CFPB Expands Flexibility for Financial Companies During Pandemic

The Consumer Financial Protection Bureau (CFPB) has announced it will provide additional flexibility to financial companies that are working with customers in need as they respond to issues related to the outbreak of the COVID-19 coronavirus. This relief will come in the form of postponing some data collections from industry on Bureau-related rules in an […]

Trump Orders HUD, FHFA to Suspend All Foreclosures, Evictions

The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) will be suspending all foreclosures and evictions for the next 60 days in response to the economic shock renters and homeowners are experiencing due to the outbreak of the COVID-19 coronavirus. This is according to President Donald Trump, who […]

Supreme Court Justices Appear Divided Over CFPB Director Structure

The nine Justices of the United States Supreme Court appeared divided during oral arguments in the case Seila Law v. CFPB last week, where the core issue revolves around the constitutionality of the single director structure of the Consumer Financial Protection Bureau (CFPB). This is according to the account of reporter Amy Howe, writing for […]

Coronavirus Leads HUD, CFPB to Issue Housing, Finance Updates

The U.S. Department of Housing and Urban Development (HUD) and the Consumer Financial Protection Bureau (CFPB) issued separate updates on Monday aimed at clarifying or issuing guidance to their specific sectors in the wake of increasing concern related to the outbreak of the COVID-19 coronavirus. HUD issued a new informational notice aimed to remind mortgagees […]

Former CFPB Director Cordray Reveals Near Firing by Trump

Just as the United States Supreme Court prepares to hear oral arguments on the constitutionality of the Consumer Financial Protection Bureau (CFPB)’s single director structure, the Bureau’s inaugural director reveals that he believed he was nearly fired by President Donald Trump in a phone call which ended abruptly. This is according to a story in […]

Justice Department Urges Supreme Court to Protect CFPB

The U.S. Department of Justice (DOJ) has filed a brief with the United States Supreme Court in a case challenging the constitutionality of the Consumer Financial Protection Bureau (CFPB), urging the Court to protect the Bureau due to its “critical work” on behalf of American consumers. This is according to a copy of the brief […]

Presidential Hopefuls Bloomberg and Warren on Reverse Mortgages

The 2020 presidential election is still over 8 months away, but the election has heated up now that voters have begun caucusing in the Democratic primary election. As most political observers know, reverse mortgages in general and the Home Equity Conversion Mortgage program specifically don’t often come up as hot button topics of political conversation, […]

CFPB Clarifies ‘Abusiveness’ Standard After Years of Lender Uncertainty

Initially introduced under the Dodd-Frank Act nearly 10 years ago, the Consumer Financial Protection Bureau has finally clarified its long held and often confusing “abusiveness” standard, used in its supervision and enforcement capacity. The standard, which essentially allows the Bureau to take action against organizations deemed to be participating “abusive” acts or practices with respect […]

How Compliance Issues Could Impact Reverse Mortgages in 2020

In terms of regulations that govern the reverse mortgage industry and possible outcomes for such matters in 2020, distractions being experienced by Congress, White House proposals for federal regulations and the continuing presence of possible Consumer Financial Protection Bureau (CFPB) enforcement actions could make for an eventful year in terms of actions related to regulatory […]

Supreme Court to Decide Constitutionality of CFPB in 2020

The United States Supreme Court (USSC) will hear oral arguments in a case seeking to define the leadership structure of the Consumer Financial Protection Bureau (CFPB) as unconstitutional in March 2020, according to a calendar schedule of oral arguments released by the Court. The case, Seila Law LLC v. Consumer Financial Protection Bureau, asks the […]