Bureau of Consumer Financial Protection (CFPB) – Page 9

Tweaks to TRID – CFPB Issues Final Rule Amending Integrated RESPA/TILA Disclosure

Feb 04 2015

The Consumer Financial Protection Bureau recently issued a final rule amending certain aspects of its integrated disclosure requirements under the Real Estate Settlement Procedures Act and the Truth in Lending Act. The CFPB gave the mortgage lending and settlement industries over 18 months—until August 1, 2015—to prepare for the comprehensive overhaul of the disclosures provided to consumers upon application for and settlement of most residential mortgage loans. (Some have called that overhaul effort “TRID”—the TILA/RESPA Integrated Disclosures.) During that preparation time, the CFPB has learned of the need for corrections or improvements to those complex requirements. In its latest rulemaking, the CFPB attempts to fix certain issues related to providing a revised Loan Estimate disclosure (the first part of TRID) when a creditor and consumer decide to lock in the interest rate or other charges, and when the creditor expects a long construction period prior to settlement. The new rule also requires loan originators to include their names and identification numbers on the Loan Estimate and the Closing Disclosure (the second part of TRID), and clarifies how creditors must disclose per diem interest. Below, is a description of the changes that the CFPB’s most recent rulemaking makes to the disclosure requirements under the original TRID rule.

Webinar: Doing Business in Poland

Jan 16 2015

24 February 2015

9:00 – 10:15 a.m. PST

12:00 – 1:15 p.m. EST

6:00 – 7:15 p.m. CET

Is your company planning on doing business in Poland? If so, you will need to know the latest legal, political, and regulatory issues that span a range of challenges and opportunities when entering the market in the CEE largest national economy.

In this complimentary webinar, a panel of partners from our Warsaw office will address a range of legal issues to give you a comprehensive grasp on the business operating environment in Poland.

Moderator:

Maciej Jamka, Administrative Partner, Warsaw

Panelists:

Piotr Augustyniak, Tax, Partner
Dominika Mizielińska, Corporate, Of Counsel
Lech Najbauer, Antitrust, Competition & Trade Regulation, Counsel
Oskar Tułodziecki, Intellectual Property, Partner
Halina Więckowska, Real Estate, Partner
Patrycja Zawirska, Labor, Employment & Workplace Safety, Of Counsel

To RSVP, click here.

“Start Spreading the News”: Recent New York Regulations Impact Debt Collection and Default Servicing

Jan 07 2015

By: Steven M. Kaplan, Gregory N. Blase, Christopher E. Shelton

Last month, the New York Department of Financial Services (“DFS”) finalized a regulation with a number of novel requirements affecting debt collection (including servicing delinquent loans) in New York. Previously, debt collection in New York was subject to (1) relatively limited requirements set by New York statute and several municipal ordinances, and (2) the federal Fair Debt Collection Practices Act (“FDCPA”). While parts of the new DFS regulation are modeled on the FDCPA, other requirements depart drastically from the federal framework. Areas of novel regulation include disclosures to consumers regarding statutes of limitations and charged-off debts, as well as restrictions on sending emails to consumers. The Consumer Financial Protection Bureau (“CFPB”) is drafting a debt collection regulation to supplement the FDCPA, and it remains to be seen whether the New York regulation becomes a bellwether of changes at the federal level or by other states.

To read the full alert, click here.

K&L Gates Launches Global Employer Solutions

Jan 07 2015

With more than 200 million people throughout the world now employed by multinational enterprises and their affiliates, law firm K&L Gates LLP has established Global Employer Solutions, a comprehensive cross-disciplinary team of lawyers helping entities with operations and staff across numerous countries and wide-ranging jurisdictions meet the challenges of their global business needs and comply with an array of local laws and regulations. Global Employer Solutions includes more than 200 lawyers throughout K&L Gates’ global platform collaborating across borders and practices and drawing from deep experience in areas such as employment, workplace safety, immigration, benefits, tax, executive compensation, compliance, and investigations.

Global Employer Solutions will assist clients in identifying and mitigating risks, ensuring compliance, and coordinating personnel policies focusing on global employment strategies, including downsizing, acquisitions, and integrations; transactional due diligence and post-merger integration; protection of confidential information; global contracts, employee handbooks, and safety standards and policies; and cross-border compliance issues, as well as a variety of relocation and immigration matters, including visa applications, document transfers, and temporary and permanent employment visa options.

What You Need to Know about Defending Cyber Related Class Action Litigations

Dec 11 2014

15 January 2015
3:00 – 4:30 pm EST
Complimentary Webinar

Please join us for a complimentary program on defending cyber related class action litigation. The program will include an in-depth discussion, followed by a Q&A session, on recent developments involving cybersecurity class actions. Our knowledgeable panel will cover a range of issues including:

Coordinating with data breach response team
Theories of injury raised by consumers and credit institutions in response to data breaches
Statutory and common law causes of action typically pleaded
Approaches to defending claims and opposing class certification
Lessons learned from past data breach class actions
Insurance coverage considerations
Other emerging issues

K&L Gates Ranked Among Top 10 Firms for Superior Client Service

Dec 02 2014

Firm makes third consecutive appearance on Client Service 30 ranking

Boston – Global law firm K&L Gates LLP has been identified among the top 10 law firms for client service, ranking eighth out of nearly 650 firms noted by general counsel in the “2015 BTI Client Service 30” survey. The survey is part of BTI Consulting Group’s larger Client Service A-Team report released today, which rates firms in nearly 20 unique activities that drive client relationships based on direct, unprompted feedback from more than 300 Global 500 and Fortune 1000 corporate counsel.

This is the third consecutive year — and fifth time overall — that K&L Gates has been included on the “Client Service 30”. In addition, this marks K&L Gates’ 14th straight year on the Client Service A-Team, which evaluates firms in such client-defined activities as breadth of services, innovative approach, value for dollar, and anticipating client needs.

A K&L Gates and Paybefore Webinar: 870 Pages in 90 Minutes: What the CFPB’s Prepaid Proposal Means for Your Business

Nov 25 2014

4 December 2014
2:00 p.m. – 3:30 p.m. ET
Complimentary Webinar

The payments industry is only starting to digest the potential consequences of the CFPB’s sweeping proposed rule on prepaid accounts.

On December 4, 2014, at 2:00 p.m. ET, K&L Gates and Paybefore will present a complimentary webinar for the Paybefore community and clients and friends of K&L Gates on the proposed rules. The focus will be on the practical impact the rules will have on prepaid accounts, and what they may mean to prepaid issuers, program managers and processors. The goal will be to give listeners information and tools to evaluate how the rule will impact their business—and provide practical advice on how to address concerns about the rule with the CFPB.

CFPB Issues Guidance to Mortgage Lenders on Verifying Disability Income

Nov 20 2014

By: Melanie Brody, Stephanie C. Robinson, Jay M. Willis

On Tuesday, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) issued a compliance bulletin, CFPB Bulletin 2014-03, to help lenders avoid discrimination against recipients of Social Security Administration (“SSA”) disability income in violation of the Equal Credit Opportunity Act and its implementing regulation, Regulation B.

Creditors may occasionally feel stuck between a rock and a hard place when underwriting mortgage loans for disability income recipients. On the one hand, creditors have a legal obligation to ensure that applicants are able to repay any credit extended. When an applicant receives public assistance, Regulation B expressly allows creditors to consider the length of time that such assistance is likely to continue. On the other hand, while SSA provides recipients with disability benefits documentation, that documentation generally does not detail how long benefits will last. Creditors seeking to responsibly underwrite mortgage loans must somehow make that determination on their own.

Non-Direct Auto Lending: Is the CFPB Asserting Jurisdiction over the Capital Markets?

Nov 18 2014

By: Laurence E. Platt

The capital markets should look closely at the proposed rule of the Consumer Financial Protection Bureau (the “CFPB”) to supervise certain larger non-bank automobile finance companies because of the CFPB’s assertion of broad authority over large purchasers of auto loans and auto leases. The CFPB’s interest in indirect auto lending is not new. The proposed rule, however, purports to give the CFPB jurisdiction over any large purchaser of auto loans and auto leases, regardless of whether the purchaser had any direct involvement with the lender or reasonably could be construed to be the indirect originator. In its defense, the CFPB would stop its jurisdiction at the door of securitization, but any purchases up to that point may be fair game. The logic underlying this position could be extended by the CFPB to mortgages, credit cards, and virtually any other type of consumer product or service. Interested parties may want to comment by the December 8, 2014 due date.

To read the full alert, click here.

Another CFPB Loan Originator Compensation Enforcement Action

Nov 17 2014

By: Kris D. Kully

The Consumer Financial Protection Bureau (CFPB) has once again charged a mortgage lender with paying compensation to loan originators based on loan terms, which is prohibited under the Truth in Lending Act and its Regulation Z. This week, the CFPB asked a federal court to approve an order requiring Franklin Loan Corporation (which lends in California and Illinois) to pay $730,000 for allegedly paying loan originators quarterly bonuses based on loan terms.

Catagory:Bureau of Consumer Financial Protection (CFPB)