Welcome to this week's issue of AI: The Washington Report, a joint undertaking of Mintz and its government affairs affiliate, ML Strategies. The accelerating advances in artificial intelligence (“AI”) and the practical,...more
The Ohio Department of Commerce, Division of Financial Institutions is amending the rules that implement the state’s Residential Mortgage Lending Act. The Division is seeking preliminary feedback on the administrative rules,...more
As we previously reported, the CFPB is conducting an assessment of the TILA/RESPA Integrated Disclosure (TRID) Rule. Although the comment period associated with the Federal Register notice regarding the assessment ended on...more
Following receipt and consideration of three written comments on proposed rules distributed on November 18, 2019, the Georgia Department of Banking and Finance adopted final rules on December 20, 2019, that establish...more
Michigan has joined a number of states that have amended its statutes to grant certain individuals temporary authority to act as a mortgage loan originator while a license application is pending, in conformity with the...more
Wisconsin is the latest state to pass legislation amending its statutes to add provisions addressing temporary authority to operate as a mortgage loan originator while a license application is pending pursuant to the federal...more
Washington State has enacted legislation amending its regulations to permit temporary authority to operate as a mortgage loan originator...more
The CFPB has published its Fall 2019 rulemaking agenda as part of the Fall 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget....more
As part of recently enacted legislation (HB 199) authorizing the Delaware State Bank Commissioner to participate in a multi-state automated licensing system to administer licenses for mortgage loan brokers, licensed lenders,...more
Effective July 1, 2019, among other things, the definition of “subprime loan” set forth in Subdivision 27 of Section 58.02 of the Residential Mortgage Originator and Servicer Licensing Act is repealed. ...more
On September 26, 2018, the Mortgage Bankers Association (MBA) together with eleven other mortgage industry groups submitted a letter to CFPB Acting Director Mick Mulvaney “to urge the Bureau. . . to make changes to its Loan...more
In a case we labeled one of the “cases to watch” this term, a relatively unified Supreme Court decided in Perez v. Mortgage Bankers Association that a federal agency does not need to engage in notice-and-comment rulemaking...more
The U.S. Supreme Court handed the U.S. Department of Labor (DOL) a victory in a battle over whether the agency's reversal of its stance on the exempt status of mortgage loan officers was subject to public notice and comment....more
On March 9, 2015, the U.S. Supreme Court issued its decision in Perez v. Mortgage Bankers Ass’n, No. 13-1041 (Mar. 9, 2015), holding federal administrative agencies may amend or repeal interpretive rules without following...more
On March 9, 2015, the Supreme Court held that agencies such as the Department of Labor (DOL) are not required to provide a public notice-and-comment period before implementing new interpretive rules, which includes agency...more
Federal agencies are not required to follow formal notice-and-comment rulemaking when making significant changes to interpretive rules, according to a unanimous U.S. Supreme Court. In Perez v. Mortgage Bankers Association,...more
On March 9th, 2015 the U.S. Supreme Court unanimously reversed the D.C. Circuit's opinion on federal agency rulemaking in Perez, Secretary of Labor v. Mortgage Bankers Association, holding that federal agencies need not issue...more
In June, we wrote that the U.S. Supreme Court agreed to address whether a federal agency (in this case, the Department of Labor) must engage in formal notice-and-comment rulemaking in order to significantly alter its...more
The Supreme Court today ruled that, when an agency revises its interpretive rules, it need not go through notice-and-comment rulemaking. Although the decision, in Perez v. Mortgage Bankers Association, required the court to...more
Monday, in a 9-0 decision, the U.S. Supreme Court abolished a precedent on which the regulated community has relied to keep federal agencies in check for nearly 20 years. This precedent, commonly referred to as the Paralyzed...more
On Monday, the U.S. Supreme Court accepted review of two lower court decisions of significant importance to the banking and financial services industries. The cases involve the question of whether mortgage loan officers are...more