Consumer Protection Residential Real Estate Elections & Politics

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Nevada Senate Passes Bill Affecting Super-Priority Liens in Foreclosure

The Nevada Legislature recently passed a bill intended, in part, to address issues resulting from the Nevada Supreme Court’s decision that a homeowners association lien is a true super-priority lien that, if foreclosed,...more

Nevada Enacts Payday Lender Best Practices Act

On May 27, Nevada Governor Brian Sandoval signed into law S.B. 242, enacting the Payday Lender Best Practices Act. The legislation requires payday and similar lenders to use various specified best practices – advocated by the...more

Oklahoma Amends SAFE Act

Governor Mary Fallin signed SB-377 on May 12, amending provisions relating to the Oklahoma SAFE Act (the Act). The amendment clarifies the Act by adding references to “mortgage lenders” and “servicing” throughout the Act and...more

Banking Committee Chairman Introduces the Financial Regulatory Improvement Act of 2015

For more than two decades, each and every Congress has considered and adopted wide-ranging financial services legislation that has significantly altered the legal and regulatory landscape governing financial institutions in...more

255 members of Congress seek TILA/RESPA integrated disclosure rule grace period

A bipartisan group of 255 members of Congress have sent a letter to the CFPB seeking a grace period for enforcement of the TILA-RESPA Integrated Disclosure (TRID) rule which becomes effective on August 1, 2015. They ask for...more

Democrats release alternative regulatory relief bill

Democrats on the Senate Banking Committee have released a regulatory relief bill intended to be an alternative to the bill released by Senator Richard Shelby. While Senator Shelby’s bill is entitled the “Financial Regulatory...more

Shelby Draft Regulatory Relief Bill Addresses Various Residential Mortgage Issues

On May 12, 2015 Senator Richard Shelby (R-AL) released a draft of a regulatory reform bill entitled the Financial Regulatory Improvement Act of 2015. The draft bill addresses various residential mortgage lending issues, a...more

Bipartisan House Bill Introduced To Create Temporary Safe Harbor from Enforcement of TILA-RESPA Integrated Disclosure Rules

Republican Congressman Steve Pearce and Democratic Congressman Brad Sherman have introduced a bill in the House of Representatives (H.R. 2213) that would provide lenders with a temporary safe harbor from enforcement of the...more

House to hold March 14 hearing on TILA-RESPA integrated disclosures

On March 14, 2015, the House Financial Services Committee’s Subcommittee on Housing and Insurance will hold a hearing on “TILA-RESPA Integrated Disclosure: Examining the Costs and Benefits of Changes to the Real Estate...more

CFPB Report Recaps 2014 Fair Lending Activities

On April 28, the CFPB published its third annual report to Congress on its fair lending activities. Among other developments, the report highlights the following key supervision and enforcement priorities taken by the Bureau...more

CFPB Releases its Third Fair Lending Report to Congress

On April 28, 2015, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”), established in 2010 by The Dodd-Frank Wall Street Reform and Consumer Protection Act, issued its third Fair Lending Report (the “Report”)...more

Bipartisan House bill introduced to create temporary safe harbor from enforcement of TILA-RESPA integrated disclosure rule

Republican Congressman Steve Pearce and Democratic Congressman Brad Sherman have introduced a bill in the House of Representatives (H.R. 2213) that would provide lenders with a temporary safe harbor from enforcement of the...more

House passes bill to amend TILA points and fees definition for mortgage loans

Earlier this week, the House of Representatives passed a bill to amend the TILA definition of “points and fees” that is used to determine whether a loan is a high-cost mortgage or, for purposes of TILA’s ability to repay...more

House passes regulatory reform bills

Earlier this week, the House of Representatives, in bi-partisan votes, passed the following regulatory reform bills: The “Eliminate Privacy Notice Confusion Act, H.R. 601, would create an exemption from the Gramm-Leach-Bliley...more

Senate Banking Committee to hold April 16 hearing on mortgage credit availability

On April 16, 2015, the Senate Committee on Banking, Housing and Urban Affairs will conduct a hearing entitled, “Regulatory Burdens to Obtaining Mortgage Credit.” The witnesses scheduled to appear are...more

The 2014 Election: A Critical Juncture in Financial Services Legislation, Regulation, and Oversight

As November draws closer, the financial services industry is staking out a front row seat in tracking the outcomes of the 2014 midterm elections. The 114th Congress’ legislative agenda in this area will be shaped in large...more

New exemption under ILSA for condo units: relief for developers, key points to note

President Barack Obama has signed into law an amendment to the Interstate Land Sales Full Disclosure Act of 1968 (ILSA). The new law, signed by the President on September 30, expands registration exemptions under ILSA...more

Cordray's House Testimony Signals Areas of CFPB Focus

On June 18, 2014, CFPB Director Richard Cordray appeared before the House Financial Services Committee to testify about his agency's fifth Semi-Annual Report. As in past hearings, Cordray and House Republicans clashed over...more

CFPB to issue whitepaper on methodology for identifying auto finance discrimination and consider use of advisory opinions

While Director Cordray’s appearance at the House Financial Services Committee’s hearing on the CFPB’s fifth Semi-Annual Report yesterday was accompanied by the usual dose of political theater, his testimony did yield the...more

Director Cordray testifies before Senate committee

Yesterday, the Senate Committee on Banking, Housing and Urban Affairs heard testimony from Director Cordray at its hearing titled “The Consumer Financial Bureau’s Semi-Annual Report to Congress.” Noteworthy aspects of...more

House Financial Services Committee Approves Several Mortgage Bills

On May 22, the House Financial Services Committee resumed activity on a series of bills—several of which are mortgage-related—that it considered earlier this month but for which it had postponed recorded votes. The committee...more

HUD To Insure Reverse Mortgages Protecting Non-Borrowing Spouses; Senators Seek Protections For Surviving Heirs

On April 25, HUD issued Mortgagee Letter 2014-07, which states that effective August 4, 2014, HUD will apply an alternative interpretation of Subsection 255(j) of the National Housing Act, which HUD has interpreted to limit...more

CFPB Releases Second Fair Lending Report

The CFPB released its second Fair Lending Report to Congress last week, summarizing the Bureau’s fair lending actions in the last year and a half. The Report highlighted the Bureau’s creation and implementation of a...more

Congressman Cummings Returns To Scrutiny Of Independent Foreclosure Reviews

On April 24, House Oversight Committee Ranking Member Elijah Cummings (D-MD) expressed renewed interest in the termination of the Independent Foreclosure Review (IFR). In a letter to Oversight Committee Chairman Darrell Issa...more

Congresswoman Urges OCC to Scrutinize Mortgage Servicing Rights Sales to Nonbank Servicers

Congresswoman Maxine Waters, who serves as the ranking member on the House of Representatives Committee on Financial Services, sent a letter to the Office of the Comptroller of the Currency and the Office of Mortgage...more

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