Business Law Consumer Financial Services Committee

Today the Consumer Financial Protection Bureau (CFPB) filed a complaint and proposed consent order with the United States District Court for the Southern District of Florida against Republic Mortgage Insurance Company (RMIC) for allegedly paying kickbacks for mortgage insurance referrals.  CFPB Director Richard Cordray stated that kickbacks are illegal and “can drive up costs for consumers seeking to buy a home.” The CFPB alleges that RMIC violated federal consumer financial law by providing kickbacks to lenders in exchange for referrals… Read more

On October 24, 2013, the Consumer Financial Protection Bureau (CFPB) further demonstrated how it is taking up the Department of Housing and Urban Development’s (HUD) mantle as the defender and enforcer of the Real Estate Settlement Procedures Act (RESPA). Read more

In a victory for retailers seeking to invalidate debit card interchange fee and transaction routing limits set by the Federal Reserve Board (FRB), the U.S. District Court for the District of Columbia concluded that the FRB’s Final Rule was clearly contrary to Congress’ intent. Read more