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Home Mortgage Disclosure Act Financial Services Industry

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 addresses its commitment to ensuring a fair mortgage market

Recently, the CFPB released a blog post to remind mortgage lenders of its commitment to maintaining a fair, competitive, and nondiscriminatory market. The CFPB’s research found a small group of lenders and loan originators...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

Ballard Spahr LLP

FFIEC Announces Release of 2023 HMDA Data Snapshot

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The Federal Financial Institutions Examination Council (FFIEC) recently announced the release of the Snapshot National Loan-Level Dataset based on Home Mortgage Disclosure Act (HMDA) data from 2023. The CFPB also addressed...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

Hudson Cook, LLP

CFPB Issues Order Against Nonbank Mortgage Company

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On May 18, 2024, the CFPB filed a proposed stipulated final judgment and order with the Company to resolve allegations that the Company violated a 2019 CFPB consent order, HMDA, its implementing Regulation C, and the CFPA....more

Goodwin

CFPB Settles with Nonbank Mortgage Originator for $4 Million

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On June 18, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it has filed a proposed order that would require a Florida-based nonbank mortgage loan originator to pay a $3.95 million penalty for allegedly...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

Orrick, Herrington & Sutcliffe LLP

District Court denies class certification in lending discrimination suit

On May 30, the U.S. District Court for the Eastern District of Virginia entered an opinion denying class certification in a suit accusing a credit union (defendant) of lending discrimination. Each plaintiff applied to...more

Goodwin

FDIC Announces $1.5 Million Settlement with Arkansas-Based Bank and Employees

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​​​​​​​​On May 17, 2024, the Federal Deposit Insurance Corporation (FDIC) announced a settlement with an Arkansas bank and nine of its employees, resolving allegations that the bank and the employees violated Section 5 of the...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?

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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)

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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

Orrick, Herrington & Sutcliffe LLP

CFPB releases report on state community reinvestment acts

On November 2, the CFPB issued a report on several states’ community reinvestment laws. The report focused on how much outstanding mortgage debt banks hold in the residential mortgage market: in 1977, “banks held 74% of...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

Orrick, Herrington & Sutcliffe LLP

CFPB releases 2022 HMDA data

On September 27, the CFPB released a data point report titled 2022 Mortgage Market Activity and Trends, which analyzes residential mortgage lending activity and trends for 2022. The 2022 HMDA data reflects the fifth year of...more

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