foreclosure moratoriums and forbearances end.  The Bulletin […]

Filed Under: Consumer Financial Protection Bureau (CFPB), COVID-19, Dodd-Frank Act, Equal Credit Opportunity Act (ECOA), Forbearance, Mortgage Loans, Mortgage Servicing, Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #CFPB, #COVID=19, CARES Act, Forbearance, Foreclosure, Mortgage Servicing, Servicing, UDAAP

CFPB Brings Action Against Connecticut Mortgage Lender

January 25, 2021 By Kelley Barnaby

The number of enforcement actions by the Consumer Financial Protection Bureau (CFPB) more than doubled from 2019 to 2020. The CFPB made clear that cracking down on deceptive and unfair acts and practices under the Consumer Financial Protection Act of 2010 (CFPA) remains a core focus, with 11 of the 15 complaints it filed last […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Dodd-Frank Act, Mortgage Loans, Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #CFPA

CFPB Retires the “QM Patch” and Revises QM Rules

December 28, 2020 By Stephen Ornstein

A&B ABstract: In a significant final rulemaking with potentially far-reaching consequences for the residential mortgage markets, the Consumer Financial Protection Bureau (“CFPB”) is terminating the “QM Patch” and significantly revising the criteria for what constitutes a qualified mortgage (“QM”) loan. Notably, in this rule, issued on December 10, 2020, the CFPB replaces the dreaded Appendix […]

Filed Under: Ability to Repay/Qualified Mortgage, Consumer Financial Protection Bureau (CFPB), Dodd-Frank Act, Mortgage Loans Tagged With: #AbilitytoRepay, #QMPatch, #QualifiedMortgage

CFPB Institutes Redlining Action Against Non-Bank Mortgage Lender

August 10, 2020 By Consumer Finance Team

A&B ABstract: Recently, the Consumer Financial Protection Bureau (“CFPB”) brought its first ever redlining case against a non-depository institution. While the CFPB has yet to issue guidance regarding how it would evaluate a non-bank lender’s activities for potential redlining, the CFPB’s allegations in this case provide some insight to mortgage lenders regarding compliance expectations. Discussion […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Dodd-Frank Act, Equal Credit Opportunity Act (ECOA), Mortgage Loans Tagged With: #redlining, #Townstone

CFPB Issues Policy Statement on Dodd-Frank “Abusiveness” Standard, But Important Uncertainties Remain

February 21, 2020 By Kelley Barnaby, Nanci Weissgold and Ross Speier

A&B ABstract: The Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) issued a Policy Statement to provide a framework for how it intends to apply the Dodd-Frank Act’s “abusiveness” standard going forward in its supervision and enforcement activities. While this framework attempts to provide clarity where the Dodd-Frank Act left uncertain what acts and practices […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Dodd-Frank Act, Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #CFPB, abusive, UDAAP

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