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ARTICLE · 02 NOVEMBER 2015

Nutter Bank Report, October 2015

Nutter McClennen & Fish LLP
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The CFPB has adopted a final rule that amends the reporting requirements of Regulation C, which implements the Home Mortgage Disclosure Act ("HMDA").

United StatesFinance and Banking
Kenneth Ehrlich
Kenneth Ehrlich
Michael Krebs
Michael Krebs
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1. CFPB Issues RESPA Compliance Guidance on Marketing Services Agreements

The Consumer Financial Protection Bureau ("CFPB") has issued a new compliance bulletin that provides guidance to banks and other mortgage settlement service providers on marketing services agreements ("MSAs") that may violate the prohibitions against kickbacks and unearned fees under the Real Estate Settlement Procedures Act ("RESPA"). CFPB Compliance Bulletin 2015-05, issued on October 8, describes the legal and compliance risks arising from MSAs and provides examples of MSAs that the CFPB believes are designed to illegally evade RESPA's prohibition on the payment and acceptance of kickbacks and referral fees. According to the bulletin, the CFPB believes that MSAs create opportunities for parties to pay or accept illegal kickbacks for referrals of settlement service business. The bulletin also warns that it is inherently difficult for mortgage industry participants to adequately monitor

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