In February, FINRA provided an update (Update) concerning the targeted exam (Sweep) launched in September 2021 to review firms’ practices concerning customer acquisition through social media channels and the way firms share...more
Yellen Tells Regulators to ‘Act Quickly’ on Stablecoin Rules - "New rules would cut into profit margins earned by issuers, but in the long-run should help them attract more users." Why this is important: The recent...more
The CFPB has issued “Supervisory Highlights COVID-19 Prioritized Assessments Special Edition.” The report indicates that in May 2020, the Bureau rescheduled about half of its planned examinations and instead conducted...more
Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables. This report is intended to show industry trends, not facts, and does not necessarily...more
Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables... The polling results included in this report are the anonymous responses of...more
Two federal enterprises who purchase and securitize mortgages, Fannie Mae and Freddie Mac, along with three federal agencies who make, guarantee, and insure mortgage loans, the Department of Housing and Urban Development...more
The U.S. Department of Veterans Affairs (VA) issued Loan Guaranty Circular 26-20-21 to announce the temporary suspension of property inspections for loans subject to a CARES Act forbearance. ...more
Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, PL 116-136, enacted March 27, 2020, a federally backed mortgage loan was subject to a foreclosure moratorium from March 18, 2020, through May 17, 2020....more
New York has been the American epicenter for the exploding coronavirus pandemic. Informed by recent systemic challenges to the financial services sector, New York's regulators have responded. Among the responses is an...more
Our lender clients will be soon dealing with some of the likely economic impacts of the coronavirus. When quarterly financial statements are issued, many compliance certificates will reflect violations of financial...more
On March 31, 2020, the CFPB posted a “Guide to coronavirus mortgage relief options,” which provides instruction to mortgage loan borrowers who may be impacted by COVID-19 on when and how to go about obtaining assistance....more
Since March 13, 2020, the U.S. has been operating under a declared state of emergency in response to the spread of COVID-19, with many state and local governments issuing their own emergency rules and regulations designed to...more
The COVID-19 outbreak has resulted in unprecedented job loss for millions of Americans, creating economic uncertainty and challenges for loan servicers in 2020. Until the outbreak is controlled, missed payments on mortgages...more
This week saw a plethora of activity to support federally related loan programs affecting commercial real estate. Below is a summary of the applicable guidance, announcements and proposed laws....more