News & Analysis as of

Home Mortgage Disclosure Act

D.C. Circuit to CFPB: “Go forth and conquer!” CFPB Responds: “No thanks.”

by Dechert LLP on

In seven short years, the Consumer Financial Protection Bureau (CFPB) has managed to court controversy across the political spectrum. Under the leadership of former Director Richard Cordray, the bureau (for better or worse)...more

FFIEC Releases 2017 HMDA Data

by Weiner Brodsky Kider PC on

The Federal Financial Institutions Examinations Council (FFIEC) released the 2017 Home Mortgage Disclosure Act (HMDA) data on mortgage lending transactions at 5,852 financial institutions....more

Redlining Legal Theories Remain Unresolved

by Poyner Spruill LLP on

On May 8, 2018, the United States Department of Justice (DOJ) settled its fair lending “redlining” lawsuit against Minnesota-based KleinBank, a family-owned bank with assets of more than $1.9 billion. The settlement follows...more

Consumer financial services at a crossroads: CFPB structural changes

by White & Case LLP on

The appointment of Mick Mulvaney as CFPB Acting Director has led to significant changes to the Bureau’s structure and how it operates. Through a series of swift moves, Acting Director Mulvaney has brought in several...more

Consumer financial services at a crossroads: Mortgage origination and servicing

by White & Case LLP on

Supervision - In 2017, the CFPB issued several final rules to clarify, revise, and update the regulatory framework applicable to the home mortgage origination and servicing market: Home Mortgage Disclosure Act (HMDA)...more

CFPB issues twelfth semi-annual report

by Ballard Spahr LLP on

The CFPB has issued its twelfth Semi-Annual Report to the President and Congress covering the period April 1, 2017 through September 1, 2017....more

Nutter Bank Report, March 2018

Headlines: ...Lawsuits Challenging Overdraft Fees Continue Against Depository Institutions ...Broad Regulatory Relief Bill Passes Senate and Is Sent to House for Consideration ..FFIEC Issues Revised Guidance...more

Orrick's Financial Industry Week In Review

Home Mortgage Disclosure Act: FFIEC's Revised 'A Guide to HMDA Reporting: Getting It Right!' On March 14, 2018, the Office of the Comptroller of the Currency published an updated resource providing guidance for complying...more

S.2155 Does Not Facilitate Discriminatory Lending

by Ballard Spahr LLP on

In a blog post entitled “How S.2155 (the Bank Lobbyist Act) Facilitates Discriminatory Lending” Professor Adam Levitin claimed that “This bill functionally exempts 85% of US banks and credit unions from fair lending laws in...more

Regulatory Relief: It’s About Time

by Vedder Price on

In November 2016, with the election results confirmed, the banking industry was awash in hopes for a more lenient regulatory posture. To date, the industry has seen no reform. However, on March 14, 2018, the Senate passed and...more

Senate Passes Banking Bill Providing Dodd-Frank Relief

by Ballard Spahr LLP on

The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. Although the Act would not make the sweeping changes to the Dodd-Frank Act found...more

PA Treasurer Opens Inquiry into Lending Disparities at Financial Institutions

by Weiner Brodsky Kider PC on

Pennsylvania Treasurer, Joe Torsella, recently announced that his office has opened an official inquiry into three financial institutions regarding alleged racial and ethnic disparities in home mortgage approval rates and...more

FFIEC Issues 2018 HMDA Reporting Guide

by Weiner Brodsky Kider PC on

The FFIEC recently released the 2018 edition of its annual resource publication, “A Guide to HMDA Reporting: Getting It Right!” The guide provides financial institutions with a summary of key compliance requirements for...more

Modern Day Redlining: Reveal's Investigation of Potential Racial Discrimination in Mortgage Lending Leads to Government Inquiries

by Ballard Spahr LLP on

The Pennsylvania attorney general and state treasurer each announced separate inquiries last week into potential mortgage-lending redlining in Philadelphia. ...more

The CFPB Under New Leadership: What to Expect in 2018

by Pepper Hamilton LLP on

Speculation about the future of the Consumer Financial Protection Bureau (CFPB) has been ever-present since Donald Trump’s victory in the 2016 Presidential election was first announced. Originally published in Delaware...more

New HMDA Guide Issued by the FFIEC

by Ballard Spahr LLP on

The Federal Financial Institutions Examination Council (FFIEC) has just issued an updated version of The Guide to HMDA Reporting: Getting It Right! ...more

The CFPB: No More “Pushing the Envelope”

by Vedder Price on

On January 23, 2018, Mick Mulvaney, Acting Director of the Consumer Financial Protection Bureau (the “CFPB”), published an opinion editorial in The Wall Street Journal (the “Op-Ed”) describing his vision of the CFPB’s role in...more

Bank Regulatory News and Trends

by DLA Piper on

This regular publication from DLA Piper focuses on helping banking and financial services clients navigate the ever-changing federal regulatory landscape....more

Court Dismisses Credit Union’s Challenge to Mulvaney’s Appointment

by Weiner Brodsky Kider PC on

A federal court has dismissed a lawsuit filed by a New York credit union that challenged the President’s appointment of Mick Mulvaney as the Acting Director of the CFPB. The credit union had sought a declaratory judgment...more

CFPB Launches LAR Formatting Tool

by Weiner Brodsky Kider PC on

The CFPB recently launched its 2018 LAR Formatting Tool, which aims to help financial institutions prepare and convert HMDA data into electronic files so that the information may be properly submitted to the CFPB’s HMDA...more

Financial Services Weekly News - February 2018

by Goodwin on

Editor's Note - In This Issue. State regulators agreed to a multistate compact to standardize key components of the licensing process for money services businesses (MSBs); the Board of Governors of the Federal Reserve...more

Court dismisses credit union’s lawsuit challenging Mulvaney’s appointment

by Ballard Spahr LLP on

The U.S. District Court for the Southern District of New York has dismissed for lack of Article III standing the lawsuit filed by a credit union challenging President Trump’s appointment of Mick Mulvaney as CFPB Acting...more

CFPB launches new formatting tool for HMDA reporting

by Ballard Spahr LLP on

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

Signs of Change at the CFPB

by Goodwin on

On January 16 and 17, 2018, the Consumer Financial Protection Bureau (CFPB) released two statements signaling that yet more change is on the horizon for the agency. Close on the heels of similar announcements regarding...more

Small Lenders May Get Relief from New Home Mortgage Disclosure Act Reporting Requirements

On January 18, 2018, the House gave small lenders a late Christmas present when it passed H.R. 2954 known as the Home Mortgage Disclosure Adjustment Act. The act amends the existing Home Mortgage Disclosure Act (HMDA) by...more

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