The Consumer Financial Protection Bureau (CFPB) on July 10, 2024, announced a proposed rule that would require servicers to more intently assist borrowers throughout a "loss mitigation review cycle" before being permitted to...more
7/25/2024
/ Borrowers ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Default ,
Financial Distress ,
Forbearance Agreements ,
Foreclosure ,
Interim Final Rules (IFR) ,
Loss Mitigation ,
Mortgage Servicers ,
Mortgages ,
Proposed Amendments ,
Regulation X ,
Regulatory History ,
RESPA
New Jersey Gov. Phil Murphy on Aug. 18, 2023, signed into law a bill that limits the surcharges that merchants may charge their customers who choose to pay for goods or services using a credit card and requires disclosure of...more
If you are a nonbank finance company that makes commercial loans of $2.5 million or less in New York or represent such a company, this Holland & Knight alert is for you. There has been a growing concern expressed over the...more
3/8/2023
/ Commercial Loans ,
Corporate Financing ,
Disclosure Requirements ,
Final Rules ,
Financial Services Industry ,
Financing ,
New Legislation ,
Nonbank Firms ,
NYDFS ,
Small Business ,
Small Business Loans
The Financial Crimes Enforcement Network (FinCEN) issued an Advance Notice of Proposed Rulemaking (Notice) on Dec. 9, 2021, requesting public comment on ways to enhance the transparency of the domestic real estate market...more
12/20/2021
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
FATF ,
Financial Crimes ,
FinCEN ,
Money Laundering ,
Public Comment ,
Real Estate Transactions ,
Suspicious Activity Reports (SARs) ,
Transparency
New York enacted a new law on Nov. 1, 2021, extending the requirements in the state's analog to the federal Community Reinvestment Act (CRA Requirements) to New York-licensed mortgage bankers, thereby becoming the third state...more
The Consumer Financial Protection Bureau (CFPB) recently published two final rules revising its Ability-to-Repay/Qualified Mortgage Rule (ATR/QM Rule). The principal purpose of these final rules is to avoid anticipated...more
The Federal Deposit Insurance Corporation (FDIC) approved on Dec. 15, 2020, a final rule that clarifies how it intends to treat applications to insure an industrial bank or industrial loan company (each, an ILC) or to merge...more
Pennsylvania Gov. Tom Wolf signed into law House Bill No. 2370 (Act 97) on Oct. 29, 2020, permanently and immediately authorizing Pennsylvania notaries to conduct remote online notarizations (RONs) – notarizations conducted...more
In an important new development, the Consumer Financial Protection Bureau (CFPB) on Oct. 7, 2020, announced that it has rescinded Compliance Bulletin No. 2015-15 (Bulletin) regarding the Real Estate Settlement Procedures Act...more
Notwithstanding a pandemic-induced winnowing of legislative priorities this year, California has passed a handful of new bills to regulate discrete areas of the financial services industry, including student loan servicing,...more
9/25/2020
/ Administrative Authority ,
CARES Act ,
Consumer Financial Products ,
Coronavirus/COVID-19 ,
Debt Collectors ,
FDCPA ,
Financial Services Industry ,
Forbearance Agreements ,
Governor Newsom ,
Loan Servicer ,
Moratorium ,
Mortgages ,
New Legislation ,
Ombudsman ,
Relief Measures ,
Rent ,
Rental Property ,
Rulemaking Process ,
State and Local Government ,
Student Loans
At least 43 states have now, by statute or executive order, authorized notaries in their states to conduct remote online notarizations (RONs) on either a permanent or a temporary/emergency basis, with a substantial number of...more
A number of diverse stakeholders gathered at George Mason University (GMU) on Nov. 18, 2019, to participate in a program entitled "Consumer Debt in America: What Would Rate Caps and Student Loan Forgiveness Mean?" The debate,...more
12/3/2019
/ Banking Sector ,
Community Banks ,
Consumer Financial Contracts ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt ,
Department of Education ,
FDIC ,
Federal Grants ,
Federal Loans ,
FinTech ,
Government-Guaranteed Loans ,
Independent Community Bankers of America (ICBA) ,
Interest Rates ,
Military Lending Act ,
OCC ,
Payday Loans ,
Proposed Rules ,
Public Policy ,
Student Loans ,
Usury
The New York Federal Reserve Bank's Alternative Reference Rates Committee (ARRC) released its recommendations on Nov. 15, 2019, regarding the London Interbank Offered Rate Index (Libor Index) fallback language for new...more
Pennsylvania has enacted House Bill (HB) 318,1 which expands and extends the protections given to Pennsylvania residential and wireless telephone subscribers by the 1996 Telemarketer Registration Act (TRA) in connection with...more
New Jersey has enacted a law, P.L. 2019, c. 200 (Act), that is designed to assist potential and existing student loan borrowers in understanding and managing their student loans. Briefly, the Act: 1) authorizes the New Jersey...more
• The U.S. District Court for the District of New Jersey has denied a defendant's motion to dismiss a putative statewide class action complaint that alleged that the defendant violated Section e(10) of the federal Fair Debt...more
• New Jersey Gov. Phil Murphy signed Assembly Bill A-4997 into law on April 29, 2019, dramatically expanding the state's regulation of residential mortgage servicers.
• The law requires nonbank finance companies that...more
5/1/2019
/ Banking Sector ,
Banks ,
Consumer Reporting Agencies ,
Enforcement Actions ,
Financial Institutions ,
Government Entities ,
Governor Murphy ,
Licenses ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
Popular ,
Truth in Lending Act (TILA)
• Legislative initiatives are being undertaken in New Jersey and Pennsylvania to join the growing list of states that have authorized the use of remote online notarizations (remote e-notarizations) by state-commissioned...more
• The State of New Jersey, on Aug. 24, 2018, enacted Assembly Bill 2035 that makes significant and important amendments (Amendments) to the Residential Mortgage Lending Act (RMLA), which had not been amended since it was...more
8/28/2018
/ Amended Legislation ,
Banking Sector ,
Financial Institutions ,
Licensing Rules ,
Mortgage Brokers ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
Reporting Requirements ,
Residential Real Estate Market ,
State and Local Government