The CFPB Released its March 2017 Complaint Report
According to the Monthly Complaint Report (Vol. 22) as of April 1, 2017, the CFPB has handled about 1,163,200 complaints, including approximately 28,300 complaints in... Read More
Federal Regulatory Developments
The FTC Reminds Instagrammers that Endorsements Must be Clearly and Conspicuously Disclosed
The Federal Trade Commission (FTC) issued 90 letters on April 19, 2017, reminding celebrities, athletes, and other influencers (collectively, “Influencers”) that they must clearly and... Read More
Florida Developer Forfeits $2M to Feds for Role in Housing Fraud Scheme
On April 14, 2017, a Florida federal judge ordered the former CEO of a Miami-based real estate group (the “Defendant”) to forfeit $2 million in... Read More
CFPB Proposes Changes to HMDA
On April 13, 2017, the CFPB issued proposed amendments to Regulation C, the regulation that implements the Home Mortgage Disclosure Act (HMDA), to make technical... Read More
HUD Internal Audit Reveals Pervasive Material Errors
Recently, the U.S. Department of Housing and Urban Development’s (“HUD”) Office of Inspector General (“OIG”) released an audit of HUD’s fiscal years 2016 and 2015... Read More
VA Reviews Regulations Governing Allowable Expenses
The Department of Veterans Affairs (VA) Loan Guaranty Service has initiated an advanced notice of proposed rulemaking soliciting comments on how VA should approach a... Read More
VA Provides Instructions for Completion of VA Form 26-8923, Interest Rate Reduction Refinance Loan Worksheet
In their Circular 26-17-12 dated April 12, 2017, the Department of Veterans Affairs (VA) clarified the requirements regarding completing VA Form 26-8923, Interest Rate Reduction... Read More
Assessment of the CFPB’s Remittance Transfer Rule
The CFPB announced that it is conducting an assessment of certain regulations related to consumer remittance transfers under the Electronic Fund Transfer Act in order... Read More
CFPB Proposes Greater Flexibility in Collection of Consumer Demographic Information Under Regulation B
On March 24, 2017, the CFPB issued proposed amendments to the Equal Credit Opportunity Act’s implementing regulation, Regulation B, to facilitate compliance with revisions to... Read More
The CFPB Released its February 2017 Complaint Report, which is the Twenty First in the Series
According to the Monthly Complaint Report (Vol. 21) as of March 1, 2017, the CFPB has handled about 1,136,000 complaints, including approximately 26,300 complaints in... Read More
CFPB Issues Consent Order and $3 Million Penalty Against Consumer Reporting Company for Misleading Marketing Practices
In a recent Consent Order issued by the CFPB, one of the nation’s three credit reporting companies was ordered to pay $3 million in civil... Read More
CFPB Enters into Consent Order with National Mortgage Lender
On March 15, 2017, the CFPB entered into a consent order requiring a nationwide mortgage lender to pay a $1.75 million penalty for alleged substantial... Read More
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