Virginia Financial Institutions - June 2013


In this issue:

- CFPB Amends Ability-to-Repay Rule to Ease Standards for Small Creditors

- Assistant Managers Fail to Break the Piggy Bank...For Now

- Federal Agencies Make Changes to Regulation Governing the Garnishment of Deposit Accounts Containing Benefit Payments

- Fourth Circuit is the First to Hold Absolute Priority Rule Applicable to Individual Chapter 11 Debtors In re Maharaj, 681 F.3d 558 (4th Cir. 2012)

- CRA and Disparate Impact Now More Muddled Than Ever

- Excerpt from: CFPB Amends Ability-to-Repay Rule to Ease Standards for Small Creditors:

On May 28, the Consumer Financial Protection Bureau (the “CFPB”) finalized important amendments to its ability-to-repay rule. Among other things, the amendments are intended to help small creditors comply with the law and preserve consumer access to credit from such creditors. “Small creditor” is defined in the rule to generally mean a creditor with no more than $2 billion in assets that (along with affiliates) originates no more than 500 first-lien mortgages covered under the ability to-repay rule per year.

Please see full newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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