May 2012 | Consumer Financial Services Watch

U.S. Supreme Court Ends the RESPA Section 8(b) Debate: It Takes Two to Tango

By K&L Gates on May 25th, 2012 Posted in Bureau of Consumer Financial Protection (CFPB), Litigation & Enforcement Actions, Mortgage Lending

By: Holly Spencer Bunting, Phillip L. Schulman

The split in the federal Circuit Courts over the interpretation of Section 8(b) of RESPA has been resolved, and the result is that it takes two to tango for a Section 8(b) violation.

CFPB Proposes Strict Controls on Discount Points, Origination Fees, and Broker Compensation

By K&L Gates on May 16th, 2012 Posted in Bureau of Consumer Financial Protection (CFPB), Mortgage Lending

By: Kris D. Kully

The Consumer Financial Protection Bureau (CFPB) is considering putting strict limits on a creditor’s ability to price its mortgage loans, and on a consumer’s ability to choose among pricing options.

FTC Mobile Payments Workshop: Providers Are Poised to Take Steps Forward. How Will Regulators Respond?

By K&L Gates on May 2nd, 2012 Posted in Other Federal Agencies & GSEs, Payment Systems

By: Eric Mitzenmacher

On April 26th, the FTC gathered private sector representatives, regulators, and academics for a workshop to discuss the state of the mobile payment industry. Some commentary has interpreted regulators’ comments at the workshop to be a signal that regulators intend to use a “light touch” as the industry matures, but the phrase only partially hits the mark.