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So far Think Compliance has created 184 blog entries.

CFPB issues implementation guidance for mortgage servicing rules

On June 27, 2017, the CFPB released two documents relating to the 2016 amendments to the 2013 mortgage rules under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z), collectively known as the 2016 Mortgage Servicing Final Rule. The first document contained technical, non-substantive corrections to the [...]

By | 2017-06-28T17:52:42+00:00 June 28th, 2017|0 Comments

CFPB fines four California credit repair companies for misleading consumers

Today, the CFPB issued a press release announcing that it filed two complaints and a proposed final judgment in federal court against Prime Credit, LLC, IMC Capital, LLC, Commercial Credit Consultants, and Park View Law. According to the Bureau, the four California-based credit-repair companies misled consumers and charged illegal upfront fees for so-called credit [...]

By | 2017-06-27T21:54:41+00:00 June 27th, 2017|0 Comments

Trade associations want bipartisan commission to run CFPB

On June 22, 2017, over 20 trade associations signed a joint letter to the Chairmen and Ranking members of the Senate and House Appropriations Committees urging Congress to pursue legislation that would allow a bipartisan commission to lead the CFPB. In their letter, the associations write that “a Senate confirmed, bipartisan commission leading the [...]

By | 2017-06-27T00:08:34+00:00 June 26th, 2017|0 Comments

The case for overhauling the CFPB

Earlier this month, the Treasury Department issued a report with recommendations designed to ease regulations imposed on the financial services industry by restructuring major provisions of the Dodd-Frank Act, which was passed in 2010 in response to the financial crisis. The report came less than a week after the House passed the Financial CHOICE [...]

By | 2017-06-26T23:18:42+00:00 June 26th, 2017|0 Comments

Mortgage relief law firm to pay CFPB $39 million in settlement

On Wednesday, a Wisconsin federal judge approved a $39 million judgment against a now-defunct mortgage assistance relief law firm. The settlement resolves CFPB claims that The Mortgage Law Group LLP took advantage of struggling homeowners by tricking them into pay significant fee for loan modification assistance and other services that they never received. The [...]

By | 2017-06-24T15:40:46+00:00 June 23rd, 2017|0 Comments

TransUnion to pay $60M for FCRA violations

A California federal jury found Tuesday that TransUnion, one of the nation’s three largest credit reporting agencies, violated the Fair Credit Reporting Act (FCRA) when it incorrectly conflated a class of consumers with similarly named terrorists and criminals from a government watch list. The jury awarded statutory and punitive damages exceeding $60 million, the [...]

By | 2017-06-21T22:09:57+00:00 June 21st, 2017|0 Comments

Next steps for CFPB’s debt collection rule

Last week, CFPB Director Richard Cordray announced that the CFPB had decided to drop a requirement that third-party debt collectors would be responsible for ensuring the accuracy of the consumer debt that they purchase or attempt to collect. Last week we wrote about Evan Weinberger’s theory in Law3670 that the decision may have been [...]

By | 2017-06-26T22:13:19+00:00 June 19th, 2017|0 Comments

Cordray responds to accusations that CFPB botched Wells Fargo investigation

On June 6, 2017, the House Financial Services Committee issued a report criticizing CFPB Director Richard Cordray for the Bureau’s handling of the Wells Fargo fake account scandal. Republican Committee members allege in the report that Cordray lied about the Bureau’s involvement in the investigation during April testimony before Congress and that the CFPB [...]

By | 2017-06-16T20:03:29+00:00 June 16th, 2017|0 Comments