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REGULATORY, COMPLIANCE & LICENSING - Mayer Brown's exceptional breadth of knowledge and experience helps consumer finance and mortgage finance entities navigate the broad range of US federal and state laws impacting their...more
On October 10, the DOJ announced its first redlining settlement against a credit union. The credit union agreed to pay over $6.5 million to resolve allegations of lending discrimination by redlining predominantly Black and...more
Bills have been introduced in the U.S. House of Representatives (H.R. 4198) and the U.S. Senate (S. 3502) to amend the Fair Credit Reporting Act (FCRA) to curtail the practice of trigger leads with mortgage loans....more
The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more
On June 29, the Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on 2022 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by U.S. financial...more
Banks are Borrowing Less from the Federal Reserve - “’So the fact that they are now borrowing less means that they’re trying to get back to normal.’” Why this is important: Investors and commentators look to several...more
On January 19, the CFPB issued a final rule exempting certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs). The...more
In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about the scope and content of examinations OCIE plans to conduct of various...more
On April 21, 2020, the National Credit Union Administration (NCUA) published an interim final rule that will allow for appraisals and written estimates of market value of homes and other real property to be obtained by...more
As more states issue stay at home orders and mandatory lockdowns, Credit Unions must institute business contingency plans and adapt to a remote workforce. The lack of face to face communication with customers can heighten...more
The CFPB has published a notice in the Federal Register announcing that it is seeking applications for membership on its Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic...more
On May 24, 2018, President Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act) into law, taking the first step in paring back some of the post-crisis banking regulations imposed under...more
The Senate Banking Committee has voted out of committee a bipartisan effort to ease Dodd-Frank regulations. The bill in question could “drastically cut” the number of banks subject to heightened Fed oversight and “would ease...more
"A Financial System that Creates Economic Opportunities: Banks and Credit Unions," a Report by the Department of the Treasury, identifies potential reforms that would promote the "Core Principles for Regulating the United...more
This article is a follow up to Bruce Wallace’s April 13, 2017 update, "Is your Motor Vehicle Loan Safe?" regarding how insurance policies may not protect the credit union’s lien. Specifically, Mr. Wallace’s update dealt with...more
On February 28, 2017, B. Dan Berger, President and Chief Executive Officer of the National Association of Federally-Insured Credit Unions (the “NAFCU“), urged regulatory relief for credit unions in a letter submitted to the...more
The CFPB has announced annual adjustments to two asset-size exemption thresholds. First, the CFPB has made no change to the asset-size exemption threshold under HMDA/Regulation C which is currently set at $44 million. ...more
Last month, a bipartisan group of 70 senators were signatories to a letter sent to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray urging the CFPB to “carefully tailor its regulations to match the unique...more
On November 3, the Consumer Financial Protection Bureau (CFPB) released its fall 2015 supervisory report concerning enforcement actions from May 2015 through August 2015. The Bureau highlights violations in the mortgage...more
The Consumer Financial Protection Bureau (“CFPB”) made clear this week that, in its view, class action waivers should be on the chopping block in the agency’s upcoming rulemaking aimed at regulating the use of arbitration...more
On July 20, 2015, Judge Scheindlin of United States District Court for the Southern District of New York denied HSBC Bank USA, NA’s (“HSBC”) motion to dismiss claims brought by the National Credit Union Administration...more
Under Dodd-Frank, the CFPB supervises depository institutions and credit unions with total assets of more than $10 billion, as well as certain nonbanks, regardless of size, including mortgage companies, originators, brokers,...more
On January 18, 2013, the Consumer Financial Protection Bureau (CFPB) issued a final rule (the Appraisal Rule) implementing an amendment to the Equal Credit Opportunity Act (ECOA) that revises Regulation B’s provisions...more