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Financial Institutions › Financial Regulatory Reform › Real Estate Transactions

Ballard Spahr LLP

HUD reverses course and eliminates eligibility of Non-Permanent U.S. Residents for FHA Loans

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In the waning hours of the first Trump Administration the U.S. Department of Housing and Urban Development (HUD) announced that effective January 19, 2021 individuals who are classified under the “Deferred Action for...more

Orrick, Herrington & Sutcliffe LLP

CFPB will reportedly continue to update Average Prime Offer Rate tables

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On February 11, it was reported that, despite the temporary halt in the CFPB’s operations, the Bureau’s tables for the Average Prime Offer Rate (APOR) will continue to be updated weekly by the CFPB. A Bureau spokesperson...more

GeoDataVision

The new Community Reinvestment Act Omits Critical Types of Credit That Meet Community Needs

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Recent news stories explain the criticism of Senator Warren and Congresswoman Waters directed at banks that are litigating the 2023 CRA rule.  But perhaps their frustration should be focused on the regulators who have...more

Troutman Pepper Locke

CFPB Proposes New “Streamlined” Mortgage Servicing Rules

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As we predicted here, the Consumer Financial Protection Bureau (CFPB or Bureau) last week proposed new and, in some cases, streamlined rules governing what mortgage servicers must do after a borrower becomes delinquent. The...more

Troutman Pepper Locke

CFPB Director Chopra Publicly Challenges The Appraisal Foundation’s Governance Structure and Transparency

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On March 18, Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB), submitted comments to the Appraisal Subcommittee (ASC) regarding its oversight of The Appraisal Foundation. Director Chopra, who serves...more

GeoDataVision

New CRA Retail Lending Test Benchmarks

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The Retail Lending Test in the new CRA will measure bank performance against “market” benchmarks (lending activity reported by other lenders) and “community” benchmarks” (community demographics). Many bankers, although not...more

Ballard Spahr LLP

Diverse Group Expresses Support for Bills to Limit Trigger Leads

Ballard Spahr LLP on

As previously reported, bills were introduced in the U.S. House of Representatives (H.R. 7297) and U.S. Senate (S. 3502) to amend the Fair Credit Reporting Act (FCRA) to curtail the practice of trigger leads with mortgage...more

GeoDataVision

The new CRA: Surprises and Problems by Omission

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I have written a number of articles about the new CRA and the problems its requirements will impose on banks. But there are also problems posed by what the new Rule omits....more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - October 2023 # 4

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Ballard Spahr LLP

Federal Banking Agencies Increase Transaction Value Appraisal Exemption

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As we previously reported, last November the FDIC, Federal Reserve Board and Comptroller of the Currency (the federal banking agencies) proposed a rule to implement a rural residential property appraisal exemption under the...more

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