A federal judge has dismissed a high-profile case involving allegations that a home appraiser was racially biased in his appraisal.
...more
8/18/2025
/ Appraisal ,
Appraisal Management Companies ,
Dismissals ,
Disparate Impact ,
Disparate Treatment ,
Expert Witness ,
Federal Housing Administration (FHA) ,
Financial Services Industry ,
Housing Discrimination ,
HUD ,
Property Valuation ,
Race Discrimination ,
Real Estate Transactions ,
Summary Judgment
As previously reported, both the House and Senate passed bills to ban “trigger leads,” except in limited circumstances, although the versions of the bills that were previously passed are slightly different. The one difference...more
8/4/2025
/ Consumer Financial Products ,
Consumer Privacy Rights ,
Consumer Reporting Agencies ,
Creditors ,
Financial Services Industry ,
Lead Generators ,
Lenders ,
Mortgage Servicers ,
Mortgages ,
Pending Legislation ,
Real Estate Transactions ,
Reporting Requirements ,
Telecommunications ,
Text Messages
The reinstatement of two Democratic NCUA board members has been put on hold by the U.S. Circuit Court of Appeals for the District of Columbia....more
7/30/2025
/ Administrative Agencies ,
Appeals ,
Board Members ,
Final Rules ,
Financial Services Industry ,
Government Agencies ,
Injunctions ,
Judicial Authority ,
NCUA ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Authority ,
Removal For-Cause ,
Stays ,
Trump Administration ,
Wrongful Termination
A federal judge has rejected the Trump Administration’s request to release from court supervision a bank that had been accused of discriminatory lending....more
7/29/2025
/ Banks ,
Consumer Financial Products ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Redlining ,
Settlement ,
Statutory Violations ,
Trump Administration
The saga of the CFPB’s section 1071 small business data collection and reporting rule continues. Rise Economy, fka California Reinvestment Coalition (Rise), the National Reinvestment Coalition (NCRC), the Main Street Alliance...more
7/28/2025
/ Administrative Procedure Act ,
Arbitrary and Capricious ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Data Management ,
Dodd-Frank ,
ECOA ,
Enforcement ,
Equal Access to Credit ,
Fair Lending ,
Financial Services Industry ,
Lenders ,
LGBTQ ,
Loans ,
Regulatory Agenda ,
Regulatory Requirements ,
Section 1071 ,
Small Business
A Federal Judge has ruled that two NCUA board members were illegally fired by President Trump and has restored their positions on the board. ...more
7/24/2025
/ Administrative Agencies ,
Appeals ,
Constitutional Challenges ,
Executive Orders ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Government Agencies ,
Hiring & Firing ,
NCUA ,
Regulatory Agencies ,
Trump Administration ,
Wrongful Termination
Recently, a complaint was filed against loanDepot.Com, LLC (“loanDepot”) in the U.S. District Court for the District of Maryland alleging violations of the Truth in Lending Act (TILA)/Regulation Z loan originator compensation...more
7/21/2025
/ Consumer Financial Products ,
Financial Services Industry ,
Lenders ,
Loans ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgages ,
Originator Compensation ,
Putative Class Actions ,
Real Estate Transactions ,
Regulation Z ,
Regulatory Violations ,
Rulemaking Process ,
Truth in Lending Act (TILA)
The U.S. Senate recently passed H.R. 1815, the VA Home Loan Program Reform Act, to reauthorize partial claims with U.S. Department of Veterans Affairs (VA) guaranteed home loans. The U.S. House of Representatives passed the...more
7/17/2025
/ Borrowers ,
Consumer Financial Products ,
Debt ,
Department of Veterans Affairs ,
Financial Services Industry ,
Foreclosure ,
Lenders ,
Loans ,
Mortgages ,
New Legislation ,
Proposed Legislation ,
Real Estate Transactions ,
Regulatory Agenda ,
Veterans
Recently the U.S. Department of Housing and Urban Development (HUD) rescinded various FHA mortgage loan requirements in a series of five Mortgagee Letters....more
7/11/2025
/ Appraisal ,
Borrowers ,
Consumer Financial Products ,
Executive Orders ,
Federal Housing Administration (FHA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Housing Market ,
HUD ,
Lenders ,
Mortgages ,
Real Estate Market ,
Regulatory Requirements
The House has passed legislation that would ban “trigger leads,” except in limited circumstances. The “Homebuyers Privacy Protection Act of 2025,” H.R. 2808, passed the House by voice vote. ...more
As previously reported, in addressing the fact that current stays of the section 1071 small business data collection and reporting rule only apply to the applicable plaintiffs, intervenors and their members, the CFPB advised...more
6/20/2025
/ Compliance Dates ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Filing Deadlines ,
Final Rules ,
Financial Services Industry ,
Interim Final Rules (IFR) ,
Lenders ,
Mortgage Lenders ,
Reporting Requirements ,
Section 1071 ,
Small Business
As previously reported, based on an unopposed motion submitted by the Department of Justice (DOJ) and Consumer Financial Protection Bureau (CFPB) the October 2021 redlining consent order with Trustmark National Bank was...more
6/17/2025
/ Banks ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Financial Services Industry ,
Penalties ,
Redlining ,
Settlement Agreements
The U.S. Department of Justice (DOJ) has filed a motion with a federal district court to terminate early the September 2022 consent order with Lakeland Bank (Lakeland) that settled allegations of redlining under the Fair...more
6/16/2025
/ Banks ,
Consent Order ,
Consumer Financial Products ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Financial Services Industry ,
Lenders ,
Redlining ,
Settlement
As previously reported, in March 2025 the CFPB and Townstone Financial (Townstone) filed a joint motion with a U.S. District Court seeking to reverse the November 2024 consent order between the parties that resolved CFPB...more
6/16/2025
/ Appeals ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
ECOA ,
Financial Institutions ,
Financial Services Industry ,
FRCP 60(b) ,
Government Agencies ,
Judicial Authority ,
Mortgages ,
Redlining ,
Regulation B ,
Settlement Agreements
The House Financial Services Committee has approved a bill that would restrict the use of “trigger leads” in the mortgage industry. ...more
6/13/2025
/ Borrowers ,
Consumer Reporting Agencies ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Committee ,
Financial Services Industry ,
Homebuyer Protection Acts ,
Lead Generators ,
Mortgage Lenders ,
Mortgages ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Requirements ,
State Attorneys General ,
Unsolicited Advertisements
The CFPB recently made filings with the Office of Management and Budget (OMB) regarding the following rules...more
6/10/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Debt Collection ,
Dodd-Frank ,
Financial Services Industry ,
Loan Origination Funds ,
Mortgages ,
OMB ,
Proposed Rules ,
Regulation X ,
Regulation Z ,
Regulatory Agenda ,
RESPA ,
Rulemaking Process ,
Truth in Lending Act (TILA)
A federal district court recently granted the unopposed motion of the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) to terminate their October 2021 consent order with Trustmark National Bank...more
5/30/2025
/ Banking Sector ,
Banks ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Financial Services Industry ,
Redlining ,
Regulatory Reform ,
Settlement
The CFPB is proposing to rescind its rule that requires certain nonbank entities to register covered agency enforcement and court orders....more
5/22/2025
/ Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Non-Bank Lenders ,
Proposed Rules ,
Regulatory Reform ,
Regulatory Requirements ,
Rescission ,
State and Local Government
Despite massive attempted layoffs and cancellation of third-party vendor contracts, the Trump Administration did not and does not intend to shut down the CFPB, a Justice Department attorney told a federal appeals court on...more
5/21/2025
/ Administrative Procedure Act ,
Appeals ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Deregulation ,
Employment Litigation ,
Enforcement Priorities ,
Financial Services Industry ,
Government Agencies ,
Hiring & Firing ,
Layoffs ,
Preliminary Injunctions ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Oversight ,
Trump Administration ,
Unions
Contending that policies implemented by guidance represent an unfair regulatory burden and might be contrary to federal law, the CFPB is rescinding 67 guidance documents issued since the bureau began operating in 2011....more
5/19/2025
/ Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Executive Orders ,
Financial Regulatory Reform ,
Financial Services Industry ,
Guidance Documents ,
Mortgages ,
Regulatory Reform ,
Regulatory Requirements ,
RESPA ,
Trump Administration ,
UDAAP
President Trump recently signed an Executive Order entitled “Restoring Equality of Opportunity and Meritocracy“ to eliminate the use of disparate impact liability. The U.S. Department of Housing and Urban Development (HUD)...more
5/5/2025
/ Civil Rights Act ,
Constitutional Challenges ,
Consumer Financial Products ,
Deregulation ,
Disparate Impact ,
ECOA ,
Enforcement Actions ,
Executive Orders ,
Fair Housing Act (FHA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
HUD ,
Mortgages ,
Regulatory Agencies ,
SCOTUS ,
Texas Dept of Housing v Inclusive Communities ,
Title VII ,
Trump Administration ,
Unfair or Deceptive Trade Practices
As previously reported, last year the U.S. Department of Veterans Affairs (VA) launched a Veterans Affairs Servicing Purchase (VASP) program, which VA characterized as a “last-resort tool” for VA home loan borrowers facing...more
4/28/2025
/ Borrowers ,
Consumer Financial Products ,
Department of Veterans Affairs ,
Federal Funding ,
Financial Regulatory Reform ,
Financial Services Industry ,
Government Agencies ,
Lenders ,
Loans ,
Military Service Members ,
Mortgages ,
Regulatory Oversight ,
Regulatory Requirements ,
Veterans
In January 2025 the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2025-06 revising servicing and claims requirements and loss mitigation options for FHA insured mortgage loans effective...more
4/23/2025
/ Borrowers ,
Consumer Financial Products ,
Federal Housing Administration (FHA) ,
Financial Services Industry ,
HUD ,
Loss Mitigation ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgagee Letters ,
Mortgages ,
New Regulations ,
Real Estate Transactions ,
Regulatory Oversight ,
Regulatory Requirements
The Trump Administration has appealed an order by a federal District Court Judge blocking the CFPB from firing 1483 employees effective in June 2025 and cutting off their access to CFPB work systems on April 18, 2025....more
4/23/2025
/ Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Employees ,
Employment Litigation ,
Financial Services Industry ,
Government Agencies ,
Hiring & Firing ,
Judicial Authority ,
Preliminary Injunctions ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Reform ,
Trump Administration ,
Voluntary Reduction in Force
The CFPB is rescinding its existing enforcement and supervision priority documents, according to a memo sent to bureau staff by CFPB Chief Legal Officer Mark Paoletta....more
4/18/2025
/ Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
Enforcement Priorities ,
Fair Lending ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgages ,
Non-Bank Lenders ,
Regulatory Reform ,
Student Loans ,
Supervisory Guidance ,
Trump Administration