One of the Consumer Financial Protection Bureau’s more expansive powers is to police unfair, deceptive, or abusive acts and practices (UDAAP). The CFPB’s acting director plans to curb that authority significantly. Continue Reading Mulvaney Signals Relaxed UDAAP Enforcement
CFPB
Judicial Debate Over Mortgage-Servicing Lawsuits Continues
By Derek Diaz on
Courts disagree about whether the Real Estate Settlement Procedures Act (RESPA) allows consumers to sue mortgage servicers for violating required error-resolution procedures. If a recent legal decision is any indication, that debate won’t end any time soon. Continue Reading Judicial Debate Over Mortgage-Servicing Lawsuits Continues
Borders Law Firm Ruling Takes Unexpected Turn
By Derek Diaz on
For the past five years, the Consumer Financial Protection Bureau has accused a Kentucky law firm, Borders & Borders, of paying illegal kickbacks. Last week, the judge presiding over the lawsuit threw out the CFPB’s case—for a second time—on grounds different than before. The ruling could be a boon for affiliated business arrangements. Continue Reading Borders Law Firm Ruling Takes Unexpected Turn
Jubilation Over PHH Ruling May Be Short-Lived
By Derek Diaz on
Members of the real estate industry have been celebrating the most recent federal-court ruling involving PHH Corporation. That decision seems to expand a RESPA safe harbor for services actually performed. But that ruling, while appearing to favor the industry, could cause as many problems as it solves. Continue Reading Jubilation Over PHH Ruling May Be Short-Lived
Golden Era of CFPB Permissiveness Has Arrived
By Derek Diaz on
Last week, the Consumer Financial Protection Bureau (CFPB) released its four-year strategic plan. Based on what that document says, members of the real estate industry can breathe easy about the regulatory environment—for now. Continue Reading Golden Era of CFPB Permissiveness Has Arrived
PHH Saga Will Not Reach U.S. Supreme Court
By Derek Diaz on
This past week, the real estate industry was rocked again by the latest development in the epic court battle between PHH Corporation and the Consumer Financial Protection Bureau. Many observers predict that the U.S. Supreme Court will weigh in on the matter. When I consulted my Magic Eight Ball about that, it responded, “Very Doubtful.” Continue Reading PHH Saga Will Not Reach U.S. Supreme Court
CFPB Director Charts Kinder, Gentler Path
By Derek Diaz on
Last week, Mick Mulvaney, the acting director of Consumer Financial Protection Bureau, emailed his staff and explained his vision for the agency. His plan amounts to this: we’ll vigorously penalize those who cross a bright red line of legality—but leave everyone else alone. Continue Reading CFPB Director Charts Kinder, Gentler Path
CPFB Seeks Public Guidance, Likely to Get Earful
By Derek Diaz on
Posted in CFPB
This past week, the Consumer Financial Protection Bureau announced that it will ask for public input on its operations, on everything from enforcement, supervision, rulemaking, market monitoring, and education activities. It’s not hard to guess which topics are likely to generate the most comments. Continue Reading CPFB Seeks Public Guidance, Likely to Get Earful
Zillow Plays Long Game Against CFPB
By Derek Diaz on
Internet giant Zillow.com revealed in an earnings call last week that the company has yet to resolve its on-going dispute with the Consumer Financial Protection Bureau about its co-marketing program. The slow pace of negotiations suggests that Zillow believes the CFPB lacks the means to credibly threaten the company. Continue Reading Zillow Plays Long Game Against CFPB
CFPB Continues Its War Against RESPA Safe-Harbors
By Derek Diaz on
Many real estate businesses accused of violating the Real Estate Settlement Procedures Act have invoked the statute’s exemptions for “services actually performed.” But the Consumer Financial Protection Bureau has long rejected those efforts, reading the exemptions as narrowly as possible. The bureau’s hardballing continued last week, when it penalized an Indiana title company for its shared ownership interests with an affiliated title insurer. Continue Reading CFPB Continues Its War Against RESPA Safe-Harbors