CFPB RESPA enforcement, proposed delay of prepaid rule effective date, and more in this issue of Consumer Financial Services Practice Digest

In this issue, we discuss the Consumer Financial Protection Bureau's (CFPB or Bureau) RESPA enforcement and the recent action that shows the Bureau's continued interested in aggressively enforcing RESPA's anti-kickback provisions; and provide a briefing on the Bureau's proposal to extend the effective date of the Prepaid Accounts Rule under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z) (Prepaid Rule).

You will also find a list of upcoming industry events you may be interested in attending.

CFPB RESPA Enforcement: Alive and Kick(back)-ing

Here, the Bureau once again focused on the MSAs between the Sherman Oaks, California-based Prospect Mortgage and its brokers and servicer, contending that Prospect used these and other, similar agreements to funnel illegal kickbacks. This recent action shows that the Bureau continues to be interested in aggressively enforcing RESPA's anti-kickback provisions and takes action not just against non-compliant lenders, but also against the brokers and servicers with whom they work.

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CFPB Proposes to Delay the Prepaid Rule's Effective Date

The Consumer Financial Protection Bureau (CFPB or Bureau) has proposed to delay the effective date of the Prepaid Accounts Rule under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z) (Prepaid Rule) by six months, to April 1, 2018. The CFPB issued the final Prepaid Rule in October 2016, with an original effective date of October 1, 2017.

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Legal and Regulatory Compliance: Hot Topics in Consumer Lending

The presentation materials from the program, Legal and Regulatory Compliance: Hot Topics in Consumer Lending, at the Community Financial Services Association of America's 17th Annual Conference and Expo, are available here.

March 21, 2017: Lead Generation Regulation and Enforcement: Government Perspectives at LeadsCon Las Vegas

April 4, 2017: An Update from Washington at the 6th Annual Community Bankers Conference

April 28, 2017: Consumer Financial Services Legal and Regulatory Update at the 2017 Financial Counseling Association of America (FCAA) Annual Conference

June 7, 2017: What's Changing in the Regulatory Environment? Hear From Your Federal and State Regulators at COMPLY2017 – The RegTech and Compliance Conference. Join Venable and other leading professionals interested in compliance, education, marketing and RegTech solutions. Save $75 off your registration with the discount code FRIENDOFALEXANDRA.