The U.S. Department of Justice announced earlier this week that it has reached an agreement with KleinBank, a state-chartered Minnesota bank, to settle the redlining lawsuit that the DOJ filed against the bank in January...more
5/10/2018
/ Community Reinvestment Act ,
Consumer Financial Products ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Services Industry ,
Mortgages ,
Race Discrimination ,
Redlining ,
Settlement Agreements
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
3/16/2018
/ Appraisal ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
FIRREA ,
FSOC ,
HMDA ,
Legislative Agendas ,
Mortgages ,
Online Marketplace Lending ,
Orderly Liquidation Authority ,
PACE ,
Proposed Legislation ,
Regulatory Oversight ,
Student Loans ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
Recently, the U.S. Court of Appeals for the Sixth Circuit affirmed the dismissal of a lawsuit brought against a foreclosure firm—Reimer, Arnovitz, Chernek & Jeffrey (the Reimer firm)—under the Fair Debt Collection Practices...more
The Federal Housing Finance Agency has announced that it has reopened and extended until September 1, 2017 the comment period on its Request for Input on improving language access in mortgage lending and servicing. The FHFA...more
The Federal Housing Finance Agency has announced that it has extended until July 31, 2017 the comment period on its Request for Input on improving language access in mortgage lending and servicing....more
A group of eight trade associations has sent a letter to the Federal Housing Finance Agency (FHFA) asking the FHFA to extend by at least 45 days the comment period on the FHFA’s Request for Input (RFI) on improving language...more
Entities engaged in the business of loan solicitation are now required to be licensed with the Vermont Department of Financial Regulation following the recent enactment of Act 22. Loan comparison websites, lead generators,...more
6/5/2017
/ Banking Sector ,
Financial Services Industry ,
Licensing Rules ,
Loan Guarantee Solicitation ,
Money Transmitter ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
New Legislation ,
Solicitation Provisions ,
Virtual Currency
The CFPB’s newly-released Spring 2017 edition of Supervisory Highlights covers supervisory activities generally completed between September and December 2016. The report indicates that supervisory resolutions resulted in...more
4/28/2017
/ Ability-to-Repay ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Fair Lending ,
Financial Services Industry ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
Regulation X ,
Regulation Z ,
Supervisory Highlights
In its new annual report covering its fair lending activities during 2016, the CFPB identifies the following three areas on which it “will increase our focus” in 2017...more
4/20/2017
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
HMDA ,
Loans ,
Mortgages ,
Regulation B ,
Regulation C ,
Small Business ,
Student Loans
The U.S. Department of Justice (DOJ) recently commenced a redlining lawsuit against KleinBank, a state-chartered Minnesota bank subject to the regulatory authority of the Federal Deposit Insurance Corporation (FDIC). The...more
1/31/2017
/ Banking Sector ,
Community Reinvestment Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Fair Housing Act (FHA) ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Redlining
The U.S. Department of Justice (DOJ) has filed a consent order against Union Savings Bank and Guardian Savings Bank to resolve redlining allegations. The complaint alleges that the banks violated the Fair Housing Act (FHA)...more
1/5/2017
/ Banking Sector ,
Banks ,
Consent Order ,
Consumer Financial Products ,
Department of Justice (DOJ) ,
ECOA ,
Fair Housing Act (FHA) ,
FDIC ,
Financial Services Industry ,
Jurisdiction ,
Mortgages ,
OCC ,
Race Discrimination ,
Redlining
In its Fall 2016 Supervisory Highlights, which covers supervision work generally completed between May and August 2016, the CFPB highlights violations found by its examiners involving origination and servicing of auto...more
11/7/2016
/ Ability-to-Repay ,
Automotive Loans ,
Banking Sector ,
Consumer Contracts ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Dodd-Frank ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
FDCPA ,
Fees ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
Industry Examinations ,
Limited English Proficiency (LEP) ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
Popular ,
Regulation E ,
Regulation Z ,
Student Loans ,
Supervisory Highlights ,
UDAAP
New guidance issued by the U.S. Department of Housing and Urban Development (HUD) on Fair Housing Act (FHA) protections for persons with limited English proficiency (LEP) could have reverberations under the Equal Credit...more
The Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) recently announced a proposed consent order with BancorpSouth Bank to settle charges that the bank’s mortgage lending practices violated the...more
7/11/2016
/ Banking Sector ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Mortgages ,
Popular ,
Race Discrimination ,
Redlining
Americans for Financial Reform (AFR) has issued a brief in which it urges the CFPB and other federal agencies to adopt strong language access protections to improve the mortgage marketplace for limited English proficiency...more
The Bipartisan Budget Act of 2015 (Act) amended the Telephone Consumer Protection Act (TCPA) to remove the prior express consent requirement for calls ''made solely to collect a debt owed to or guaranteed by the United...more
5/13/2016
/ ATDS ,
Banking Sector ,
Bipartisan Budget ,
Cell Phones ,
Comment Period ,
Debt Collection ,
FCC ,
Federal Loans ,
Mortgages ,
NPRM ,
Prior Express Consent ,
TCPA
The Federal Reserve Board (Board) is repealing Regulation AA, which includes the Board's credit practices rule, effective March 21, 2016. The Board is also proposing to repeal its Regulation C, which historically implemented...more
A limited liability company is a “person” that can file a lawsuit under the Fair Debt Collection Practices Act (FDCPA), the U.S. Court of Appeals for the Sixth Circuit has ruled. In Anarion Investments LLC v. Carrington...more
8/14/2015
/ Appeals ,
Civil Liability ,
Debt Collectors ,
FDCPA ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Foreclosure ,
Homeowners ,
Limited Liability Company (LLC) ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages
The U.S. Court of Appeals for the Third Circuit recently ruled that foreclosure complaints can be the basis of Fair Debt Collection Practices Act (FDCPA) claims. This decision continues the Third Circuit's expansive...more
The New York Attorney General filed a complaint this week in a New York federal court against a national bank headquartered in the state and its holding company alleging that the defendants violated the federal Fair Housing...more
A new report from The Vanguard Group disagrees with those who seek to draw comparisons between the current level of student debt and the level of mortgage debt that led to the housing crisis.
Titled “No bubble to...more
The Consumer Financial Protection Bureau’s recently released fall 2013 rulemaking agenda portends aggressive rulemaking by the Bureau in 2014.
With most of the rulemaking mandated by the Dodd-Frank Act now completed,...more
The U.S. Department of Justice (DOJ) recently settled fair lending lawsuits against two mortgage lenders. Both actions involved DOJ attempts to use disparate impact evidence to establish that a lender engaged in a “pattern or...more
Federal regulators have issued an interagency statement intended to address industry concerns regarding the fair lending risks associated with compliance with the Consumer Financial Protection Bureau’s...more
The Consumer Financial Protection Bureau has adopted a final rule setting forth the procedures it will use to supervise nonbanks engaged in conduct that poses risk to consumers....more