As consumers and businesses face ever-worsening financial conditions in the wake of the COVID-19 pandemic, federal agencies and some states and localities have stepped in to provide foreclosure and eviction relief. Not...more
As expected, California has enacted legislation imposing interest rate caps on larger consumer loans. The new law, AB 539, imposes other requirements relating to credit reporting, consumer education, maximum loan repayment...more
On August 20, 2019, the U.S. Department of Housing and Urban Development (HUD) published a notice of proposed rulemaking (“Proposed Rule”) seeking public comment on amendments to its regulation implementing the disparate...more
On August 16, the Federal Housing Finance Agency (“FHFA”) issued a final rule on validation and approval of third-party credit score models (“Final Rule”) that Fannie Mae and Freddie Mac (“GSEs”) use in deciding whether to...more
On July 25, 2019, the CFPB issued an Advance Notice of Proposed Rulemaking (“ANPR”) on the definition of a “qualified mortgage” under its ability-to-repay/qualified mortgage rule (“ATR/QM rule”). The ATR/QM rule requires a...more
On July 11, Fannie Mae and Freddie Mac (the GSEs) announced their plans to develop new adjustable rate mortgage products that would rely on the Secured Overnight Financing Rate (SOFR) instead of LIBOR. Given the GSEs’...more
The California legislature is poised to cap rates on larger consumer installment loans. Assembly Bill 539 has passed the state Assembly and the state Senate Committee on Banking and Financial Institutions. Although directed...more