News & Analysis as of

Creditors Mortgages Consumer Financial Products

Ballard Spahr LLP

Senate Passes House Version of Trigger Leads Bill

Ballard Spahr LLP on

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

Alston & Bird

Complying with the “Consider” Requirement Under the Revised Qualified Mortgage Rules

Alston & Bird on

The originators of residential mortgage loans are inconsistent in meeting the “consider” requirement under the revised qualified mortgage rules. Our Financial Services & Products Group offers guidance for creditors looking to...more

Sheppard Mullin Richter & Hampton LLP

District Court Dismisses CFPB Redlining Action Against Nonbank, Limits ECOA’s Reach

On February 3, the U.S. District Court for the Northern District of Illinois issued an opinion and order dismissing with prejudice the CFPB’s complaint for violations of the ECOA against a mortgage lender and its owner...more

Orrick - Finance 20/20

EBA Consults on its Benchmark Rate Under the MCD

Orrick - Finance 20/20 on

The Mortgage Credit Directive (2014/17/EU) (MCD) requires that creditors create two illustrative examples for variable rate mortgages on the basis of a benchmark rate specified by the EBA. Consequently, the EBA has developed...more

Ballard Spahr LLP

CFPB issues final rule expanding definition of “small creditor” and “rural areas” under TILA

Ballard Spahr LLP on

The CFPB has issued a final rule that revises the definitions of “small creditor” and “rural areas” under Regulation Z of the Truth in Lending Act (TILA). The final rule is effective January 1, 2016. We previously reported on...more

BakerHostetler

CFPB Expands “Small Creditor” and “Rural Area” Definitions for Qualified Mortgages

BakerHostetler on

On September 21, the Consumer Financial Protection Bureau (“CFPB”) released final and revised versions of mortgage rules regarding small creditors. These changes should ease lenders’ ability to originate qualified mortgages...more

Seyfarth Shaw LLP

Sixth Circuit Weighs In On Prior Express Consent

Seyfarth Shaw LLP on

Under what circumstances does a person give his “prior express consent” to be contacted on his cellphone by a creditor? The Sixth Circuit recently examined that very question in Hill v. Homeward Residential, Inc., where it...more

Morrison & Foerster LLP

Financial Services Report, Summer 2015

In This Issue: - Arbitration Report - Beltway Report - Bureau Report - Mobile & Emerging Payments Report - Mortgage & Fair Lending Report - Operations Report - Preemption Report -...more

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