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Consumer Financial Services Watch News and developments related to consumer financial products and services

Monthly Archives: November 2011

CFPB to Provide Early Warning Notice of Potential Enforcement Actions

Posted in Bureau of Consumer Financial Protection (CFPB)

By: Kathryn M. Baugher

On November 7, the Consumer Financial Protection Bureau unveiled a process designed to warn individuals and companies of possible enforcement actions against them. At its discretion, the Bureau may provide an Early Warning Notice and an opportunity to respond before deciding whether to pursue an enforcement action.

CFPB Announces “Know Before You Owe” for Student Loans

Posted in Bureau of Consumer Financial Protection (CFPB)

By: Kathryn Baugher

The CFPB is expanding its “Know Before You Owe” initiative to cover student loans. Since “Know Before You Owe” began last May, the CFPB has asked the public for input on a variety of draft mortgage disclosure forms. Now the CFPB is working with the Department of Education to gather feedback on a sample financial aid offer form.

When Trying Title Becomes Trying: The Impact of Bevilacqua v. Rodriguez on Massachusetts Foreclosure Law

Posted in Litigation & Enforcement Actions

By: R. Bruce Allensworth, Andrew C. Glass, Roger L. Smerage

The Massachusetts Supreme Judicial Court (“SJC”) has ruled that Massachusetts property owners may lack standing to establish title to their property where there is a void foreclosure sale in the chain of title. The Massachusetts “try title” statute permits a holder of “record title” in possession of property to file a petition to force adverse claimants to defend their purported interest in the property.