Consumer Financial Services Law Blog
Dykema Gossett PLLC
Dykema Gossett PLLC

Consumer Financial Services Law Blog

Consumer Financial Services Law Blog

News and analysis regarding Consumer Financial Services litigation and regulation, and activities of the Consumer Financial Protection Bureau


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Showing 3 posts in Electronic Signature.

New CFPB Guidance for Preauthorized Transfers

On November 23rd, 2015 the Consumer Financial Protection Bureau (“CFPB”) released Compliance Bulletin 2015-06 (the “Bulletin”), which clarifies requirements under the federal Electronic Fund Transfer Act (“EFTA”) and Regulation E for obtaining consumer authorizations for preauthorized electronic fund transfers (“EFTs”). The new guidance touches upon two issues: (1) obtaining oral authorizations for EFTs over the phone; and (2) obligations to provide a copy of EFT authorizations to consumers.  Read More ›

Ninth Circuit Ruling on MERS Multidistrict Litigation Appeal: One Count Reversed, Remaining Dismissals Affirmed

Mortgage Electronic Registration Systems, Inc. (MERS), the private electronic database that records the ownership of and servicing rights in home loans, was recently the subject of a Ninth Circuit appeal.  Various borrowers had brought a multidistrict litigation in Arizona against MERS for five counts ranging from robosigning to aiding and abetting predatory lending.  Read More ›

FHA Expands Use of Electronic Signatures

Last week, the Federal Housing Administration (FHA) issued Mortgagee Letter 2014-03, which announced that FHA would begin accepting electronic signatures for FHA Single Family Title I and II Mortgages and Home Equity Conversion Mortgages.  Prior to the issuance of the letter, FHA allowed electronic signatures only in the case of third party documents (see FHA Mortgagee Letter 2010-14).  Now, electronic signatures will also be accepted on the “Authorized Documents” outlined below.  The mortgagee will be required to comply with all requirements of the federal ESIGN Act as well as additional requirements outlined below. Read More ›