Monthly Archives: October 2014

Important Updates to TILA-RESPA Integrated Disclosure Rule

Over the last few weeks, the Consumer Financial Protection Bureau (“CFPB”) has issued several important notices that financial institutions need to review and understand. Most importantly, the CFPB proposed new substantive amendments to the TILA-RESPA integrated disclosure rule issued in November 2013. You will recall that the integrated disclosure effective date is August 1, 2015. […]

Bank Fined $10 Million by CFPB for Violating New Mortgage Servicing Rules

Earlier this week, on September 29, 2014, the Consumer Financial Protection Bureau (“CFPB”) took action against Michigan-based Flagstar Bank, fining it $10 million and ordering $27.5 million in payments to consumers. Flagstar allegedly “took excessive time to process borrowers’ applications for foreclosure relief, failed to tell borrowers when their applications were incomplete, denied loan modifications […]