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By Shannon Raye Martinez, Attorney in the Creditor’s Rights & Bankruptcy and Litigation Practice Groups On May 6, 2020, the Consumer Financial Protection Bureau (CFPB) published a policy statement answering three questions relating to the Paycheck Protection Program (PPP). The policy statement clarifies when a creditor is required to provide notice to the loan applicant …
By Litigation Practice Group It has been a busy day in Washington, D.C. Among the many goings-on in the nation’s capital, the U.S. House of Representatives passed the Financial CHOICE Act (“CHOICE Act”) by a 233–186 vote. The CHOICE Act amends and/or eliminates many provisions of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection …
By Employment Law & Litigation Practice Group On April 20, 2017, Richard Cordray, the director of the Consumer Financial Protection Bureau (“CFPB”), announced that the CFPB was filing suit against the mortgage servicer Ocwen Financial Corporation (“Ocwen”). Citing statements by Ocwen’s own officials and employees, the complaint alleges that Ocwen has engaged in illegal servicing …
[vc_row][vc_column][vc_column_text]By: Erich Paetsch Saalfeld Griggs Litigation, Creditors’ Rights & Bankruptcy Practice Groups Oregon Business Lawyers In an important decision, the U.S. Court of Appeals for the D.C. Circuit ruled that Congress fundamentally failed to adhere to Article II of the United States Constitution when it created the Consumer Financial Protection Bureau (“CFPB”). PHH Corporation, Et. …
[vc_row type=”in_container” full_screen_row_position=”middle” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ width=”1/1″ tablet_text_alignment=”default” phone_text_alignment=”default”][vc_column_text] By: Litigation and Creditors’ Rights & Bankruptcy Practice Groups Citing the widespread concern that many mortgage servicers lack adequate computer systems which prevent them from following CFPB mortgage servicing regulations (the majority of which became effective in January, 2014), the CFPB has issued …
Saalfeld Griggs Litigation, Creditors’ Rights & Bankruptcy Practice Groups Oregon Business Lawyers Today the Consumer Financial Protection Bureau (“CFPB”) proposed rules targeting the pay-day, auto title and deposit advance products in the lending industry. Under the proposed rule, lenders would be required to ensure a consumer has the ability-to-repay (“ATR”) the loan prior to …
Consumer Financial Protection Bureau’s Newly Proposed Regulations Would Pave the Way for More Consumer Class Action Lawsuits: Rule Would Mandate that all Mandatory Arbitration Provisions Carve Out the Consumer’s Right to Participate in a Class Action Lawsuit in Consumer Financial Contracts with Most Financial Institutions May 6, 2016 By: Creditor’s Rights & Bankruptcy Practice Group …
Proposed CFPB Rule Changes: Clarifications, Additional Requirements, and where Small Loan Servicers Fit The Consumer Finance Protection Bureau (“the Bureau”) has proposed new regulations to clarify a number of issues that the Bureau felt remain unresolved under existing rules. The new rules are voluminous and address loss mitigation, small servicer definitions, and service transfer deadlines. You …