A long-awaited Third Circuit decision held that securitization trusts holding student loans are “covered persons” subject to the CFPB’s enforcement and investigative powers because they “engage” in offering or providing...more
5/7/2024
/ Appeals ,
Civil Monetary Penalty ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Person ,
Due Diligence ,
Petition for Writ of Certiorari ,
SCOTUS ,
Securitization ,
Unfair or Deceptive Trade Practices
ABS issuers have been exempted from the U.S. Securities and Exchange Commission's (“SEC”) final rule requiring certain cybersecurity risk and incident disclosure (the “Final Rule”).
The SEC left open the possibility of...more
8/17/2023
/ Cyber Attacks ,
Cyber Incident Reporting ,
Cybersecurity ,
Disclosure Requirements ,
Final Rules ,
Form 10-K ,
Form 8-K ,
Publicly-Traded Companies ,
Reporting Requirements ,
Risk Management ,
Securities and Exchange Commission (SEC)
On Monday, February 27, the U.S. Supreme Court granted the certiorari petition filed by the Consumer Financial Protection Bureau (“CFPB”) seeking review of the Fifth Circuit decision in Community Financial Services...more
The Consumer Financial Protection Bureau (“CFPB”) recently issued two final rules aimed at bolstering the Qualified Mortgage (“QMs”) market. The first final rule amends the general eligibility category of QMs (“General QMs”)...more
1/14/2021
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Fannie Mae ,
Financial Regulatory Reform ,
Financial Services Industry ,
Freddie Mac ,
GSE ,
Mortgage Reform ,
Mortgages ,
Qualified Mortgage Rule ,
Regulation Z
The U.S. Treasury Department (the “Treasury”) views a healthy private label residential mortgage-backed securities (“PLS”) market as “an important component of a reformed, safe, and sustainable housing finance system that...more
It's official. Risk retention became effective for residential mortgage-backed securities (“RMBS”) on December 24, 2015. Since the final rules (the “Rules”) were issued, there has been a lot of talk throughout the broader...more