Luis Urbina

Luis Urbina

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Treasury Issues Regulatory Reform Recommendations for Banking Industry

On June 12, 2017, the U.S. Department of the Treasury released the first of a series of reports recommending regulatory reforms to the financial system consistent with President Trump’s Core Principles for Regulating the United States Financial System.  Treasury’s first report focuses on the regulatory framework governing the depository system.  Notably, a substantial portion of … Continue Reading

CFPB Enters Consent Order with Mortgage Servicer Fay Servicing

On June 7, 2017, the Consumer Financial Protection Bureau announced entry of a consent order against mortgage servicer Fay Servicing, LLC for alleged violations of the Bureau’s 2014 mortgage servicing rules. The CFPB alleged that Fay Servicing failed to provide timely notices to delinquent borrowers acknowledging that their loss mitigation applications were complete or incomplete, … Continue Reading

FASB Announces Public Meeting as New Credit Loss Standard’s Effective Dates Approach

The Financial Accounting Standards Board (“FASB”) will hold an open meeting on June 12, 2017, to hear concerns from financial institutions regarding FASB’s recently finalized Accounting Standards Update for measuring credit losses on financial instruments (the Current Expected Credit Loss standard, or “CECL”) under Generally Accepted Accounting Principles (“GAAP”). FASB issued the new CECL standard … Continue Reading

CHOICE Act 2.0: House Financial Services Committee Revises Regulatory Reform Bill

On April 19, 2017, the House Financial Services Committee released a new discussion draft of the Financial CHOICE Act, its comprehensive regulatory reform bill.  The Committee released the first version of the CHOICE Act in June 2016.  Buoyed by the election of a Republican president, and following several months of public and industry outreach, Committee … Continue Reading

D.C. Circuit Panel Rules that CFPB Civil Investigative Demand is Overly Broad and Unenforceable

On April 21, 2017, a panel of the U.S. Court of Appeals for the District of Columbia Circuit ruled that a civil investigative demand (“CID”) issued by the Consumer Financial Protection Bureau against the Accrediting Council for Independent Colleges and Schools (“ACICS”) was overly broad and unenforceable.  The D.C. Circuit’s decision sets an important precedent … Continue Reading

CFPB Sues Ocwen for Alleged Violations of Consumer Financial Laws

On April 20, 2017, the CFPB sued nonbank mortgage loan servicer Ocwen Financial Corporation and its subsidiaries (collectively, “Ocwen”) in the U.S. District Court for the Southern District of Florida. The Bureau’s complaint alleges violations of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Fair Debt Collection Practices Act, the Real Estate Settlement … Continue Reading

CFPB Sues Debt Collection Law Firm for Allegedly Misleading Communications

On April 17, 2017, the Consumer Financial Protection Bureau filed suit in the Northern District of Ohio against Weltman, Weinberg & Reis Co., L.P.A. (“Weltman”), a debt collection law firm.  The CFPB’s complaint alleges that the firm misrepresented the level of attorney involvement in its collection efforts in violation of the Fair Debt Collection Practices … Continue Reading

Pence’s Chief Economist Previews CFPB Changes, Predicts Agency’s Continued Existence

On March 7, 2017, Mark Calabria, chief economist to Vice President Mike Pence, commented on the Trump administration’s likely approach to the CFPB during a panel at the National Association for Business Economics’ annual economic policy conference. The comments provide rare insight given that President Trump has not publicly detailed his thinking on reforming the … Continue Reading

House and Senate Panels Advance SEC Proposals

On March 9, 2017, the House Financial Services Committee and Senate Banking Committee conducted their first legislative mark-ups in the new Congress and approved bipartisan bills to amend several SEC-related laws.  Observers have speculated that the simultaneous advancement of this package of bipartisan bills in both chambers may indicate that key legislators are open to … Continue Reading

CFPB Issues Request for Information on Alternative Data and Modeling Techniques

On February 16, 2017, the Consumer Financial Protection Bureau issued a request for information (“RFI”) regarding the potential benefits and risks of relying on alternative data and modeling techniques in the consumer credit marketplace. In contrast with information that has traditionally defined a consumer’s credit history—such as debt repayment history and the existence of current … Continue Reading
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