On August 16, 2024 the CFPB issued an updated 2025 Small Business Lending Filing Instructions Guide (the “Guide”). The Guide provides updated compliance dates that correspond to the new compliance dates....more
8/21/2024
/ Compliance Dates ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Financial Institutions ,
Financial Services Industry ,
Motion To Stay ,
SBA Lending Programs ,
SCOTUS ,
Section 1071 ,
Small Business
On August 15, 2024, the Federal Trade Commission (“FTC”) and Arizona Attorney General announced a proposed settlement with an Arizona-based vehicle dealership to resolve allegations that the dealership misrepresented prices...more
8/21/2024
/ Anti-Discrimination Policies ,
Arizona ,
Borrowers ,
Car Dealerships ,
CARS Rule ,
Consent ,
Consumer Fraud ,
ECOA ,
Fair Lending ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FTC Act ,
Motor Vehicles ,
Section 5 ,
UDAAP ,
Unfair or Deceptive Trade Practices
In connection with its guaranteed home loan program, the Department of Veterans Affairs (VA) announced in Circular 26-24-17 [Link: https://benefits.va.gov/HOMELOANS/documents/circulars/26-24-17.pdf] requirements when a party...more
On August 8, 2024, the CFPB filed its Appellant Brief with the Fifth Circuit, appealing the September 2023 decision by the Federal District Court for the Eastern District of Texas that vacated the March 2022 changes to the...more
We are following very closely this appeal to the 10th Circuit of the preliminary injunction issued by the Federal District Court for the District of Colorado to the plaintiffs (three trade groups) enjoining the Colorado...more
8/9/2024
/ Banks ,
Borrowers ,
Colorado ,
Consumer Financial Products ,
DIDMCA ,
FDIC ,
Financial Services Industry ,
Loans ,
National Bank Act ,
Opt-Outs ,
Preliminary Injunctions
As previously reported, the U.S. Department of Housing and Urban Development (HUD) in connection with single-family residential mortgage loans insured by the Federal Housing Administration (FHA), and Fannie Mae and Freddie...more
8/8/2024
/ Consumer Financial Products ,
Fannie Mae ,
Federal Housing Administration (FHA) ,
Financial Services Industry ,
Freddie Mac ,
HECM ,
HUD ,
Loans ,
Mortgage Lenders ,
Mortgagee Letters ,
Mortgages
Previously, in connection with the home loan program of the Department of Veterans Affairs (VA) we reported on the VA’s adoption of a temporary local variance allowing veterans to pay the commission of the real estate broker...more
8/6/2024
/ Broker Commissions ,
Brokers ,
Buyers ,
Consumer Financial Products ,
Department of Veterans Affairs ,
Financial Services Industry ,
Loans ,
Mortgages ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Variances ,
Veterans ,
Veterans Administration
The Department of Housing and Urban Development (HUD) recently charged multiple entities with housing discrimination based on an asserted biased appraisal and denial of a mortgage refinance loan application based on the...more
In connection with its guaranteed home loan program, in June 2024 the Department of Veterans Affairs (VA) adopted a temporary local variance allowing veterans to pay the commission of the real estate broker or agent assisting...more
A group of federal agencies have finalized reconsideration of value (ROV) guidance for residential real estate valuations. The agencies are the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB),...more
7/22/2024
/ Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
FRB ,
NCUA ,
OCC ,
Proposed Guidance ,
Proposed Rules ,
Real Estate Transactions ,
Regulatory Agenda
On July 17, Acting Comptroller of the Currency Michael Hsu delivered prepared remarks before the Exchequer Club entitled “Size, Complexity, and Polarization in Banking.”...more
7/22/2024
/ Bank of America ,
Banks ,
Cantero v Bank of America NA ,
Chevron Deference ,
Comptroller ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Electronic Fund Transfer Act ,
FDCPA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
National Bank Act ,
OCC ,
Preemption ,
SCOTUS
Republicans on Capitol Hill have introduced legislation that would require a review of all federal court decisions, laws, regulations and legal cases that used the Chevron Deference Doctrine as the basis for decisions....more
In a major win for the CFPB, in CFPB v. Townstone Financial, a panel of the U.S. Court of Appeals for the Seventh Circuit (7th Circuit) recently held that the Regulation B provision prohibiting discrimination under the Equal...more
7/18/2024
/ Chevron Deference ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit ,
Creditors ,
Discriminatory Lending Practices ,
ECOA ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Financial Services Industry ,
Oral Argument ,
Regulation B
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
The Federal Housing Administration (FHA) recently finalized in Mortgage Letter 2024-14, dated July 10, 2024, a revision to its Defect Taxonomy to clarify that fraud or material misrepresentation involving a sponsored...more
The Federal Housing Administration (FHA) recently finalized enhancements to its 203(k) rehabilitation mortgage loan program in Mortgagee Letter 2024-13. This action follows the FHA proposing enhancements to the program last...more
On June 25th, the CFPB issued an interim final rule with a request for public comment extending the compliance dates for the Small Business Lending Rule in light of the Supreme Court’s decision finding the funding structure...more
Federal banking regulators recently began adopting a final rule that requires, among other things, supervised mortgage originators and secondary market issuers to ensure that automated valuation models they use follow quality...more
We already have published a short blog about the Supreme Court’s opinion issued on Friday, July 28 in Loper Bright Enterprises et al v. Raimondo, Secretary of Commerce, et al, No. 22-451....more
7/3/2024
/ Administrative Procedure Act ,
Chevron ,
Chevron Deference ,
Chevron v NRDC ,
Consumer Financial Protection Bureau (CFPB) ,
ECOA ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Loper Bright Enterprises v Raimondo ,
SCOTUS ,
Section 7 ,
Statutory Interpretation
The U.S. Department of Veterans Affairs (VA) recently proposed rules under its home loan guaranty program regarding adjustable rate mortgage (ARM) loans, hybrid ARM (h-ARM) loans and temporary buydown agreements. Comments are...more
6/25/2024
/ Adjustable-Rate Mortgage ,
Consumer Financial Products ,
Department of Veterans Affairs ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interest Rates ,
Loans ,
Mortgage Lenders ,
Proposed Rules ,
Regulation Z ,
Regulatory Agenda ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Veterans
On June 17, 2024, FHA announced in draft Mortgage Letter 2024-12 a proposed revision to its Defect Taxonomy to clarify that fraud or material misrepresentation involving a sponsored Third-Party Originator (TPO) is a Tier 1...more
The Consumer Financial Protection Bureau (CFPB), recently issued a Request for Information (RFI) related to fees charged by providers of mortgages and related settlement services. In his statement, Director Chopra discussed...more
6/19/2024
/ Administrative Procedure Act ,
Closing Costs ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Request For Information ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
Buyer-Broker Commissions -
In connection with its guaranteed home loan program, the Department of Veterans Affairs (VA) recently adopted a temporary local variance allowing veterans to pay the commission of the real estate...more
6/14/2024
/ Borrowers ,
Broker Commissions ,
Brokers ,
Buyers ,
Consumer Financial Products ,
Department of Veterans Affairs ,
Financial Services Industry ,
Lenders ,
Loans ,
Mortgages ,
Real Estate Commissions ,
Veterans
On May 16, 2024, the U.S. Supreme Court ruled that the CFPB’s funding mechanism does not violate the Appropriations Clause of the U.S. Constitution. This two-part episode repurposes a recent webinar. In Part I, we first...more
As we recently reported, the CFPB issued its final rule, titled the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule on June 3, 2024. The CFPB touts the registry as something that will...more