On October 25, 2016, CFPB Director Richard Cordray delivered remarks to the Mortgage Bankers Association regarding the recovery of the mortgage industry.  Director Cordray discussed several of the CFPB’s mortgage-related initiatives, including the reporting requirements under Regulation C, which implements the Home Mortgage Disclosure Act, and the “Know Before You Owe” mortgage disclosure rule.

Director Cordray also addressed the D.C. Circuit’s recent opinion in PHH Corp. et al. v. CFPB.  He emphasized that the Bureau “respectfully disagrees” with the decision and will seek further review.  Until the matter is final, Director Cordray indicated that the CFPB will continue to consider how best to apply the Real Estate Settlement Procedures Act “to specific factual situations as we always do,” and in particular will continue to adhere to its 2015 bulletin regarding marketing services agreements.

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Photo of Lucille Bartholomew Lucille Bartholomew

Lucy Bartholomew defends banks, consumer reporting agencies, and other financial services providers and their officers and directors in connection with civil and regulatory enforcement matters and internal investigations. Lucy represents clients throughout all stages of enforcement matters, including civil investigative demand negotiations, document…

Lucy Bartholomew defends banks, consumer reporting agencies, and other financial services providers and their officers and directors in connection with civil and regulatory enforcement matters and internal investigations. Lucy represents clients throughout all stages of enforcement matters, including civil investigative demand negotiations, document collection, response preparation, civil investigational hearings, the NORA/15-day letter process, and resolution. She regularly appears in front of the CFPB, FTC, federal banking agencies, and other federal and state regulators.

Lucy also maintains an active financial services regulatory practice and specializes in UDAAP, credit reporting, fair lending, fees, error resolution, consumer credit, and advertising.