Michael Bright, CEO of the Structured Finance Association, predicted that the CFPB will soon bring another lawsuit involving ABS following a tepid reaction from the securitization market to a lawsuit by the bureau against a student loan ABS.

Additional litigation involving ABS could come from the bureau, according to Structured Finance Association CEO Michael Bright.

UBS is seeking at least $200 million from the bank for failing to pay legal fees for two lawsuits dating back to 2010.

The trade group said now is the wrong time to increase NMLS fees. It also criticized the proposal for the lack of justification for the changes.

Some 4,998 mortgage-related complaints were received by the bureau in the second quarter, an 11.5% decline from the prior period.

Servicing issues remained the top type of mortgage-related complaint received by the CFPB. The only mortgage category to see an increase in complaints was loan applications. (Includes two data tables.)

While updates to Regulation X are needed, many of the bureau’s proposed changes will create limitations or additional challenges for mortgage servicers, according to industry experts.

The regulators clarified that the final document is intended to be limited to “real estate-related financial transactions that are secured by a single 1-to-4 family residential property.”

A recent Supreme Court ruling that in-house adjudications seeking civil penalties entitle the defendant to a jury trial will have an impact on how the CFPB uses administrative proceedings.

The Office of the Comptroller of the Currency is reviewing its 2020 interpretation of preemption under the Dodd-Frank Act to see if any updates are needed, according to Acting Comptroller Michael Hsu.