Truth in Lending Act

News & Analysis as of

Real Estate News - August 2015

Coming Soon… New Closing (no, Consummation…) Rules! Now Starting October 3, 2015 Instead of August 1, 2015 - What?! We can’t call it a closing anymore? Under new federal regulations regarding the Truth in Lending Act...more

Appellate Court Provides Guidance for Determining Whether a Credit Transaction is Subject to TILA

The Truth-In-Lending Act (“TILA” or the “Act”) governs consumer credit transactions, which are defined as transactions in which (1) credit is offered or extended to a natural person, and (2) the money, property, or services...more

Spotlight on the Military Lending Act, Part 2: Planning for Compliance

Compliance with the revised Department of Defense (“DoD”) regulations under the Military Lending Act (“MLA”) is not mandatory until October 3, 2016 or, for most credit cards, until October 3, 2017. However, as the recent...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending July 31 & August 7, 2015

Foreclosure: non-borrower owner of real property as tenants-in-common with borrower not required to sign mortgage for borrower to encumber only his interest in the property and non-borrower’s signature on mortgage reflected...more

Dodd-Frank at 4: Where do we go from here?

Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more

Spotlight on the Military Lending Act: Did the Final Rule Improve on the Proposal?

On July 22, 2015, the Department of Defense (“Department”) released its final rule amending the regulations that implement the Military Lending Act (“MLA”), which means that a wider range of credit products—including open-end...more

Payment is due at the time services are rendered

Typically, physicians collect co-payments from patients when services are provided, submit claims for reimbursement to government and commercial payers, and then send bills to patients for the balance owing. The payment and...more

CFPB Examination Resource Guide

CFPB has explained to industry participants what to expect in examinationss, both in terms of exam process and covered laws & regs. SUPERVISION AND EXAMINATION MANUAL – VERSION 2.0 First issued in 10/2011, revised &...more

Coming Soon... New Closing (no, Consummation...) Rules!

What?! We can’t call it a closing anymore? Under new federal regulations regarding the Truth in Lending Act (“TILA”) and the Real Estate Settlement Procedures Act (“RESPA”), the terminology for a “closing” or “settlement” is...more

CFPB Finalizes TRID’s Final Effective Date

On Tuesday, July 21, 2015, the Consumer Financial Protection Bureau (CFPB) finalized a rule that delays the effective date of the Truth in Lending Act and Real Estate Settlement Procedures Act rules integrating certain...more

Department of Defense Issues Final Rule Expanding Military Lending Act to Credit Cards and Other Consumer Lending Products

On July 21, 2015, the U.S. Department of Defense (“DOD”) announced the final rule amending the Military Lending Act’s (“MLA”) implementing regulations. The changes apply the MLA’s strict lending restrictions to consumer...more

How to Respond to a CFPB Civil Investigative Demand

The Consumer Financial Protection Bureau (“CFPB”) was created to enforce the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”) and various consumer finance laws (e.g., Equal Credit Opportunity...more

The CFPB and the Business of Insurance: An Analysis of the Scope of CFPB’s Authority Over Insurance Sales

In 2014, the Bureau of Consumer financial Protection (CFPB) issued an enforcement order against a bank and its service provider for allegedly misleading sales of insurance. That order was based on the CFPB’s power to prohibit...more

OCC Identifies Safety and Soundness Risks to National Banks and Federal Savings Associations and Supervisory Priorities

A new report issued by the federal Office of the Comptroller of the Currency (OCC) identifies top safety and soundness risks to national banks and federal savings associations, as well as OCC supervisory priorities for the...more

FDIC Revises Examination Procedures To Incorporate TILA/RESPA Integrated Disclosures

The FDIC has revised its interagency examination procedures to reflect the requirements of the TILA/RESPA integrated disclosures (TRID) rule. The CFPB has issued a proposal to postpone the TRID rule’s effective date from...more

CFPB Delays Implementation of New TRID Form

For the second time in recent weeks, the Consumer Financial Protection Bureau (CFPB) delayed the launch of the new integrated disclosures for residential mortgage loans under the Truth in Lending Act (TILA) and Real Estate...more

CFPB’s TRID Rule Delayed Again – Uncertainty Persists for Good-Faith Grace Period

The CFPB announced on June 17 that it would delay the effective date of the “Know Before You Owe” rule until October 1, 2015. However, the proposed rule issued by the Bureau on June 25 now delays the effective date to...more

CFPB Delays Implementation of TRID

On June 24, the Consumer Financial Protection Bureau (CFPB) issued a proposed amendment to delay the effective date of the TILA-RESPA Integrated Disclosure Act, also known as the Know Before You Owe mortgage disclosure rule,...more

Special Alert: CFPB Issues Proposal to Delay TRID Rule Until October 3

The CFPB issued a proposed rule today to delay the effective date of the TILA-RESPA Integrated Disclosure (“TRID”) rule, including all amendments, from August 1 to October 3, 2015. The proposed delayed effective date is two...more

TILA-RESPA Combined Disclosures: The Executive Perspective October 29, 2014

In This Presentation: - ½-Way Point & What We Will Cover - NEW RISK ENVIRONMENT - THINKING ABOUT RISKS FOR 2015 - Business Challenges and Your Bottom Line - What is Behind TRID? - Communications...more

CFPB Proposes to Extend TRID Effective Date to October 3

In a previous blog post, we discussed an informal announcement by the Consumer Financial Protection Bureau (CFPB) of its intent to delay the effective date of the new integrated mortgage disclosure rule under Regulations X...more

District Court Rejects Lender’s Motion to Dismiss in Ongoing Litigation with CFPB

On June 12, the United States District Court for the Eastern District of California denied Castle & Cooke Mortgage’s motion to dismiss in a putative class action brought by affected borrowers stemming from Castle and Cooke’s...more

Never Say Never: CFPB Gives Breathing Room for TRID Implementation

After months of playing hard-to-get with industry advocates, the CFPB’s Director Richard Cordray put out a statement that the CFPB is proposing to delay the effective date of the TILA-RESPA Integrated Disclosure (TRID) by two...more

Company that entered into CFPB consent order loses motion to dismiss class action

A California federal judge has rejected the attempt of Castle & Cooke Mortgage, LLC, the mortgage company that entered into a consent order with the CFPB in November 2013 to settle charges that it violated the Regulation Z...more

CFPB Issues Final Rule Governing Non-Bank Auto Lenders

This week, the CFPB issued a long-anticipated final rule under which it will, for the first time, allow the Bureau to supervise non-bank auto finance companies. Although the Bureau currently supervises the auto financing...more

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