On December 30, 2022, New York Governor Kathy Hochul signed into law the Foreclosure Abuse Prevention Act (FAPA) after the bill’s passage by both the New York state senate and the assembly. FAPA is a direct response to a New
Latest from Consumer Finance Legal Report
CFPB Files Petition for Writ of Certiorari Seeking Expedited Review of Fifth Circuit Decision Finding Funding Structure Unconstitutional
The Consumer Financial Protection Bureau has survived many constitutional challenges since it was created by the Consumer Financial Protection Act, 12 U.S.C. §§ 5481, et seq. (the “Act”), in 2011.[1] But on October 19, 2022, the CFPB suffered
CFPB’s May 2022 Mortgage Servicers Metrics Report
On May 16, 2022, the Consumer Financial Protection Bureau (CFPB) published its second metrics report as part of its ongoing supervisory monitoring of mortgage servicers’ COVID-19 pandemic response. The data collected is part of the Bureau’s metrics requests to sixteen
The CFPB Expands Its Oversight of Nonbank Entities
With the rapid rise of nonbank financial product and service companies in an everchanging marketplace, there is growing concern that nonbanks will evade federal oversight. To keep pace with these changes, the Consumer Financial Protection Bureau (CFPB) announced that it
Copper Creek Confirms That Bankruptcy Discharges Have No Effect on the Statute of Limitations in Washington State
As we previously noted, the statute of limitations on actions to enforce a note or deed of trust can be a brutally effective sword for borrowers in Washington State. Under the six-year limitations period of RCW 7.28.300, a borrower
CFPB Announces Expanded Anti-Discrimination Efforts Through UDAAP
Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra warned consumer finance companies that he will be expanding the bureau’s anti-discrimination efforts “to combat discriminatory practices across the board in consumer finance.”
Under the Dodd-Frank Act, it is unlawful for providers
Consumer Financial Protection Bureau Issues 25th Supervisory Highlights
On December 8th, the Consumer Financial Protection Bureau (CFPB) issued the 25th edition of its Supervisory Highlights report, which covers examinations completed in the first half of 2021. The CFPB reported on violations that occurred in the areas of credit
Consumer Protection Regulator Signals Increased Scrutiny of Payments Systems and Tech Companies
Through a series of recent public comments, top leadership from the Consumer Financial Protection Board (CFPB) is warning that the agency is poised to play an increasingly affirmative role in the oversight of new payments systems, including the technologies and
Recent Developments in Telephone Consumer Protection Act Litigation
Litigation of the Telephone Consumer Protection Act (TCPA) is an active area with frequent developments important to the consumer finance space. Two recent cases are worthy to note. In Loyhayem v. Fraser Fin. & Ins. Servs., Inc., 7 F.4th 1232
The U.S. Supreme Court Partially Enjoins Enforcement of New York’s Eviction Moratorium
Eviction moratoria are increasingly challenged in the courts. On August 12th, the U.S. Supreme Court issued an order partially enjoining enforcement of New York’s COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (CEEFPA). The Court’s order stressed that it