Consumer Finance Law Ledgerhttps://consumerfinance.foxrothschild.com/
Consumer Finance Law Ledger reports on the latest developments in the ever-changing consumer financial services industry. It is maintained by the attorneys of Fox Rothschild’s Financial Services Industry Practice, who have extensive experience representing major national banks, mortgage lenders and other consumer finance industry clients. This blog covers the latest trends, important legal cases and enforcement actions affecting consumer lending, collections, foreclosure, loan servicing and origination, bankruptcy and other areas of the business.
That includes closely monitoring developments at the Consumer Financial Protection Bureau, which dramatically altered the regulatory landscape for financial institutions when it was created in 2011 under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Recent Blog Posts
- 3 Takeaways from the CFPB’s Report on Strategies for Promoting Diversity and Inclusion in the Mortgage Industry On April 27, 2017, the CFPB issued a report on strategies for promoting diversity and inclusion in the mortgage industry. The report identifies what many people are already aware of, a company that promotes and encourages a culture of diversity and inclusion is not only a much better environment for its employees, it also makes an organization more profitable. Copyright: luckybusiness / 123RF Stock Photo Reading between the lines, many of the recent enforcement actions brought by the CFPB have focused on... More
- So Who Really Is A ‘Debt Collector’ Under the FDCPA? Copyright: Blakeley / 123RF Stock Photo In an Alert published on June 13, Joshua Horn examines the U.S. Supreme Court’s decision in Henson, et al. v. Santander Consumer USA, Inc.: When the Fair Debt Collection Practices Act became law in 1977, it promised to regulate the conduct of anyone who “regularly collects or attempts to collect … debts owed or due … another.” But the courts have divided over an important question about the scope of the law. The split among the federal circuit courts... More
- Better Late Than Never: Supreme Court Rules Creditor’s Time-Barred Proof Of Claim Comports With The FDCPA In the Midland Funding, LLC v. Johnson opinion, released by the United States Supreme Court (the “Court”) on May 15, 2017, the Court ruled that a creditor’s filing of an obviously time-barred proof of claim is not a false, deceptive, misleading, unfair, or unconscionable debt collection practice under the Fair Debt Collect Practices Act, 15 U.S.C. §§1692 et seq. (the “Act”). The Johnson decision settles a disagreement among the Courts of Appeals regarding the propriety of the practice under the... More
- The CFPB and Small Business While the CFPB is generally thought of as a consumer protection agency, the CFPB also has authority to protect small business owners as well. Specifically, Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act amends the Equal Credit Opportunity Act (“ECOA”) to require financial institutions to compile, maintain, and report information concerning credit applications made by women-owned, minority owned and small businesses. Copyright: olegdudko / 123RF Stock Photo The Request for Information will be used to help the CFPB... More
- RESPA and Regulation X Qualified Written Requests: Sending Acknowledgment of Receipt Directly to Borrower The United States District Court for the Southern District of Florida recently addressed an issue that may arise when a lender or servicer must acknowledge receipt of a written request for information. In Shelisa Todd v. Ocwen Loan Servicing, LLC, U.S.D.C. S.D. Fla. Case No. 17-cv-60454-BLOOM/Valle, U.S District Court Judge Beth Bloom dismissed a borrower’s claim with prejudice, finding that an acknowledgement letter that was sent directly to the borrower will bar a claim that the lender or servicer failed to... More