Commercial Real Estate Consumer Protection

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Supervisory Highlights, Fall 2015: Totally Sanitized Limerick Edition!

Don’t know about you, but we’ve been dreaming about wrapping ourselves in a big cabled sweater, drinking a pumpkin-spiced beverage and cozying up to the Fall 2015 issue of Supervisory Highlights. Usually haiku is how we roll,...more

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

Auto Loans at the Top of OCC's Supervisory Priority List

Why it matters - In two recent speeches, Comptroller of the Currency Thomas J. Curry discussed the supervisory priorities of the Office of the Comptroller of the Currency (OCC), including bank operational risks,...more

ARB Rejects CFPA Whistleblower Claim On Protected Activity Grounds

On November 6, 2015, the DOL’s Administrative Review Board affirmed the dismissal of Consumer Financial Protection Act (“CFPA”) whistleblower claims of a terminated mortgage broker, concluding that the complainant did not...more

CFPB Issues New Mortgage Disclosure Rule

On October 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). At nearly 800 pages, the new HMDA rule changes (i) the...more

A Response to the CFPB’S Recent Compliance Bulletin on MSAs

On October 8, 2015, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a Compliance Bulletin on RESPA Compliance and Marketing Services Agreements (“MSAs”)(“Compliance Bulletin”).  The Compliance Bulletin’s...more

Regulators Demand “Good Faith Efforts” for TRID Implementation

Why it matters - Federal regulators said they don’t expect perfection from banks trying to comply with the new mortgage disclosure requirements but will not turn a blind eye with regard to enforcement. In letters to...more

CFPB Watch: MSAs Going the Way of Arbitration Clauses?

Following a now familiar approach, the CFPB issued a bulletin today that suggests deep disapproval of an entirely legal practice. This time, its target is marketing servicing agreements (MSAs), which are agreements that...more

CFPB Sends Industry Letter on TRID

On October 1, regulators including the CFPB sent a letter to mortgage industry trade groups regarding TRID. The letter states that...more

CFPB Issues Rule on Mortgage Guidelines for Special Classes of Creditors

The Consumer Financial Protection Bureau (“CFPB”) this week issued a final rule making a series of changes to its mortgage guidelines for small creditors and creditors in rural and underserved communities....more

Amendments Relating to Small Creditors and Rural or Underserved Areas Under the Truth in Lending Act (Regulation Z)

The CFPB is amending certain mortgage rules issued by the Bureau in 2013. This final rule revises the Bureau’s regulatory definitions of small creditor, and rural and underserved areas, for purposes of certain special...more

Ninth Circuit Finds CFPB Interpretation of RESPA Provision Not Entitled to Deference

On August 24, 2015, the Ninth Circuit found that the CFPB’s interpretation offered in an amicus brief of 12 U.S.C. § 2607(c)(2) of the Real Estate Settlement Procedures Act (RESPA) was not entitled to Chevron deference...more

FTC’s New Interpretation of Hart-Scott-Rodino Investment Property Exemption May Disrupt Industries Structured Around Prior...

The Federal Trade Commission’s Bureau of Competition Premerger Notification Staff has announced that Hart-Scott-Rodino Rule 802.5 (the “investment rental property exemption”) will no longer be available if the buyer...more

CFPB Officially Moves TRID Effective Date To October 3

The CFPB has issued a final rule postponing the effective date for all provisions of the TILA-RESPA Final Rule and Amendments to October 3, 2015. The final rule also includes certain technical amendments to reflect the new...more

CFPB Targets Real Estate Developer in Recent Enforcement Action

The Consumer Financial Protection Bureau (CFPB) recently entered into a consent order against International Land Consultants, Inc. (ILC), a real estate development company, and four of its employees involved in the marketing,...more

A Bit of Grace

The Consumer Financial Protection Bureau (CFPB) has finally agreed to bend under the strain of numerous requests from financial industry participants and 255 bi-partisan House members and 41 senators, who requested that the...more

Deference in Decline: ECOA’s Regulation B and Agency Discretion Might Not Be Broad Enough to Include Spousal Guarantors

For more than 40 years, the Equal Credit Opportunity Act (‘‘ECOA’’) has prohibited lenders from discriminating against applicants for credit on various prohibited bases, including marital status. The policy reasons for such...more

Are Airbnb Hosts Regulated by the CPSC? Short-Term Rental Properties May Require Compliance with Pool & Spa Safety Laws

In the wake of the tragic drowning of Virginia Graeme Baker, granddaughter of former Secretary of State James Baker, Congress passed and President Bush signed into law the Virginia Graeme Baker Pool and Spa Safety Act. The...more

Amendments to Section 32 of the Sale of Land Act 1962 (Vic)

The Sale of Land Amendment Act 2014 (Vic) (Act) will amend the Sale of Land Act 1962 (Vic) (SLA). The objective of the Act is to re-enact, reform and modernise the provisions relating to statements made under section 32,...more

Food and Hospitality Bites


The Target and Neiman Marcus breaches: What hoteliers need to know

The Target and Neiman Marcus problem. The massive security breach of Target's customer data may affect more than 110 million Americans -- potentially about 1 in 3 persons living in the United States. Followed in quick...more

CFPB Releases Final RESPA-TILA Integrated Disclosures Rule

On November 20, the Consumer Financial Protection Bureau released the nearly 1,900-page final RESPA-TILA Integrated Disclosures Rule. The rule will be effective for applications received on or after August 1, 2015. The...more

Insurance Recovery Law -- Nov 14, 2013

In A New York State Of Mind . . . For Expanded Vandalism Coverage - Why it matters: Property owners in New York with coverage for vandalism will be pleased with the Georgitsi Realty LLC v. Penn-Star Insurance Company...more

N.J.’s Supreme Court Weighs In On Proper Measure of Damages under the Consumer Fraud Act and Interrelationship Between...

In D’Agostino v. Maldonado, 2013 WL 5476857 (Oct. 3, 2013), the New Jersey Supreme Court weighed in on whether the New Jersey Consumer Fraud Act ("CFA") could be triggered by a complex real estate deal between a purported...more

Hurricane Sandy And Flood Insurance: Critical Deadline Looms

Hurricane Sandy And Flood Insurance: Critical Deadline Looms by Charles A. Yuen on September 11, 2013 Flood insurance policies contain a provision requiring the filing of a sworn proof of loss, typically within sixty...more

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