CFPB Enforcement of FDCPA Against First Party Collectors: What You Need to Know

By James J. Todd, Attorney The Consumer Financial Protection Bureau (CFPB) arose out of the national foreclosure crisis in July 2010 by way of the Dodd–Frank Wall Street Reform and Consumer Protection Act (the “Act”).[1]   The Act established the CFPB as a subsidiary agency of the Federal Reserve, and the associated regulations provided the CFPB…

The Impact of the Consumer Financial Protection Bureau 120 Day Rule on Foreclosures in Pennsylvania

By Matthew D. Urban, Attorney In January 2013 the Consumer Financial Protection Bureau (“CFPB”) issued wide reaching rules governing the mortgage industry which became effective as of January 10, 2014.  Since publication of the rules, confusion on their application and effect have reigned supreme.  While most credit unions are exempt from certain portions of these…

The CFPB and Compliance Costs: Genuine Concern or Lip Service?

By Matthew D. Urban, Attorney On March 20, 2013, the Consumer Financial Protection Bureau (CFPB) announced in a blog post¹ its intent to study the costs that financial institutions, including credit unions,  incur in order to comply with consumer finance regulations.  Specifically they indicated a desire to know the extent and nature of compliance costs…

CFPB Mortgage Rules

By David A. Wolfe, Attorney On May 29, the Consumer Financial Protection Bureau (CFPB) finalized several amendments to its ability-to-repay and qualified mortgage rules.  Originally adopted in January 2013 and taking effect next January, these rules require residential mortgage lenders to consider a borrower’s ability to repay before extending credit and provide certain protections from…

Indirect Lending and the CFPB

By Jennifer Monty Rieker, Partner and Amy Clum Holbrook, Partner Earlier this week the Consumer Financial Protection Bureau (CFPB) issued guidelines for how indirect auto lenders can avoid violating the Equal Credit Opportunity Act (ECOA).  In recent months, the CFPB focused on auto lenders potential violations of the ECOA. The ECOA prohibits lenders from discriminating…

The Consumer Financial Protection Bureau and Private Student Loans

By Timothy K. Spencer, Attorney Recently, the Consumer Financial Protection Bureau (CFPB) indicated an interest to delve further into overseeing and making recommendations concerning the private student loan market.  Chiefly, the Bureau may seek to regulate student loan servicers and mandate (or at least highly suggest) the implementation in the private student loan market many…

NOCA Luncheon Featuring Sharon Asar from the CFPB

The Northern Ohio Credit Association (NOCA) is hosting a luncheon on Tuesday, May 21, featuring presenter Sharon Asar, the Associate Ombudsman for the Consumer Financial Protection Bureau (CFPB). Sharon will present on “Alternatives for Resolving CFPB Issues”. Sharon will speak about her role as an alternate, informal way to resolve issues. The CFPB Ombudsman’s Office…