CFPB Flexes Creative Muscles In Mortgage Servicer Sanction

Law360, New York (October 2, 2014, 7:52 PM EDT) -- The Consumer Financial Protection Bureau made good this week on its promise to clamp down on mortgage servicers it finds sloppy and abusive, but its fine against Flagstar Bank FSB also featured some creative sanctions that could cause headaches for other banks and servicers.

On Monday, the CFPB announced it had taken action against the Michigan-based savings bank and mortgage servicer after finding it had failed thousands of borrowers who attempted to access its foreclosure relief program but were stymied by delays and errors that, in...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.