Tag Archives: CFPB

Duffy said in Wednesday's editorial at the time Dodd-Frank was passed in July 2010, President Obama promised it would "lift the economy," stabilize markets, protect Americans' hard-earned money, and end "too big to fail" to ensure that the failure of any one financial institution would threaten the stability of the global economy.

Counsel's Corner is an ongoing series in which DS News talks with default servicing attorneys around the country about the most pressing issues facing the default servicing industry. This installment features Angela Kleine, a partner in the San Francisco office of Morrison Foerster.

As of August 1, 2015, the Bureau has handled 677,200 consumer complaints across all products in slightly more than four years of operation, according to the snapshot.

The controversial Dodd-Frank Wall Street Reform and Consumer Protection Act just passed its five-year anniversary on July 21, and lawmakers and other stakeholders have never been more divided as to its effectiveness (or lack thereof) as they have been recently, according to CoreLogic's August 2015 MarketPulse released this week.

The Federal Reserve's Office of the Inspector General (Fed OIG) recently updated its work plan to include a security audit of the data being collected on consumers by the Consumer Financial Protection Bureau (CFPB).

The Consumer Financial Protection Bureau (CFPB) gave the mortgage industry quite the surprise on June 24 of this year. Editor's note: This select print feature appeared in the August 2015 issue of DS News.

U.S. Senators Mike Rounds (R-South Dakota) and Angus King (I-Maine) have introduced a bill that would give community banks, small businesses, and credit unions a say in the Consumer Financial Protection Bureau (CFPB)'s rulemaking process.

Almost immediately, PHH and its lawyers, Los Angeles-based Gibson Dunn & Crutcher, petitioned the District of Columbia U.S. Circuit Court of Appeals to “modify or set aside civil investigative demand” while the company made its case against what it called an abuse of power by the CFPB

According to the CFPB, eClosings were chosen as a solution to address some of these pain points. Electronic mortgage closings rely on technology for borrowers to view and sign closing documents.

CFPB said the company put consumers in "loan modification purgatory," confusing them about the status of their loan mods and making it difficult to take appropriate action.