February 2014 – Consumer Financial Services Watch

CFPB Continues to Target Mortgage Servicing

Feb 27 2014

At the Mortgage Bankers Association’s National Mortgage Servicing Conference & Expo last week, CFPB Deputy Director Steven Antonakes issued a strongly-worded warning that the CFPB will continue to vigorously monitor and investigate the mortgage servicing industry. Deputy Director Antonakes stated that the CFPB will rely on its newly adopted Mortgage Servicing Rules (the “Rules”) and Sections 1031 and 1036(a) of the Consumer Financial Protection Act (“CFPA”), which prohibit unfair, deceptive or abusive acts or practices (“UDAAP”). In his speech, Deputy Director Antonakes recounted problems that had been observed in mortgage servicing and admonished that “the fundamental rules have changed forever” and that “business as usual has changed in mortgage servicing.” Specifically, the Deputy Director explained the CFPB’s expectations of servicers: Read More

Global Government Solutions® 2014 Annual Outlook

Feb 24 2014

K&L Gates is pleased to announce the publication of its Global Government Solutions® 2014 Annual Outlook.

Our seventh edition of the Global Government Solutions® series highlights increased government involvement in global commerce and provides the latest regulatory information corporate leaders need to navigate the intersection of business and government. The K&L Gates Global Government Solutions® 2014 Annual Outlook is a collection of 50 insightful articles to help you do just that, including:

Former U.S. Congressmen Bart Gordon and James T. Walsh on congressional deadlock
The European Union as a business partner
A more aggressive Securities and Exchange Commission
New hedge fund regulations
International trade negotiations
Resources nationalism in emerging nations
Tax reform
Competition and compliance risks for government contractors

To view the report, click here. For more information on our Global Government Solutions® practice, please visit our website.

The CFPB Defines Foreign Remittance Transfer “Larger Participants”

Feb 24 2014

By: David L. Beam, Christopher G. Smith

The Dodd-Frank Act provided the CFPB with examination authority over, among others, “larger participants” of consumer financial product and service markets. Almost three years ago, the CFPB issued an Advance Notice of Proposed Rulemaking targeting various industries whose larger participants it was eyeing for regular examination, including money transmission. In January 2014, the CFPB issued a proposed larger participants rule for a subset of money transmitters – those engaged in foreign remittances. Read More

CFPB Publishes New Mortgage Servicing Exam Procedures

Feb 18 2014

By: Nanci L. Weissgold, Kerri M. Smith, Christopher Shelton*

*Mr. Shelton is not admitted to the practice of law in the District of Columbia.

The CFPB has released updated exam procedures for reviewing mortgage servicers, incorporating the Mortgage Servicing Rules (“the Rules”) that became effective on January 10, 2014. These updated exam procedures still focus on nine major modules covering routine servicing, default servicing, and foreclosure. However, they frequently cross-reference the TILA and RESPA exam procedures that were updated in November 2013 to reflect the Rules. Because of the overlap in coverage and the reliance on cross-referencing, the updated servicing exam procedures are shorter than the prior version of the CFPB’s Examination Manual, although there are some notable additions. Read More

Consumer Financial Services Group Hosts Webinar Series

Feb 18 2014

Members of the Consumer Financial Services Group will host a webinar series during February and March.

On February 26, 2014 from 2:00 -3:30 p.m. EST, the group will host “Navigating the Legal Landscape Between Broker and Correspondent.” Presenters include: Costas A. Avrakotos, Holly Spencer Bunting, Jonathan D. Jaffe, Kris D. Kully, Stephanie C. Robinson, David A. Tallman Read More

Consumer Financial Services Group Welcomes Four New Partners

Feb 17 2014

The Consumer Financial Services Group is pleased to welcome four new partners to the practice, effective March 1.

Soyong Cho focuses her practice on commercial disputes.

Kris D. Kully advises consumer financial services providers regarding federal and state laws and regulations, including a recent focus on new mortgage origination and compensation regulations of the Consumer Financial Protection Bureau.

Kerri M. Smith advises financial service providers on issues relating to mortgage servicing and mortgage lending, and regularly counsels clients on requirements applicable to default servicing and loss mitigation.

Robert W. Sparkes, III has extensive experience in complex civil and commercial litigation, including federal and state class action litigation.

We extend our warmest congratulations to this fine group of individuals.

Consumer Financial Services 2013 Highlights Activities Report

Feb 03 2014

The Consumer Financial Services Group is pleased to share our 2013 Highlights Activities report. The report provides highlights of firm achievements, practice group events, representative matters and client publications. Please click here to view the report.

Archive:February 2014