The New York Department of Financial Services (NYDFS) promulgated its long-awaited final rule regarding commercial financing disclosures, which applies to transactions of $2.5 million or less, on February 1, 2023. The state’s...more
Congress has enacted and President Joseph Biden has signed a joint resolution of disapproval under the Congressional Review Act (CRA) of the Office of the Comptroller of the Currency’s (OCC’s) “true lender” rule, which, as we...more
On April 27, 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule formally delaying the mandatory compliance date for the rule defining a “qualified mortgage” (QM) (the General QM Final Rule)...more
4/29/2021
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cooperative Compliance Regime ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Qualified Mortgage Rule ,
Real Estate Transactions ,
Statutory Deadlines
Senator Chris Van Hollen (D-MD) introduced a Congressional Review Act (CRA) resolution of disapproval on March 26 that would invalidate the Office of the Comptroller of the Currency’s (OCC’s) true lender final rule. ...more
We previously reported on recent mortgage rulemakings that were finalized by the Consumer Financial Protection Bureau (CFPB or Bureau) late last year. Of the two final rules from the Bureau, one drastically simplifies the...more
We previously reported on recent mortgage rulemakings that were finalized by the Consumer Financial Protection Bureau (CFPB or Bureau) late last year. Of the two final rules from the Bureau, one drastically simplifies the...more
2/25/2021
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Fannie Mae ,
Financial Regulatory Reform ,
Financial Services Industry ,
Freddie Mac ,
GSE ,
Mortgage Lenders ,
Mortgages ,
Qualified Mortgage Rule
Shortly after the inauguration of President Joe Biden on January 20, former Consumer Financial Protection Bureau (CFPB or Bureau) Director Kathleen Kraninger submitted her resignation. Soon after that, the president announced...more
2/9/2021
/ Biden Administration ,
CARES Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Guidance ,
Fair Lending ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgages ,
Racial Bias ,
Regulatory Oversight
The Consumer Financial Protection Bureau (Bureau or CFPB) issued two final rules on December 10 with significant implications for the mortgage marketplace. Of the two final rules from the Bureau, one drastically simplifies...more
The Consumer Financial Protection Bureau (Bureau or CFPB) on October 30 issued the first part of its long-awaited debt collection final rule, which restates and clarifies prohibitions on harassment and abuse, false or...more
Members of the US Senate Banking Committee recently introduced a bill to create the Fair Access Financial Services Act of 2020, which is aimed to make any practice of discrimination by a financial institution on the grounds...more
11/3/2020
/ Fair Access to Credit ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Act ,
Financial Services Industry ,
Legislative Agendas ,
National Origin Discrimination ,
Race Discrimination ,
Religious Discrimination ,
Senate Banking Committee ,
Sex Discrimination
The Office of the Comptroller of the Currency (OCC) issued a final rule on October 27 that determines when a national bank or federal savings association (bank) makes a loan and is the “true lender” in the context of a...more
The Consumer Financial Protection Bureau (CFPB or Bureau) on October 20 issued a final rule to extend the government-sponsored enterprises patch (GSE Patch), i.e., the “temporary qualified mortgage” exemption within the...more
10/22/2020
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Fannie Mae ,
Financial Regulatory Reform ,
Financial Services Industry ,
Freddie Mac ,
GSE ,
Mortgages ,
Qualified Mortgage Rule ,
Regulation Z
Section 1071 of the Dodd-Frank Act amended the Equal Credit Opportunity Act (ECOA) to require financial institutions to compile, maintain, and submit to the Consumer Financial Protection Bureau (CFPB or Bureau) certain data...more
9/17/2020
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Disclosure Requirements ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
HMDA ,
Minority-Owned Businesses ,
Regulatory Requirements ,
Section 1071 ,
Small Business ,
Women-Owned Businesses
The Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed rule on August 18 to create a new category of seasoned qualified mortgages (Seasoned QMs) that, if finalized as written, would carry significant...more
8/21/2020
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Regulatory Reform ,
Financial Services Industry ,
GSE ,
Mortgage Lenders ,
Mortgages ,
Qualified Mortgage Rule ,
Truth in Lending Act (TILA)
The Office of the Comptroller of the Currency (OCC) issued a proposed rule on July 20 that would determine when a national bank or federal savings association (bank) makes a loan and is the “true lender” in the context of a...more
The Federal Deposit Insurance Corporation (FDIC) issued a final rule on June 25 that reaffirms the enforceability of the interest rate terms of loans made by state-chartered banks and insured branches of foreign banks...more
The Consumer Financial Protection Bureau on June 22 issued two proposed rules with significant implications for the mortgage marketplace....more
6/30/2020
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Fannie Mae ,
Financial Regulatory Reform ,
Financial Services Industry ,
Freddie Mac ,
GSE ,
Mortgage Lenders ,
Mortgages ,
Qualified Mortgage Rule ,
Truth in Lending Act (TILA)
A recent legal conference in Washington, DC, highlighted newly proposed and ongoing regulatory changes in California concerning consumer and commercial lending. ...more
3/5/2020
/ Banks ,
Commercial Loans ,
Consumer Financial Products ,
Consumer Lenders ,
Department of Business Oversight ,
Enforcement Actions ,
Enforcement Authority ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Governor Newsom ,
Regulatory Agenda ,
Regulatory Standards ,
State and Local Government ,
State Budgets
Investors and investment managers around the globe are seeing increasing rules and regulations on how they can deploy their money, how they can advertise their services, and how they have to report to regulators.
...more
2/3/2020
/ Advertising ,
Anti-Bribery ,
Anti-Corruption ,
Anti-Money Laundering ,
Banks ,
Bribery ,
Consumer Financial Products ,
Corruption ,
Equity Markets ,
Fair Access to Credit ,
False Claims Act (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Fraud and Abuse ,
Investment ,
Investors ,
Japan ,
Loans ,
Mutual Funds ,
Private Funds ,
Proposed Rules ,
Regulatory Requirements ,
Reporting Requirements ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Solicitation ,
United Arab Emirates (UAE) ,
Volcker Rule ,
White Collar Crimes