On August 26, 2024, Chief Judge Randy Crane in the E.D. Texas granted summary judgment to the CFPB, denied summary judgment to the trade groups and upheld the CFPB’s 1071 Rule (small business loan data collection rule)....more
9/17/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Collection ,
Dodd-Frank ,
Federal Funding ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Preliminary Injunctions ,
Regulatory Agenda ,
Section 1071 ,
Small Business Loans ,
Summary Judgment
On June 28, in Loper Bright v. Raimondo, et al., the Supreme Court overturned the Chevron deference doctrine, a long-standing tenet of administrative law established in 1984 in Chevron U.S.A., Inc. v. Natural Resources...more
On August 29, the Financial Crimes Enforcement Center (“FinCEN”) published Anti-Money Laundering Regulations for Residential Real Estate Transfers (“Final Rule”) regarding residential real estate. The Federal Register...more
9/11/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
BSA/AML ,
Final Rules ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Money Laundering ,
Mortgage Lenders ,
Real Estate Transactions ,
Reporting Requirements ,
Risk Assessment ,
Suspicious Activity Reports (SARs)
Rep. Andy Ogles, R-Tenn., on August 30, 2024 introduced in the House of Representatives a resolution under the Congressional Review Act (CRA) that would nullify the CFPB’s final nonbank registry rule....more
9/10/2024
/ Congressional Review Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Nonbank Firms ,
Proposed Legislation ,
Registration Requirement ,
Regulatory Agenda ,
SBA Lending Programs ,
Section 1071 ,
Small Business
Our recent webinar featured a conversation with noted legal scholars Craig Green, Charles Klein Professor of Law and Government at Temple University Beasley School of Law, and Kent Barnett, recently appointed Dean of the...more
The District of Columbia (DC) Office of the Attorney General (OAG) recently entered into settlements with four title companies in connection with title company joint ventures that included the companies and real estate agents...more
9/3/2024
/ Anti-Competitive ,
Consumer Protection Act ,
Enforcement Actions ,
Financial Services Industry ,
Joint Venture ,
Real Estate Agents ,
Regulatory Violations ,
RESPA ,
Settlement ,
State Attorneys General ,
Unfair or Deceptive Trade Practices
In a tentative win for the CFPB, a federal judge in Texas ruled on August 26, 2024, that the agency did not exceed its authority when it issued its final Section 1071 small business lending rule. The court also rejected...more
8/30/2024
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Motion to Amend ,
Regulatory Agenda ,
Regulatory Authority ,
Reporting Requirements ,
SCOTUS ,
Section 1071 ,
Small Business
The CFPB recently issued yet another final rule the agency says will help deter violations of consumer protection laws. This rule requires certain nonbank entities to register with the CFPB upon becoming subject to any order...more
The National Consumer Law Center is asking the CFPB, by way of a petition, for rulemaking that is long on policy arguments but woefully short on legal support, as we note below, to define residential leases as “credit” under...more
8/28/2024
/ Administrative Procedure Act ,
Anti-Discrimination Policies ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit ,
Credit Reports ,
Creditors ,
Data Collection ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
Final Rules ,
Financial Services Industry ,
NCLC ,
Proposed Rules ,
Regulation B ,
Regulation Z ,
Residential Leases ,
Small Business ,
Truth in Lending Act (TILA)
In a surprising quick turn of events, on remand from SCOTUS, the 9th Circuit, on August 23, 2024, issued its unanimous unpublished panel opinion in Kivett v. Flagstar Bank, FSB (Kivett II) in which it essentially re-affirmed...more
8/28/2024
/ Amicus Briefs ,
Bank of America ,
Cantero v Bank of America NA ,
Dodd-Frank ,
Escrow Accounts ,
Financial Services Industry ,
Flagstar Bank NA v Kivett ,
Mortgages ,
National Bank Act ,
OCC ,
Preemption ,
Regulatory Agenda ,
SCOTUS
As previously reported, in June 2024 the CFPB issued a final rule creating a Nonbank Enforcement Order Registry. The rule is effective on September 16, 2024, with registrations available beginning on October 16, 2024 pursuant...more
On August 16, 2024 the CFPB issued an updated 2025 Small Business Lending Filing Instructions Guide (the “Guide”). The Guide provides updated compliance dates that correspond to the new compliance dates....more
8/21/2024
/ Compliance Dates ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Financial Institutions ,
Financial Services Industry ,
Motion To Stay ,
SBA Lending Programs ,
SCOTUS ,
Section 1071 ,
Small Business
On August 15, 2024, the Federal Trade Commission (“FTC”) and Arizona Attorney General announced a proposed settlement with an Arizona-based vehicle dealership to resolve allegations that the dealership misrepresented prices...more
8/21/2024
/ Anti-Discrimination Policies ,
Arizona ,
Borrowers ,
Car Dealerships ,
CARS Rule ,
Consent ,
Consumer Fraud ,
ECOA ,
Fair Lending ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FTC Act ,
Motor Vehicles ,
Section 5 ,
UDAAP ,
Unfair or Deceptive Trade Practices
In connection with its guaranteed home loan program, the Department of Veterans Affairs (VA) announced in Circular 26-24-17 [Link: https://benefits.va.gov/HOMELOANS/documents/circulars/26-24-17.pdf] requirements when a party...more
On August 8, 2024, the CFPB filed its Appellant Brief with the Fifth Circuit, appealing the September 2023 decision by the Federal District Court for the Eastern District of Texas that vacated the March 2022 changes to the...more
We are following very closely this appeal to the 10th Circuit of the preliminary injunction issued by the Federal District Court for the District of Colorado to the plaintiffs (three trade groups) enjoining the Colorado...more
8/9/2024
/ Banks ,
Borrowers ,
Colorado ,
Consumer Financial Products ,
DIDMCA ,
FDIC ,
Financial Services Industry ,
Loans ,
National Bank Act ,
Opt-Outs ,
Preliminary Injunctions
The National Flood Insurance Program’s authorization to issue new flood insurance contracts will expire on Sept. 30 unless Congress votes to extend it. Congress has been unable to enact a long-term extension of parts of the...more
As previously reported, the U.S. Department of Housing and Urban Development (HUD) in connection with single-family residential mortgage loans insured by the Federal Housing Administration (FHA), and Fannie Mae and Freddie...more
8/8/2024
/ Consumer Financial Products ,
Fannie Mae ,
Federal Housing Administration (FHA) ,
Financial Services Industry ,
Freddie Mac ,
HECM ,
HUD ,
Loans ,
Mortgage Lenders ,
Mortgagee Letters ,
Mortgages
Previously, in connection with the home loan program of the Department of Veterans Affairs (VA) we reported on the VA’s adoption of a temporary local variance allowing veterans to pay the commission of the real estate broker...more
8/6/2024
/ Broker Commissions ,
Brokers ,
Buyers ,
Consumer Financial Products ,
Department of Veterans Affairs ,
Financial Services Industry ,
Loans ,
Mortgages ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Variances ,
Veterans ,
Veterans Administration
The Department of Housing and Urban Development (HUD) recently charged multiple entities with housing discrimination based on an asserted biased appraisal and denial of a mortgage refinance loan application based on the...more
In connection with its guaranteed home loan program, in June 2024 the Department of Veterans Affairs (VA) adopted a temporary local variance allowing veterans to pay the commission of the real estate broker or agent assisting...more
A group of federal agencies have finalized reconsideration of value (ROV) guidance for residential real estate valuations. The agencies are the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB),...more
7/22/2024
/ Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
FRB ,
NCUA ,
OCC ,
Proposed Guidance ,
Proposed Rules ,
Real Estate Transactions ,
Regulatory Agenda
On July 17, Acting Comptroller of the Currency Michael Hsu delivered prepared remarks before the Exchequer Club entitled “Size, Complexity, and Polarization in Banking.”...more
7/22/2024
/ Bank of America ,
Banks ,
Cantero v Bank of America NA ,
Chevron Deference ,
Comptroller ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Electronic Fund Transfer Act ,
FDCPA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
National Bank Act ,
OCC ,
Preemption ,
SCOTUS
Republicans on Capitol Hill have introduced legislation that would require a review of all federal court decisions, laws, regulations and legal cases that used the Chevron Deference Doctrine as the basis for decisions....more
In a major win for the CFPB, in CFPB v. Townstone Financial, a panel of the U.S. Court of Appeals for the Seventh Circuit (7th Circuit) recently held that the Regulation B provision prohibiting discrimination under the Equal...more
7/18/2024
/ Chevron Deference ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit ,
Creditors ,
Discriminatory Lending Practices ,
ECOA ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Financial Services Industry ,
Oral Argument ,
Regulation B