On April 26, the South Carolina Servicemembers Civil Relief Act (the “Act”) was signed into law and went into immediate effect. The Act seeks to “expand and supplement” the federal Servicemembers Civil Relief Act (“SCRA”),...more
On March 7, New Jersey Attorney General Gurbir S. Grewal and the Division of Consumer Affairs announced the filing of a lawsuit against two “Buy Here-Pay Here” auto dealerships and their owner for allegedly unconscionable and...more
The CFPB has published its 2019 final lists of "rural" and "rural or underserved" counties on its website. The CFPB has previously posted lists of such counties for calendar years 2011-2018....more
2/25/2019
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Exemptions ,
Financial Services Industry ,
High-Priced Mortgage Loans (HPML) ,
HOEPA ,
Mortgages ,
Regulatory Requirements ,
Rural Areas ,
Rural Development ,
Rural Housing Services ,
Truth in Lending Act (TILA)
The CFPB has published its 2019 final lists of Rural and Rural or Underserved Counties on its website. The CFPB has previously posted lists of such counties for calendar years 2011-2018....more
For years, the mortgage industry has urged the CFPB to issue informal written guidance on the TILA/RESPA Integrated Disclosure (TRID) Rule, as well as other rules. ...more
On January 10, the CFPB published a report containing the results of its assessment of the Ability-to-Repay and Qualified Mortgage Rule (“ATR/QM Rule”) issued in 2013. ...more
On September 12, the Bureau of Consumer Financial Protection (Bureau) issued a final rule that amends the procedures used by the public to obtain information from the Bureau under the Freedom of Information Act (FOIA), the...more
The U.S. Supreme Court announced on June 28 that it had granted a petition for a writ of certiorari to review the judgment of the U.S. Court of Appeals for the 10th Circuit in Obduskey v. McCarthy & Holthus LLP, et al.,...more
We have learned from a reliable industry source that Brian Johnson, Senior Advisor to CFPB Acting Director Mulvaney, has invited companies and other stakeholders in the prepaid industry to address the Bureau’s prepaid rule,...more
On February 1, the CFPB announced the launch of the 2018 HMDA LAR Formatting Tool (the “Tool”). The Tool will help financial institutions create an electronic file to submit HMDA data collected in 2018 and reported in 2019. ...more
On January 25, the CFPB finalized certain changes to the original Final Prepaid Rule (the “Rule”) proposed last summer. The amended Rule still contains onerous restrictions on credit features and complicated disclosure...more
On December 14, the Financial Stability Oversight Council (FSOC), which was established by the Dodd-Frank Act to analyze and mitigate potential threats to the financial sector, released its first report under the Trump...more
12/20/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Cyber Crimes ,
Cybersecurity ,
Data Breach ,
Financial Institutions ,
FSOC ,
Hackers ,
Information Sharing ,
Popular ,
Regulatory Oversight ,
Third-Party Service Provider
On September 21, the CFPB finalized its proposal to amend Regulation B requirements related to collection of consumer ethnicity and race information, in order to resolve the differences between Regulation B and revised...more
10/2/2017
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Fair Lending ,
Financial Services Industry ,
HELOC ,
HMDA ,
Mortgages ,
Regulation B ,
Regulation C
On September 21, the CFPB finalized its proposal to amend Regulation B requirements related to the collection of consumer ethnicity and race information, in order to resolve the differences between Regulation B and revised...more
9/22/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Ethnicity ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
Mortgages ,
Regulation B ,
Regulation C ,
Reporting Requirements
In addition to the guidance regarding Hurricane Harvey disaster relief, the housing agencies and government-sponsored enterprises (GSEs) recently addressed the mortgage-related relief available to victims of both Hurricane...more
9/19/2017
/ Banking Sector ,
Community Development Block Grants ,
Debt-Relief Industry ,
Disaster Aid ,
Fannie Mae ,
Federal Housing Administration (FHA) ,
FEMA ,
Foreclosure ,
Freddie Mac ,
Ginnie Mae ,
GSE ,
HUD ,
Hurricane Harvey ,
Hurricane Irma ,
Mortgages ,
Puerto Rico
Congress is back in session and this Thursday, September 7, the House Subcommittee on Financial Institutions and Consumer Credit will hold a one-panel hearing entitled “Legislative Proposals for a More Efficient Federal...more
9/6/2017
/ Banking Sector ,
Congressional Investigations & Hearings ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
CROA ,
Dodd-Frank ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Global Systemically Important Banks (G-SIBs) ,
Mortgages ,
Regulatory Oversight ,
RESPA ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
On September 5, the Consumer Financial Protection Bureau (CFPB) published a blog post regarding what to do in the event of a natural disaster like Hurricane Harvey. The CFPB recommends that affected consumers consolidate...more
9/6/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Disaster Aid ,
Disaster Preparedness ,
FEMA ,
Financial Fraud ,
Financial Records ,
Financial Services Industry ,
Hurricane Harvey ,
Natural Disasters ,
Risk Mitigation ,
Severe Weather
Several federal agencies have issued reminders and requirements related to banking and credit services for borrowers affected by Hurricane Harvey. We previously reported on mortgage-related guidance issued by Fannie Mae,...more
9/1/2017
/ Banking Sector ,
Community Development ,
Community Reinvestment Act ,
Credit Unions ,
CSBS ,
Disaster Aid ,
Farm Credit Administration ,
FDIC ,
Financial Institutions ,
FRB ,
Hurricane Harvey ,
Hurricane Season ,
Natural Disasters ,
NCUA ,
OCC ,
Popular ,
Regulatory Standards ,
Severe Weather
On Monday, August 28, HUD announced that it was committed to “speed federal disaster assistance to the State of Texas and provide support to homeowners and low-income renters forced from their homes due to Hurricane Harvey.”...more
8/31/2017
/ Banking Sector ,
Disaster Aid ,
Fannie Mae ,
Financial Services Industry ,
Foreclosure Relief Companies ,
Freddie Mac ,
HUD ,
Hurricane Harvey ,
Mortgage Lenders ,
Mortgages ,
Natural Disasters ,
Severe Weather ,
Veterans Administration
As we previously reported, in October 2015, the CFPB adopted significant revisions to Regulation C, the Home Mortgage Disclosure Act (HMDA) rule, most of which become effective January 1, 2018. As a result of the revisions,...more
On August 21, 2017, the Office of the Comptroller of the Currency (OCC) published Bulletin 2017-28 regarding higher-loan-to-value (LTV) lending programs (the “Bulletin”). Recognizing the need for further revitalization...more
As we previewed earlier this year, the CFPB, on June 15, proposed substantive changes to the Prepaid Final Rule (the “Rule”). The proposed changes are generally positive for prepaid providers and incorporate feedback and...more
On May 4 H.R. 10, the Financial CHOICE Act (the Act) introduced by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, obtained enough votes to move the bill on to the House of Representatives floor. The Act...more
5/15/2017
/ Ability-to-Repay ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Escrow Accounts ,
Financial Services Industry ,
HMDA ,
Mortgage Loan Originators ,
Mortgages ,
Popular ,
Proposed Legislation ,
Regulation Z ,
Regulatory Oversight ,
Reporting Requirements
On May 4, the CFPB announced that as part of its impending 5-year review of mortgage rules, it was proposing a plan to assess the effectiveness of the Real Estate Settlement Procedures Act (RESPA) mortgage servicing rule. ...more
On April 20, the CFPB finalized a proposed rule to delay the effective date of the final rule governing Prepaid Accounts (Prepaid Account Final Rule) by six months, from October 1, 2017 to April 1, 2018 (Effective Date Final...more