The Consumer Financial Protection Bureau (CFPB) released a special edition of its supervision report, honing in on mortgage servicers on June 22nd [1]. It blamed outdated technology and process breakdown for trends it has seen with violations of the CFPB's 2014 servicing rules. The primary areas of concern are communications and data related to loan modifications and servicing transfers.
Among the highlights of the report, CFPB examiners found that "information about loan modifications is late, incorrect, or deceptive, due to technological breakdowns or malfunctions ...
The Public Comment period closed yesterday on the National Credit Union Administration's (NCUA) proposed Rule amending its regulation governing federal credit union (FCU) property occupancy requirements. Presently, a FCU must plan for and eventually achieve full occupancy of any acquired commercial property. Under the proposed Rule, a FCU will be able to lease or sell excess capacity in its facilities, and it does not require that the FCU plan to occupy the entire space at some point in the future.
The NCUA reports that the comments it has received are largely supportive of the Rule ...
*Co-authored by Charles Davis [1]
On May 5, 2016, the Consumer Financial Protection Bureau ("CFPB") held its fourth field hearing on Arbitration and issued a proposed Rule that would prohibit the use of arbitration clauses that block consumers' participation in class actions in contracts for consumer financial products and services. The Rule would also require providers who use pre-dispute arbitration agreements to submit certain records relating to arbitral proceedings to the CFPB. The Rule is expected to take effect during the summer of 2017.
Upon issuance of the Final Rule ...
Learning the interplay between state rules of judicial procedure and federal bankruptcy law can be a daunting undertaking, but the pitfalls of failing to do so can be severe. A recent example of the importance of being mindful of these issues is Hewett v. Wells Fargo Bank, N.A. as Trustee, No. 2D15-1074, 2016 WL 3065014 (Fla. 2d DCA June 1, 2016) where the filing of a bankruptcy petition ultimately cost a foreclosure defendant his right to appeal a final judgment of foreclosure.
The Second DCA summarized the procedural posture of the case as follows:
"The circuit court's final judgment of ...
In a recent opinion, the Second District Court of Appeal held that the lower court was not required to uphold its three prior rulings denying relief from technical admissions when: (1) the record evidence was contrary to those admissions; and (2) the opposing party failed to show it would be prejudiced by the withdrawal of the admissions. Judge Crenshaw stated that the trial court abused its discretion in denying the defendant, Wells Fargo's, relief from technical admissions. The court reversed and remanded the case. Wells Fargo Bank Nat'l Ass'n v.Voorhees, Case No. 2D15-2055, 2016 ...