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Home Mortgage Disclosure Act Consumer Financial Products

Hudson Cook, LLP

CFPB Bites of the Month - July 2024

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In this month's article, we share some of our top "bites" for the prior and current month covered during the July 2024 webinar....more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - July 2024 # 3

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Orrick, Herrington & Sutcliffe LLP

CFPB publishes its 2023 fair lending annual report to Congress

On June 26, the CFPB published its Fair Lending Annual Report to Congress for 2023, outlining the agency's actions against discrimination and promoting fair access to credit. Among additional interagency actions, the CFPB...more

Orrick, Herrington & Sutcliffe LLP

CFPB settles HMDA lawsuit with large mortgage lender for $3.95 million

On June 18, the CFPB filed a proposed stipulated final judgment and order in its lawsuit against a large mortgage lender for violating HMDA, Regulation C and the CFPA. The mortgage lender agreed to pay a civil money penalty...more

Sheppard Mullin Richter & Hampton LLP

CFPB Files $3.95M Proposed Order to Settle HMDA Lawsuit Against Florida-Based Mortgage Company

On June 18, the CFPB filed a proposed final judgment that would require a Florida-based nonbank mortgage originator and servicer to pay a $3.95 million civil money penalty and implement corrective actions requiring the...more

Sheppard Mullin Richter & Hampton LLP

CFPB Pursues Enforcement Action Following HMDA Reporting Inaccuracies

On May 16, the CFPB filed a motion for summary judgement in the U.S. District Court in the Southern District of Florida seeking a $20 million civil penalty against a California-based mortgage provider for allegedly submitting...more

Orrick, Herrington & Sutcliffe LLP

District Court denies mortgage lender’s motion to dismiss against CFPB

On May 2, the U.S. District Court for the Southern District of Florida denied a mortgage lender’s motion to dismiss. The CFPB sued the lender in October 2023 for violating HMDA and Regulation C by intentionally misreporting...more

GeoDataVision

Are Regulators Fairly Evaluating the Hottest Fair Lending Issue: Redlining?

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Since October 2021, the prudential bank regulators in concert with the Department of Justice have been pursuing the “Anti-Redlining Initiative” announced by Attorney General Merrick Garland on October 21, 2021. During that...more

Ballard Spahr LLP

CFPB Files Cross-Motion for Summary Judgment in Texas Small Business Lending Rule Lawsuit

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The CFPB (or “Bureau”) filed a cross-motion for summary judgment in the lawsuit regarding the small business lending data collection and reporting rule, also known as the 1071 rule based on the Dodd-Frank section that...more

Ballard Spahr LLP

2023 HMDA Modified Loan Application Data Published

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The CFPB recently announced the publication of the Home Mortgage Disclosure Act (HMDA) Modified Loan Application Data for 2023. The data is available on the Federal Financial Institutions Examination Council (FFIEC) website....more

GeoDataVision

The Answers to the CRA Questions Everyone is asking: What must we do on April 1?

GeoDataVision on

With April 1, 2024, the effective date for the new CRA rule fast approaching, every bank is asking what must we do on April 1? Here are the answers....more

Ballard Spahr LLP

Plaintiffs and intervenors file summary judgment motion in Texas lawsuit challenging CFPB small business data collection rule

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The plaintiffs and intervenors in the lawsuit filed in a Texas federal district court challenging the CFPB’s final small business lending rule implementing Section 1071 of Dodd-Frank (Rule) have filed a consolidated motion...more

Hudson Cook, LLP

CFPB Bites of the Month - January 2024 - A Hazy Shade of Winter With the CFPB

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In this month's article, we share some of our top "bites" for the prior and current month covered during the January 2024 webinar....more

Ballard Spahr LLP

CFPB Announces Availability of HMDA Filing Platform for 2023 Data

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The CFPB recently announced that the platform for the submission of Home Mortgage Disclosure Act (HMDA) data collected in 2023 is now available for the submission of the data. The platform may be accessed here. HMDA data for...more

Ballard Spahr LLP

CFPB Adjusts HMDA and HPML Asset Exemption Thresholds (UPDATED)

Ballard Spahr LLP on

The CFPB recently issued a final rule increasing the asset exemption threshold under the Home Mortgage Disclosure Act (HMDA) and a final rule increasing the asset exemption threshold for the Truth in Lending Act (TILA)...more

Thomas Fox - Compliance Evangelist

Bank of America Enforcement Action and Using Data Analytics

Data analytics has become an essential tool in the field of compliance and risk management. It allows compliance officers to assess the effectiveness of their programs and identify potential risks before they escalate into...more

Goodwin

CFPB Files Complaint Against Mortgage Originator For Allegedly Inaccurate HMDA Reporting

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On October 10, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint​ against a residential mortgage loan originator and servicer alleging that the company violated the Home Mortgage...more

Ballard Spahr LLP

CFPB Releases 2022 Mortgage Market Activity and Trends Report

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The CFPB recently released a report entitled Data Point: 2022 Mortgage Market Activity and Trends based on 2022 data reported by lenders under the Home Mortgage Disclosure Act (HMDA)....more

Troutman Pepper

CFPB’s 2022 Fair Lending Report Focuses on Bias in Mortgage Lending, Redlining, Home Appraisals, Small Business Lending, and Shows...

Troutman Pepper on

As shown by a new report, the Consumer Financial Protection Bureau (CFPB or Bureau) is focusing its fair lending work on mortgage origination and pricing, small business lending, redlining, and the use of artificial...more

Orrick, Herrington & Sutcliffe LLP

FFIEC releases 2023 HMDA reporting guide

On April 13, the OCC issued Bulletin 2023-10 announcing the Federal Financial Institutions Examinations Council’s issuance of the 2023 edition of the revised “A Guide to HMDA Reporting: Getting It Right!” The guide focuses on...more

Orrick, Herrington & Sutcliffe LLP

FFIEC releases 2022 HMDA data

On March 20, the CFPB announced the release of the 2022 HMDA modified loan application register (LAR) data. The LAR data, available on the Federal Financial Institutions Examination Council’s HMDA platform, contains modified...more

Orrick, Herrington & Sutcliffe LLP

CFPB issues 2023 HMDA institutional and transactional coverage charts

On March 15, the CFPB released the 2023 HMDA institutional and transactional coverage charts. The charts update the reporting thresholds for transactions that involve a closed-end mortgage loan, pursuant to an order issued...more

Orrick, Herrington & Sutcliffe LLP

CFPB publishes HMDA review

On March 3, the CFPB published findings from a voluntary review of the 2015 HMDA Final Rule issued in October 2015, as well as subsequent related amendments that eased certain reporting requirements and permanently raised...more

Goodwin

CFPB Advises Manipulating Search Results on Comparison-Shopping Platforms May Violate RESPA

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CFPB Advises Manipulating Search Results on Comparison-Shopping Platforms May Violate RESPA - On February 7, the CFPB issued an advisory opinion, accompanied by a statement from CFPB Director Rohit Chopra, clarifying that...more

Orrick, Herrington & Sutcliffe LLP

CFPB discusses mortgage financing risk options in current environment

On December 21, the CFPB reported that higher mortgage interest rates have led to increased monthly payments and higher debt-to-income ratios for borrowers. ...more

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