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South Carolina enacts Servicemembers Civil Relief Act

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

CFPB Publishes 2019 Final Lists of 'Rural' and 'Rural or Underserved' Counties

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

CFPB publishes 2019 final lists of rural and rural or underserved counties

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

Supreme Court to Decide Whether FDCPA Applies to Non-Judicial Foreclosure Proceedings

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

High-Level CFPB Officials Invite Companies to Address Prepaid Rule Through RFI for Adopted Regulations

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

CFPB launches new formatting tool for HMDA reporting

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

CFPB finalizes changes to the Prepaid Account Rule and further delays effective date

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

CFPB Finalizes Alignment of Regulations B and C on Consumer Ethnicity and Race Information

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

CFPB finalizes alignment of Regulation B and Regulation C requirements regarding collection of consumer ethnicity and race...

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

CFPB publishes a financial toolkit for victims of Hurricane Harvey

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

HUD/VA/Fannie/Freddie address mortgage-related disaster relief for Hurricane Harvey victims

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

Guidance from the OCC to banks regarding higher loan-to-value loan programs

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

The Financial CHOICE Act, now closer to passage, would significantly impact the mortgage industry

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

Amid attacks, Attorney Generals from 17 states and the District of Columbia defend the CFPB’s Prepaid Account Rule

Since the CFPB issued its final rule for general purpose prepaid accounts on October 5, 2016, it has faced attacks from Congress and criticism from industry participants On April 5, in a letter to Congressional leaders,...more

CFPB Finalizes Sweeping Expansion of Prepaid Account Regulations

The Consumer Financial Protection Bureau (CFPB) has issued its long-anticipated final rule for general purpose prepaid accounts. As expected, the new regulations expand the products covered by Regulation E, introduce...more

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