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Don’t know about you, but we’ve been dreaming about wrapping ourselves in a big cabled sweater, drinking a pumpkin-spiced beverage and cozying up to the Fall 2015 issue of Supervisory Highlights. Usually haiku is how we roll, but haiku really evokes spring, and in honor of everyone’s favorite season of decay, we’ve decided to give limericks a try this time. Let’s get started! There once was a bank from Nantucket . . .…
A federal judge has rejected the CFPB’s argument that the CFPA should incorporate a lower standard for “recklessness” than that to secondary liability under the Securities and Exchange Act of 1934 (“SEC Act”). On September 1, 2015, in one of the first decisions substantively interpreting standards for aiding and abetting under the CFPA, Consumer Financial Protection Bureau v. Universal Debt & Payment Solutions, LLC, No. 15 CV 00859 (N.D. Ga. Sept. 1, 2015), Judge…
Are servicemembers more financially vulnerable than the civilians they protect? Recent enforcement actions suggest that, in the CFPB’s view, they are. While the Servicemembers Civil Relief Act (SCRA) provides more financial protections to servicemembers than civilian consumers have, the Bureau has also begun to use the CFPA to assert “abusive” claims in cases involving alleged acts or practices affecting servicemembers. The “abusive” prong of the CFPA’s UDAAP provision provides that the Bureau can declare an act…
A few times a year, CFPB Supervision publishes Supervisory Highlights, which provides general information about examination findings without identifying specific institutions. We know you readers are busy—and literary!—so below we present key takeaways from Supervision’s Fall 2014 report in one of our favorite poetic forms:  haiku. student lenders must allocate payments fairly not to increase fees Supervision included a number of observations related to student loan servicing in this issue of Supervisory Highlights. Most were…
American Conference Institute’s 3rd Annual Bank and Non-Bank Forum on Mortgage Servicing Compliance that takes place on November 20-21, 2014 will help industry participants meet the challenges of the newly proposed set of rules from the Consumer Financial Protection Bureau (CFPB) for mortgage servicers. Partner Donald Lampe will be speaking on a panel titled “Mortgage Servicing Transfers: Meeting the Operational Demands Associated with Increased Regulations and Scrutiny by the CFPB and Other Agencies.” Some of…
MoFo ReEnforcement is happy to introduce a free app for the mobile payment industry, MoFoMobl$ (or MobileMoney). Developed by Morrison & Foerster, MoFoMobl$, provides users with an overview of key regulatory issues and considerations, access to timely alerts and articles, and a weekly news digest on market developments. To download the free app for iOS, click here. For more information, click here.…
Well, here we go . . . Given that this is our inaugural post, we think an introduction of sorts should be our first order of business.  So what, exactly, are we going to be posting here? We hope to provide our readers with insightful reports on important enforcement and regulatory happenings that impact financial services companies. We will cover regulatory and enforcement actions by federal and state regulators, and also provide access to our…