Also updates disclosure FAQs The Consumer Financial Protection Bureau (CFPB) has recently issued two documents that may help closing attorneys. The first document is a factsheet on TRID title insurance disclosures. This document addresses differences between state disclosures and TRID disclosures for simultaneous issue rates. It also addresses the situation where the seller pays for…
The Supreme Court issued an order on Monday, June 29 holding that the structure of the Consumer Financial Protection Bureau is unconstitutional. But the agency has not been abolished. In a 5-4 decision authored by Chief Justice John Roberts, the Court held that the agency run by a single director who can be fired by…
Seila Law, LLC v. Consumer Financial Protection Bureau likely to be heard by mid-2020 The United States Supreme Court has chosen a case to decide the constitutionality of the CFPB. The case is Seila Law LLC v. Consumer Financial Protection Bureau (U.S. Supreme Court 19-7). The announcement was made on Friday, December 27. The allegation…
Seila Law, LLC v. Consumer Financial Protection Bureau likely to be heard by mid-2020 The United States Supreme Court announced on Friday, October 18, that it will hear a case challenging the constitutionality of the Consumer Financial Protection Bureau. The allegation in question is that the structure of the agency grants too much power to…
The D.C. Circuit Court of Appeals upheld the constitutionality of the Consumer Financial Protection Bureau (CFPB) in a case decided last week. This decision reverses the October 11, 2016 holding of a three-judge panel which ruled unanimously that the structure of the CFPB allowed its director to wield too much power. The highly publicized case…
We’re learning for the first time what the CFPB considers the top mistakes being made by lenders in mortgage originations under TRID. CFPB’s September 2017 Supervisory Highlights reports on the Bureau’s first round of mortgage origination compliance examinations. Prior to these examinations, the Bureau refused to provide a grace period for lender compliance but stated…
Are we now free to share Closing Disclosures with real estate agents? The CFPB recently issued amendments to its rules governing residential loan closings, but it did not settle the debate about whether Closing Disclosures can be shared with real estate agents. Traditionally, real estate agents were provided settlement statements both before closings, to give…
Don’t get excited; this shouldn’t change much for SC dirt lawyers. A three-judge panel of the U.S. Court of Appeals for the District of Columbia ruled unanimously on October 11 that the structure of the Consumer Financial Protection Bureau allows its director to wield too much power. This highly publicized case began when PHH Corp.…
Arbitration clauses would be limited At a hearing on May 5, Consumer Financial Protection Bureau Director Richard Cordray announced that the agency has issued a proposed rule that would ban consumer financial companies from using mandatory pre-dispute arbitration clauses to deny their customers the right to join class action lawsuits. The proposed rule can be…
Cordray signals notice of new rule expected late July In an April 28 letter addressed to several industry trade groups and their members, Director Richard Cordray of the Consumer Financial Protection Bureau, said his agency has begun drafting a notice intended to provide “greater certainty and clarity” in the Know Before you Owe Rule. The…
