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Tag Archives: CFPB

Ocwen Responds to Suit from CFPB, 21 States

CFPB and 21 state's litigation against Ocwen created ripples through the industry . In a statement, Ocwen repsonded to the litigations. Accordiong to Ocwen, the suit's allegations are "inaccurate and unfounded."

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Report: “CFPB Offers Much-Needed Protection”

A new report by Trulia says the Consumer Financial Protection Bureau has proven a powerful ally to borrowers across the economic spectrum. It’s also proven a valuable resource for military service members and older Americans. And taking it away could be more trouble than its worth.

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Weltman, Weinberg & Reis Defends Against CFPB Allegation

The Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Weltman, Weinberg & Reis, a debt collection law firm, claiming the firm falsely represented in millions of collection letters that attorneys were involved in collecting the debt. Weltman, Weinberg & Reis responded to the allegations, and states that it has cooperated fully with the CFPB.

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CFPB Offers Clarification to Proposed Data Collection Update

In fall of 2015, the CFPB introduced new data reporting requirements which are set to take effect next year under the 1974 Home Mortgage Disclosure Act (HMDA), updating existing rules which will make lenders provide information on property value, the terms of the loan, the term of prepayment penalties and the duration of teaser or introductory interest rates. However, the increased amount of data which the CFPB requires lenders to report has led increased complications.

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Hensarling Discusses How to Bring Accountability to the CFPB

“The most powerful and least accountable Washington bureaucracy in history” is what Financial Services Committee Chairman Jeb Hensarling called the Consumer Financial Protection Bureau in a blog post on Tuesday. In the post, Hensarling acknowledges the bureau’s important mission, but notes the shortcomings that it has faced.

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DOJ Requests Argument Time in CFPB Case

The D.C. Circuit court allows for 30 minutes per side for oral argument. In its request for argument time, the DOJ stated that because “our position in this case does not fully align with either party,” it is requesting that “instead of sharing time with either party, we receive a total of ten minutes for the United States.”

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Industry Leaders Meet in D.C.

This week, top figures from the mortgage servicing industry and the government met in Washington, D.C., at the National Mortgage Servicers Association member meeting and the Five Star Government Forum. As part of their mission to advance growth in the industry, The NMSA met with Consumer Financial Protection Bureau Director Richard Cordray.

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Director Cordray Testifies Before the Financial Services Committee

Cordray defended the role of the CFPB in his prepared remarks, given the current debate surrounding the Bureau. In his opening statement, Financial Services Committee Charmin Jeb Hensarling (R-Texas) expressed surprise at Cordray’s appearance at the hearing, citing the president’s ability to remove the Director at will and reports that Cordray was to pursue an Ohio gubernatorial bid.

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Cordray Stands Up for CFPB in House Hearing

CFPB Director Richard Cordray will go before the Housing Financial Services Committee to address the Bureau’s two most recent semiannual reports. In his prepared remarks, Cordray is prepared to discuss credit reporting, financial incentives, and debt collection, among other things. He will also defend the CFPB’s purpose amidst the political debate currently encircling it.

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CFPB Defends Its Own Constitutionality

On Friday, the Consumer Financial Protection Bureau filed a brief defending the constitutionality of its single director structure, which has been called into question several times through the course of its ongoing case against PHH Corp. The brief, filed in advance of oral arguments, stated that the CFPB’s leadership model was not a violation of the Constitution’s separation of powers clause.

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