Law and legal issues

CFPB Director Richard Cordray sent a letter to President Trump Monday asking him to veto a Republican resolution to nullify the bureau's arbitration rule.

The U.S. Bankruptcy Court for the Southern District of Florida has approved a portal created by HLP to enhance communications during the mediation process.

Barclays and the Justice Department, engaged in a legal battle over the suspected fraudulent sale of mortgage securities a decade ago, have revived discussions about reaching an out-of-court settlement, according to people with knowledge of the situation.

The stunning defeat of the Consumer Financial Protection Bureau's arbitration rule didn't have to happen, according to critics and former agency officials.

CoreLogic's net income dropped to $31 million in the third quarter from $36 million a year ago due to a settlement and an estimated 25% decline in origination units.

The Senate's repeal of the Consumer Financial Protection Bureau rule is arguably the industry's biggest policy victory since passage of Dodd-Frank. But is it the sign of a trend?

Walter Investment Management Corp. was supposed to prosper by snapping up mortgage cast-offs from big banks at fire-sale prices. Instead, Walter is belatedly joining the list of companies burned by the U.S. housing crisis.

Republicans were able to use an obscure legislative process to overturn a rule that banks and credit unions feared would raise their litigation costs.

Consumer Financial Protection Bureau Director Richard Cordray pushed back against a Treasury Department report critical of the bureau's arbitration rule, saying it overlooked how class action lawsuits help consumers.

The GOP appears to have barely enough votes to roll back the contentious CFPB rule, and floor debate was expected to begin Tuesday with a final vote possible at any time. But victory was not assured, and the fallout could be significant for all sides.

With days ticking down for lawmakers to overturn the Consumer Financial Protection Bureau rule, some are now questioning the statistics used to challenge the bureau’s data.

The Treasury Department released an 18-page report saying the rule would “impose extraordinary costs” including legal fees mostly for lawyers that bring class-action lawsuits.

A judge who imposed a $45 million penalty on Bank of America Corp. over a foreclosure on a California couple still isn't ready to forget the case he described as a "Kafkaesque nightmare."

Regulators usually avoid the public fights that define other realms of the polarized Washington landscape, but the recent tiff over the arbitration rule is an exception.

The Office of the Comptroller of the Currency used "flawed statistics" and misstated the effects of the Consumer Financial Protection Bureau's arbitration rule on community banks, Director Richard Cordray said Friday.

Bank of America set aside $100 million in its reserves for representation and warranty claims ahead of a pending settlement to resolve legacy mortgage issues.

In an op-ed, acting Comptroller of the Currency Keith Noreika argued that allowing consumers to sue financial institutions in class actions would raise credit costs and harm small banks.

A bankruptcy judge who spent 107 pages excoriating Bank of America Corp. over its "heartless" foreclosure on a California couple is not happy that the homeowners want him to erase his words.

The bank plans to contact all customers who paid fees for rate lock extensions during a three-and-a-half-year period and to refund any who believe they should not have been charged.

The groups argue that the CFPB did not properly conduct a cost-benefit analysis of the rule banning mandatory arbitration agreements and that the final product will harm, not help, consumers.