Two recent announcements by the Federal Housing Finance Agency (FHFA) will push the mortgage servicing industry to increase its collection and maintenance of consumer demographic and language preference data. On May 3, 2022, the FHFA announced that Fannie Mae and Freddie Mac (the GSEs) will require lenders submitting loans to the GSEs to use the Supplemental Consumer Information Form (SCIF) as part of the application process. The SCIF collects information about the borrower’s language…

The Consumer Financial Protection Bureau (CFPB) issued a release on May 2, 2022, announcing the release of its Supervisory Highlights outlining identified consumer protection violations during the second half of 2021. In particular, the CFPB highlighted two industries of concern in its press release: auto servicers and credit reporting companies. As for auto servicers, the CFPB noted the issues related to repossessions and the impact on the consumer. The CFPB focused on the consumer’s loss…

The Consumer Financial Protection Bureau’s (CFPB) focus on ensuring loan servicers’ compliance with the implementation of the Public Service Loan Forgiveness (PSLF) program continues. On March 30, 2022, the CFPB entered into a Consent Order with student loan servicer EdFinancial Services, LLC, to settle the CFPB’s allegations that EdFinancial committed deceptive servicing acts and practices related to PSLF. The Consent Order sends another signal to student loan servicers that the CFPB intends to ramp up…

On February 28, 2022, the CFPB released a Compliance Bulletin and policy guidance entitled “Mitigating Harm from Repossession of Automobiles.” In its bulletin, the CFPB sets forth the objective of reminding market participants of certain legal obligations under federal consumer protection laws in light of what it perceived to be “risky auto repossession practices.” Per the CFPB, these “risky” practices may have resulted from the strong demand for used automobiles since the start…

State securities regulators saw a busy 2021, and 2022 looks to continue in much the same fashion. Some of the more active topics for regulators have included protecting senior investors, stopping fraudulent investment schemes targeting individual investors, and battling the ever-present threat of Ponzi schemes. Another big headline for regulators was cryptocurrency companies and the correct approach of those entities from a regulatory framework. Bradley attorney Jeffrey Blackwood recently sat down with Director of the Mississippi Securities Division…

The COVID-19 pandemic has been a focal point for the Consumer Financial Protection Bureau (CFPB) – especially with regard to mortgage servicers and loss mitigation programs. In its Fall Supervisory Highlights, the CFPB noted the increase in borrowers needing loss mitigation assistance in light of the COVID-19 pandemic, and cited mortgage servicers for two violations relating to loss mitigation: charging fees in violation of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and…