Emily Rottmann

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The Department of the Treasury recently cited the CFPB’s “unaccountable structure and unduly broad regulatory powers,” in suggesting reforms to address the CFPB’s “regulatory abuses and excesses.” The Department’s recommendations were made as a part of its report, A Financial System that Creates Economic Opportunities: Bank and Credit Unions, issued in response to President Trump’s Executive Order 13772 on Core Principles for Regulating the United States Financial System. The report covers a number of…
On June 25, 2015, the Consumer Financial Protection Bureau’s (CFPB’s) Consumer Complaint Database went live to provide the general public with enhanced access to consumer complaints. Since March 2015, complainants have been able to elect to openly air their grievances by publicizing searchable, narrative descriptions of their complaints in the CFPB database. According to the CFPB, more than half of the consumers lodging complaints have elected to publicize their complaints. Included in the new database…
Last week, the CFPB announced an enforcement action against RMK Financial Corporation d/b/a Majestic Home Loans (RMK) related to deceptive mortgage advertising practices. This enforcement action is the most recent in a series of enforcement actions and administrative proceedings concerning the 2011 Mortgage Acts and Practices Rule (Regulation N), 12 C.F.R. § 1014, governing misrepresentations in mortgage advertising. Regulation N, effective as of December 30, 2011, generally forbids “any person to make any material…