Donald Lampe

Donald Lampe

Morrison & Foerster LLP

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Financial Services Report, Fall 2016

Editor’s Note - So much for summer! The weather is cooling, the kids are back to school, and we better not see you wearing white so long after Labor Day! For those of you having a little trouble getting back in the...more

9/21/2016 - Anti-Money Laundering Arbitration CFPB Civil Monetary Penalty Debt Collection Digital Currency EU EU-US Privacy Shield Fair Lending FDIC FinCEN Foreclosure FTC Homeowner Bill of Rights Mortgage Lenders Municipalities OCC Online Banking SEC Standing Tax Revenues TCPA Telemarketing Volcker Rule

CFPB, OCC, and Federal Reserve Propose Clarifications to Small Loan Exemption from HPML Appraisal Requirements

On August 4, 2016, the Consumer Financial Protection Bureau (“CFPB”), the Office of the Comptroller of the Currency (“OCC”), and the Board of Governors of the Federal Reserve System (“Federal Reserve”) (together, the...more

9/7/2016 - Appraisal Bureau of Labor Statistics CFPB Exemptions Federal Reserve High-Priced Mortgage Loans (HPML) Loans Mortgages NPRM OCC Threshold Requirements

CFPB Issues Guiding Principles for Loss Mitigation after HAMP

On August 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) published a new guidance document titled CFPB’s Principles for the Future of Loss Mitigation (the “Guidance”), which outlines a recommended framework for...more

9/6/2016 - Accessibility Rules Affordable Housing CFPB FHFA Foreclosure Relief Companies HAMP HARP HUD Loan Modifications Loan Servicing Loss Mitigation Mortgage Servicers Mortgages New Guidance Real Estate Market Sustainability Transparency U.S. Treasury

FDIC Releases Proposed Third-Party Lending Guidance

On July 29, 2016, the board of directors of the Federal Deposit Insurance Corporation (FDIC) released a proposal regarding third-party lending guidance (“Proposed Guidance”) as part of a package of materials designed to...more

8/10/2016 - FDIC Financial Institutions Proposed Guidance Public Comment Risk Management Third Party Lenders Transparency

What You Need to Know Now About the CFPB’s Debt Collection Proposal

On July 28, 2016, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued its outline of proposals under consideration for the regulation of debt collection. This 117-page release, entitled “Small Business Review...more

8/5/2016 - Administrative Proceedings Advanced Notice of Proposed Rulemaking (ANPRM) CFPB Debt Collection Dodd-Frank FDCPA SBREFA Small Business UDAAP

Senators Ask Banking Agencies to Outline FinTech Oversight

On July 21, 2016, Senators Sherrod Brown (D-Ohio) and Jeff Merkley (D-Ore.) sent a letter to the heads of five federal agencies requesting that they outline the steps they are taking to “ensure effective oversight” of the...more

7/30/2016 - Banking Regulators Banks Business Model FinTech FSOC Senate Banking Committee Third-Party Service Provider

Short-Term Lenders Face Costly Path To Compliance

On June 2, 2016, the Consumer Financial Protection Bureau released its long-anticipated notice of proposed rulemaking on short-term consumer lending. The proposed rule follows the CFPB’s March 2015 release of an outline of...more

6/15/2016 - Ability-to-Repay CFPB Consumer Lenders Debt Collection Installment Agreements Military Lending Act Payday Loans Proposed Regulation Short-Term Loans Truth in Lending Act (TILA) UDAAP

CFPB Publishes Spring 2016 Regulatory Agenda

On June 9, 2016, the Consumer Financial Protection Bureau (CFPB) released its semi-annual regulatory agenda for Spring 2016. The agenda identifies the CFPB’s priorities through April 2017. While it does not include any major...more

6/13/2016 - Arbitration CFPB Data Collection Debt Collection Mortgage Servicing Rules Payday Loans Prepaid Payment Products Regulatory Agenda RESPA Rulemaking Process Truth in Lending Act (TILA)

CFPB Poised to Expand Regulation to Small Business Lending: Expect the Unexpected

Recent initiatives by the Consumer Financial Protection Bureau (“CFPB” or Bureau) to dramatically expand its regulation of small business lending present a confluence of concerns to industry participants. These initiatives...more

5/25/2016 - CFPB Dodd-Frank ECOA Fair Lending Financial Institutions FinTech Loans Non-Bank Lenders Small Business

Treasury Issues White Paper on Online Marketplace Lending

On May 10, 2016, the U.S. Department of the Treasury (“Treasury”) issued a white paper, entitled “Opportunities and Challenges in Online Marketplace Lending” (“White Paper”). The White Paper describes Treasury’s review of...more

5/16/2016 - CFPB Online Marketplace Lending Private Sector Request For Information U.S. Treasury

CFPB Signals Coming Amendments to TRID Rule

In an April 28, 2016, letter to mortgage industry trade groups,1 the Director of the Consumer Financial Protection Bureau (“CFPB”), Richard Cordray, signaled that the agency plans to propose amendments to the TILA-RESPA...more

5/3/2016 - CFPB NPRM RESPA TILA-RESPA Integrated Disclosure Rule (TRID) Truth in Lending Act (TILA)

CFPB Suffers First Official CID Challenge

On April 21, 2016, Judge Richard J. Leon of the United States District Court for the District of Columbia ruled on the first judicial challenge to the Consumer Financial Protection Bureau’s (“CFPB,” or “Bureau”) authority to...more

4/28/2016 - Accreditation Administrative Appeals Appeals CFPB Civil Investigation Demand For Profit Colleges Statutory Authority Unfair or Deceptive Trade Practices

Senate Legislation to Regulate Small-Dollar Loans and Prepaid Cards

On April 7, 2016, Sen. Jeff Merkley (D-OR) introduced the “Stopping Abuse and Fraud in Electronic Lending Act of 2016,” or “SAFE Lending Act of 2016,” amending the Truth in Lending Act (“TILA”) and the Electronic Fund...more

4/15/2016 - CFPB Consumer Lenders EFTA Prepaid Payment Products Truth in Lending Act (TILA)

CFPB Calls for Complaints About Marketplace Lenders

On March 7, 2016, the Consumer Financial Protection Bureau (“CFPB”) made its first official moves on “marketplace lending,” which also may be known as “peer-to-peer” lending. The CFPB described marketplace lending as the use...more

3/10/2016 - CFPB Consumer Complaint System Consumer Financial Products Online Marketplace Lending

Financial Services Report, Spring 2016

Why another law firm newsletter? Over ten years ago, Will Stern answered that question in the first Editor’s Note of the first Financial Services Report. Some things have changed since then—we no longer print and mail paper...more

3/9/2016 - Arbitration CFPB Credit Cards Customer Lists Cybersecurity Debt Collection DOJ EU-US Privacy Shield Fair Lending FCRA FDIC Federal Reserve FTC HMDA Mortgages OCC Payday Loans Preemption SEC TCPA Truth in Lending Act (TILA)

CFPB Publishes HMDA File Specifications for Data Collected in 2017 and 2018

On February 18, the Consumer Financial Protection Bureau (CFPB) and the Federal Financial Institutions Examination Council (FFIEC) published new “File Specifications” for data to be collected pursuant to the Home Mortgage...more

2/24/2016 - CFPB Data Collection FFIEC HMDA Mortgages

The CFPB & UDAAP: A "Know It When You See It" Standard? 2015 Year-End Update

The Consumer Financial Protection Bureau’s (CFPB) exercise of its sweeping authority to prohibit unfair, deceptive, and abusive acts or practices (UDAAP) continues to command the attention of financial institutions and...more

2/10/2016 - Automotive Loans CFPB Consent Order Credit Reports Debt Collection Deposit Accounts Enforcement Actions Lead Generators Mortgages Student Loans UDAAP

Know Before You Sell: CFPB Letter on “Know Before You Owe” Implementation

In response to a written request from the Mortgage Bankers Association (MBA), Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), penned a response dated December 29, 2015, addressing implementation...more

1/12/2016 - CFPB Mortgages TILA-RESPA Integrated Disclosure Rule (TRID)

Higher One, Inc. Enforcement Actions Remind Nonbank Service Providers of Their Legal Obligations When Partnering With Banks

On December 23, 2015, the Federal Reserve Board (“Federal Reserve”) and the Federal Deposit Insurance Corp. (“FDIC” and, collectively with the Federal Reserve, the “Agencies”) announced settlements with Higher One, Inc....more

1/4/2016 - Enforcement Actions FDIC Federal Reserve FTC Act Nonbank Firms Section 5 Student Loans Third-Party Service Provider

CFPB Publishes Semi-Annual Rulemaking Agenda

Just in time for the holidays, the CFPB released its Fall 2015 rulemaking agenda on Friday, November 20. The agenda does not include any major surprises, but it does slightly revise the projected timeline for several highly...more

11/24/2015 - Arbitration CFPB Debt Collection Mortgage Servicing Rules Payday Loans Prepaid Payment Products Regulatory Agenda Rulemaking Process

CFPB Bulletin on Marketing Services Agreements: Not Per Se Unlawful, But . . . .

The Consumer Financial Protection Bureau (CFPB) on October 8, 2015 issued Compliance Bulletin 2015-05, RESPA Compliance and Marketing Services Agreements (Bulletin). The Bulletin represents another significant signpost along...more

10/12/2015 - CFPB CFPB Bulletins Client Referrals Enforcement Kickbacks Marketing Services Agreements Mortgage Lenders Mortgages RESPA

CFPB Publishes Results of eClosing Pilot Program

On August 5, the CFPB released a 90-page report summarizing the results of its eClosing pilot program, a research initiative launched in April 2014 to explore whether electronic closing processes offer measurable benefits to...more

8/19/2015 - Borrowers CFPB E-Signatures eClosing Pilot Program Electronic Filing Lenders Mortgages Technology TILA-RESPA Integrated Disclosure Rule (TRID)

CFPB Examination Resource Guide

CFPB has explained to industry participants what to expect in examinationss, both in terms of exam process and covered laws & regs. SUPERVISION AND EXAMINATION MANUAL – VERSION 2.0 First issued in 10/2011, revised &...more

7/31/2015 - CFPB ECOA FDCPA HOEPA Mortgage Loan Originators Mortgage Servicers Mortgages Resource Guide RESPA Truth in Lending Act (TILA) UDAAP

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