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…
by Jennifer Monty Rieker, Esq. On July 21, 2011 the Consumer Financial Protection Bureau (CFPB) officially launched. Signed into law in July 2010, the CFPB is a division of the Federal Reserve, but is completely independent of the Federal Reserve’s Board of Governors. The CFPB is tasked with enforcement of the Fair Debt Collection Practices…
By: Jennifer M. Monty, Esq. Statistics show that over 40% of homeowners in foreclosure never speak with their servicer prior to the filing of a foreclosure action. Door-knocking, the practice of sending out a person to the homeowner’s residence to deliver a loss mitigation package, is one way servicers attempt to reach out to borrowers. …
The following is an article reprinted with permission from the upcoming Spring 2009 edition of The WWR Letter: By: Terry R. Heffernan, Partner In February 2009, the Federal Trade Commission (FTC) issued its annual report to Congress summarizing the administrative and enforcement actions the FTC took under the Fair Debt Collection Practices Act (FDCPA) during…
