More clearly define crypto asset regulatory boundaries for Securities and Exchange Commission (“SEC”) and Commodity Futures Trading Commission (“CFTC”), providing statutory definitions for “restricted digital assets” and...more
The United States House of Representatives voted 279-136 to pass the Financial Innovation and Technology for the 21st Century Act (“FIT21”), on Wednesday, May 22, 2024. FIT21 is the first crypto-related legislation to clear...more
A long-awaited Third Circuit decision held that securitization trusts holding student loans are “covered persons” subject to the CFPB’s enforcement and investigative powers because they “engage” in offering or providing...more
5/7/2024
/ Appeals ,
Civil Monetary Penalty ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Person ,
Due Diligence ,
Petition for Writ of Certiorari ,
SCOTUS ,
Securitization ,
Unfair or Deceptive Trade Practices
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund released an updated Community Development Financial Institution (CDFI) Certification Application (Application).
This updated...more
3/7/2024
/ Applications ,
CDFI Fund ,
Certifications ,
Community Development Financial Institution (CDFI) ,
Compensation ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Loans ,
Mortgage-Backed Securities ,
Transparency ,
U.S. Treasury
President Biden’s recent Executive Order on Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence:
Establishes a federal government-wide effort to mitigate risks of improper AI development and use....more
12/21/2023
/ Artificial Intelligence ,
Biden Administration ,
Consumer Protection Laws ,
Cybersecurity ,
Data Privacy ,
Executive Orders ,
Financial Institutions ,
Financial Services Industry ,
Machine Learning ,
National Security ,
New Guidance ,
NIST ,
Personal Data ,
Reporting Requirements ,
Risk Mitigation ,
Securities and Exchange Commission (SEC)
As artificial intelligence (AI) continues to rapidly evolve, policymakers are increasingly focused on its regulation to ensure the protection of individuals and the broader public interest. Following the publication of...more
6/14/2023
/ Algorithms ,
Anti-Discrimination Policies ,
Artificial Intelligence ,
CFTC Enforcement Manual ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
National Science Foundation ,
OMB ,
Popular ,
Regulatory Agenda ,
Risk Management
Over the last six months, artificial intelligence (AI) has captured the public imagination in a way it never has before. A new generation of AI-powered language models make use of a deep learning architecture known as a...more
4/27/2023
/ Artificial Intelligence ,
Banking Sector ,
Broker-Dealer ,
CFTC ,
Cybersecurity ,
Due Diligence ,
ECOA ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Investment Adviser ,
Lending ,
Popular ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Software
On December 30, 2022, Governor Hochul signed the New York Foreclosure Abuse Prevention Act (“FAPA”) into law, with immediate effect. FAPA not only applies to mortgage foreclosures sought in 2023 and beyond, it also applies...more
Emerging technologies, such as bitcoin, blockchain and non-fungible tokens (“NFTs”), have led to the creation of massive alternative investment vehicles, additional portfolio diversification as well as expansion of the...more
8/11/2022
/ Artificial Intelligence ,
Bitcoin ,
Blockchain ,
Cryptocurrency ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Emerging Technologies ,
Non-Fungible Tokens (NFTs) ,
Proposed Amendments ,
Regulatory Reform ,
Uniform Commercial Code (UCC) ,
Uniform Law Commission (ULC)
The Consumer Financial Protection Bureau (“CFPB”) recently issued two final rules aimed at bolstering the Qualified Mortgage (“QMs”) market. The first final rule amends the general eligibility category of QMs (“General QMs”)...more
1/14/2021
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Fannie Mae ,
Financial Regulatory Reform ,
Financial Services Industry ,
Freddie Mac ,
GSE ,
Mortgage Reform ,
Mortgages ,
Qualified Mortgage Rule ,
Regulation Z
Fintech has been changing the process of buying a residential home for years, but the pandemic has boosted the speed of change into hyperdrive. While some of these innovations may not be required after shutdowns are eased and...more
11/17/2020
/ Consumer Financial Products ,
Consumer Lenders ,
Coronavirus/COVID-19 ,
Financial Services Industry ,
FinTech ,
HELOC ,
Housing Market ,
Infectious Diseases ,
Innovative Technology ,
Mortgages ,
Popular ,
Real Estate Transactions ,
Trulia ,
Zillow
Why is TALF a good opportunity?
Simply put, based on TALF 1.0 (the initial version of the program in effect during 2009–2010), we expect there to be in excess of 100 new TALF funds established as part of TALF 2.0 in 2020,...more
With the Term Asset-Backed Securities Loan Facility program (“TALF 2.0”) officially underway and open to investors, the Federal Reserve Bank of New York (the “FRBNY”) continues to modify the program, most recently granting an...more
Introduction -
As the reinstated Term Asset-Backed Securities Loan Facility program (“TALF 2.0”) opened, the Federal Reserve Bank of New York (the “FRBNY”) continues to revise the TALF 2.0 program details, changing the...more
Introduction -
As market participants prepare for the launch of the latest version of the Term Asset-Backed Securities Loan Facility (“TALF”) program (“TALF 2.0”), two new developments provide greater clarity as to how the...more
6/2/2020
/ Asset-Backed Securities ,
Business Development Companies ,
DBRS ,
Financial Markets ,
FRBNY ,
Investment Funds ,
Investment Management ,
KBRA ,
Loans ,
No-Action Letters ,
NRSRO ,
Securities and Exchange Commission (SEC) ,
SIFMA ,
Term Asset-Backed Securities Loan Facility (TALF)
On May 20, 2020, the Federal Reserve Board of Governors (the “Fed”) and the Federal Reserve Bank of New York (the “FRBNY”) announced the first subscription date of June 17, 2020 for funding under the Term Asset-Backed...more
5/28/2020
/ Asset-Backed Securities ,
Borrowers ,
Capital Distributions ,
Certification Requirements ,
Collateral ,
Coronavirus/COVID-19 ,
Federal Loans ,
Federal Reserve ,
FRBNY ,
Issuer Eligibility Criteria ,
Master Loan and Security Agreement (MLSA) ,
Sponsors ,
Stock Repurchases ,
Term Asset-Backed Securities Loan Facility (TALF) ,
Term Sheets
On May 12, 2020, the Federal Reserve Board of Governors (the “Fed”) and the Federal Reserve Bank of New York (the “FRBNY”) released an updated term sheet (the “New Term Sheet”) and Frequently Asked Questions (the “TALF FAQs”)...more
On May 4, 2020, the Federal Reserve Bank of New York (the “Federal Reserve”) released Frequently Asked Questions (the “FAQs”) regarding the Primary Market Corporate Credit Facility (“PMCCF”) program, providing greater detail...more
5/13/2020
/ Bonds ,
CARES Act ,
Eligibility ,
Federal Reserve ,
NRSRO ,
Primary Market Corporate Credit Facility (PMCCF) ,
Rule 144 ,
Secondary Market Corporate Credit Facility (SMCCF) ,
Securities and Exchange Commission (SEC) ,
Special Purpose Vehicles ,
Term Asset-Backed Securities Loan Facility (TALF)
On April 9, 2020, the Federal Reserve Board of Governors (the “Fed”) released an updated term sheet (the “Updated Term Sheet”) for the Term Asset-Backed Securities Loan Facility (“TALF”) program. While the Updated Term Sheet...more
On April 9, 2020, the Federal Reserve Board of Governors (the “Fed”) released an updated term sheet for the Primary Market Corporate Credit Facility (“PMCCF”) program, providing additional detail and further clarification of...more
4/15/2020
/ Bonds ,
CARES Act ,
Collateralized Loan Obligations ,
Equity Investors ,
Federal Reserve ,
Primary Market Corporate Credit Facility (PMCCF) ,
Relief Measures ,
Secondary Market Corporate Credit Facility (SMCCF) ,
Special Purpose Vehicles ,
Term Asset-Backed Securities Loan Facility (TALF) ,
Term Sheets ,
U.S. Treasury
On March 23, 2020 the Federal Reserve Bank (the “Fed”) announced the establishment of the Term Asset-Backed Securities Loan Facility (the “TALF”) to “support the flow of credit to consumers and business” by facilitating the...more
Last week, an estimated gathering of over 4,700 of the industry’s finest descended on Miami for IMN’s ABS East conference. The mood was upbeat and the meeting rooms (and the lobby bar) were crowded, as participants raced to...more
The Consumer Financial Protection Bureau (CFPB) in the U.S. published an outline of proposals on July 28, 2016 to govern consumer debt collection by debt collectors including third-party collection agencies, debt buyers,...more
9/2/2016
/ Burden of Proof ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Buyers ,
Debt Collection ,
Debt Collectors ,
Dispute Resolution ,
Dodd-Frank ,
Evidence ,
FDCPA ,
Loan Servicing ,
Mortgage Loan Servicing Standards ,
Native Language ,
Proposed Rules ,
Statute of Limitations ,
Third-Party Service Provider ,
Time-Barred Debt
Just when you thought we were out of the housing crisis weeds of ’07—think again. Apparently when an abundance of people buy homes they can’t afford and predictably fall behind on their payments, the judicial foreclosure...more
Following on the heels of last year’s bi-partisan “Housing Finance Reform and Taxpayer Protection Act of 2013”, which was introduced into the Senate by Senators Corker and Warner, a similar bill was recently introduced in the...more