New APOR calculations; regulators help with LIBOR transition; CFPB puts credit reporting agencies on alert; data breach involving former CFPB employee; lender settles with Arizona AG.
In a special edition supervisory highlights report, the CFPB revealed old and new ways in which mortgage servicers are attempting to collect unlawful fees from borrowers.
Appellate courts are rejecting older interpretations of the Fair Credit Reporting Act and Fair Debt Collection Practices Act, while the CFPB is pushing its own readings of them through guidance.
Across the 47 state assemblies in session, there are about 500 pieces of legislation under consideration that would directly impact mortgage servicers.
The Appraisal Foundation plans to revise ethics rule draft; CashCall faces $169 million in restitution and fines; companies not reporting credit card payment data; public benefits programs subject to fees; CFPB, FTC seek input on tenant background checks; DOJ redlining settlement.
The New York Foreclosure Abuse Prevention Act reverses a court ruling that said the voluntary discontinuance of a foreclosure revoked the acceleration of a mortgage loan and its six-year statute of limitations.
The bureau and the New York Office of the Attorney General are suing Michigan-based auto lender Credit Acceptance Corp. over violations of federal and state consumer protection laws.
The CFPB wants to track agency and court orders against nonbanks across all levels of government. One attorney said such a registry would add a substantial compliance burden, especially for smaller companies, and demonstrates a cynical view of financial institutions.
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