Like it said it would do, the Consumer Financial Protection Bureau last week issued a final rule that would ban contractual arbitration clauses that prohibit class actions. The rule, if it becomes law, would affect most consumer financial contracts, including some in the real estate industry. Continue Reading CFPB Arbitration Rule Selectively Targets Real Estate Professionals

The Consumer Financial Protection Bureau not only brings enforcement actions against companies it believes broke the law. It also supervises and examines the business operations of entities that are not suspected of illegal activity. If your operation gets hit with a CFPB exam, there is one thing you must do to prepare: review the bureau’s Supervision and Examination Manual. Continue Reading Ace Your CFPB Examination With This Handy Study Guide

shoulderWhat sports team would decline the chance to peek at their opponent’s playbook? Very few, I imagine. Yet anyone being investigated by the Consumer Financial Protection Bureau now has that opportunity—by studying the bureau’s policies and procedures manual, recently made public through a Freedom of Information Act request. Continue Reading CFPB Forced to Divulge Internal Enforcement Guidelines

computercrashYesterday, the Florida Attorney General and the Consumer Financial Protection Bureau hit Ocwen Financial Corporation with twin lawsuits for the company’s allegedly improper mortgage-servicing practices. Regulators from nearly two dozen states are either issuing cease-and-desist orders against Ocwen or yanking its licensing. At the heart of the company’s problems lies a vexing issue: its software platform, which it developed itself, is supposedly junk. Continue Reading Faulty Software Lands Mortgage Servicer in Regulatory Nightmare

payingmoneyOne of the popular buzzwords these days is disruption. For example, Zillow came along and, through the aggressive marketing of leads, disrupted the ways in which many mortgages were originated. According to some reports, the Consumer Financial Protection Bureau is now disrupting Zillow’s tactics. Lead purchasers can protect themselves in several ways. Continue Reading Federal Regulators Reported to Have Started Crackdown on Zillow Leads