News & Analysis as of

Agencies Unveil Student Loan Servicing Regulatory Framework

On September 29, the CFPB issued a report examining public comments and providing policy recommendations to address issues in the student loan servicing market. The report follows a May 2015 Request for Information notice...more

TRID: New Requirements for Real Estate Closing Disclosures Are Here, Will There be A Grace Period?

It’s finally here. Over the weekend, the Consumer Financial Protection Bureau’s (CFPB) long awaited and oft delayed integration of the disclosures required by the Federal Truth in Lending Act (TILA) and Real Estate...more

CFPB, DOE, Treasury Issue Joint Statement on Student Loan Servicing

A new Joint Statement issued by the Consumer Financial Protection Bureau, Department of Education, and Department of the Treasury presents a framework to standardize student loan servicing practices across the various federal...more

BBA updates Lending Code

BBA and the UK Cards Association have published a revised version of the Lending Code. This self-regulatory code sets standards of good practice when dealing with consumers, micro-enterprises and small charities in the UK for...more

CFPB Takes Action Against Second Indirect Auto Finance Company in Three Days

On October 1, 2015, the Consumer Financial Protection Bureau (CFPB) announced its second enforcement action in three days against an indirect auto finance company. In its latest action, the CFPB took aim at indirect auto...more

Supreme Court Decision May Make It Easier for Borrowers to Sue for Discrimination

A recent decision of the Supreme Court of the United States may make it easier for borrowers to claim discrimination when denied a loan. In late June 2015, the Court addressed whether lawsuits brought under the Fair Housing...more

Owner of Mortgage Company Sentenced to Serve More Than 11 Years for Role in $64 Million Mortgage Fraud Operation

On September 24, the DOJ released a statement regarding the sentencing of the owner of a Florida mortgage company for allegedly organizing a mortgage fraud scheme. In July 2015, the owner, along with his business partner and...more

WMC Mortgage and GE Mortgage Holding Settle RMBS Repurchase Case

On September 21, 2015, Judge Denise L. Cote of the United States District Court for the Southern District of New York endorsed Bank of New York Mellon’s (“BNYM”) September 18, 2015 letter reporting that the parties had...more

$600 Million RMBS Repurchase Suit Against J.P. Morgan Dismissed

On September 18, 2015, Justice Shirley Kornreich of the Supreme Court of the State of New York dismissed a $600 million suit brought by Bank of New York Mellon, as securitization trustee (“BNYM”), against WLM Mortgage, LLC,...more

CFPB Spotlights Mortgage Complaints in Latest Monthly Report

On September 22, the CFPB published the third volume of its monthly consumer complaints report, examining mortgage complaints received through its complaint database. In its latest snapshot report, the CFPB revealed that it...more

Federal Courts Rejecting Hyper-Technical Claims on Reg X Notice of Error/Request for Information Provisions

In Russell v. Nationstar Mortgage, LLC, No. 14-61977-CIV, 2015 WL 5029346, at *5 (S.D. Fla. Aug. 26, 2015), United States District Court Judge Beth Bloom issued litigious borrowers their latest setback in a large scale...more

CFPB Publishes Final Rule Amending Various Annual Dollar Threshold Adjustments

On September 21, the CFPB issued a final rule amending certain dollar thresholds for provisions implementing amendments in Regulation Z, which implements the Truth in Lending Act (TILA), under the CARD Act, HOEPA, and ATR/QM....more

UK Ratification of the Cape Town Convention

It cannot have escaped the attention of anyone involved in the aviation finance industry that the UK is currently in the process of ratifying the Cape Town Convention (being the Convention on International Interests in Mobile...more

CFPB and DOJ Announce Joint Action Against Hudson City Savings Bank, F.S.B.

On September 24, 2015, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint action against Hudson City Savings Bank, F.S.B. (Hudson). The complaint alleges that Hudson...more

CFPB schedules October 7 field hearing on arbitration; Alan Kaplinsky to represent industry

The CFPB has announced that it will hold a field hearing about arbitration in Denver, Colorado on October 7, 2015 and has asked Alan Kaplinsky, Practice Leader of Ballard Spahr’s Consumer Financial Services Group, to...more

Deferred-Interest Loan Products Cost Issuer $700,000 in CFPB Deal

Why it matters - Allegedly deceptive enrollment tactics by third-party marketers cost the issuer of healthcare credit cards $700,000 in a settlement with the Consumer Financial Protection Bureau (CFPB). Springstone...more

CFPB issues final rule expanding definition of “small creditor” and “rural areas” under TILA

The CFPB has issued a final rule that revises the definitions of “small creditor” and “rural areas” under Regulation Z of the Truth in Lending Act (TILA). The final rule is effective January 1, 2016. We previously reported on...more

CFPB's Monthly Complaint Report Highlights National and Denver Area Consumer Complaint Trends

On September 22, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report, which provides an overview of three-month trends from consumer complaints. According to the Monthly...more

Convertible Equity: The Founder’s Alternative to Convertible Debt

Convertible debt (a loan that converts into equity upon the closing of a round of financing or other conversion event) has long been the preferred investment vehicle of early-stage investors, particularly angel investors, as...more

Fourth Circuit: Business Judgment Rule May Not Protect Bank Officers in FDIC Action

Why it matters - Bank officers may be liable in a lawsuit brought by the Federal Deposit Insurance Corp. (FDIC) while the directors escaped liability, in a new ruling from the Fourth Circuit Court of Appeals interpreting...more

US Leveraged Lending Guidelines

There has been much written about the ‘US Leveraged Lending Guidelines’ and, with increasing speculation that European bank regulators will look to control leveraged lending in some form or another in the near future, this...more

CFPB publishes annual CARD Act, HOEPA and QM adjustments

The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more

CFPB Releases New Online Tools for Consumers Ahead of the Know Before You Owe Initiative

In November 2013, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau (“CFPB”) combined various federal mortgage disclosures that lenders are required to...more

Court Allows EEOC to Join Transgender / Sex Discrimination Lawsuit against First Tower Loan

Lake Charles Location Terminated Employee Because of Transgender Status, Commission Charges - NEW ORLEANS - Mississippi-based First Tower Loan, LLC violated federal law by firing a Lake Charles, La., manager-trainee...more

Law Commission consults on logbook loans

The Law Commission has issued a consultation on its proposals for the reform of bills of sale legislation. The Law Commission believes that the law on “logbook loans” should be reformed to include protections similar to those...more

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