stay informed with the latest news and analysis from across the financial services industry.
Today, the CFPB announced that it has issued its final rule on arbitration. The Bureau also released a short video explaining the arbitration rule. The much-anticipated rule targets providers of certain consumer financial products [...]
Last June, the CFPB held a field hearing in Kansas City, Missouri to announce the release of the consumer watchdog agency’s highly anticipated proposed rule covering payday and auto title loans, and certain high-cost [...]
QUESTION: Should lenders require the customer to provide verbal authorization for one-time debit card payments over the phone? Should lenders retain recordings of such authorizations? ANSWER: Regulation E does not [...]
Today, the CFPB officially released the finalized updates to its “Know Before You Owe” mortgage disclosure rule, also known as the TILA-RESPA Integrated Disclosure Rule (TRID). According to the Bureau’s press release, the new [...]
There have been recent rumors that the CFPB will issue its final arbitration rule by the end of July. According to Ballard Spahr attorney Alan Kaplinsky, “that rumor appears to be gaining traction, with [...]
On July 3, 2017, the Department of Justice (DOJ) announced that Prospect Mortgage will pay approximately $4,157,000 to settle allegations the company committed civil mortgage fraud by underwriting mortgages that did not comply with Federal [...]