The latest edition of the Consumer Finance State Roundup highlights recently enacted measures of potential interest from three states: Arkansas: House Bill 1184, which we expect to take effect on or about August 8, amends...more
The latest edition of the Consumer Finance State Roundup highlights recently enacted measures of potential interest from two states: California: Effective January 1, California Assembly Bill 3108 addresses mortgage fraud. ...more
3/7/2025
/ Banking Sector ,
California ,
Consumer Lenders ,
Consumer Protection Laws ,
Data Breach ,
Data Privacy ,
Financial Services Industry ,
Fraud ,
Lenders ,
Mortgage Lenders ,
Mortgages ,
New York ,
Regulatory Requirements ,
Risk Management
As the new year approaches, so does an important deadline: although January 1, 2025, is the date by which non-exempt companies formed prior to 2024 must file a Beneficial Ownership Information (BOI) Report with the Financial...more
What Happened? On July 10, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) proposed a rule to amend provisions of its Mortgage Servicing Rules to significantly revamp requirements relating to borrowers...more
7/23/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Delinquent Borrowers ,
Financial Institutions ,
Financial Services Industry ,
Foreclosure ,
Loss Mitigation ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
Notice Requirements ,
Proposed Rules ,
Regulation X
What Happened? On June 20, 2024, a group of federal regulators published a rule addressing for the use of automated valuation models (AVMs) in mortgage origination and secondary market transactions....more
7/1/2024
/ Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
FHFA ,
Financial Institutions ,
Financial Services Industry ,
FIRREA ,
Loans ,
Mortgage Lenders ,
Mortgages ,
OCC ,
Valuation
What Happened? Continuing its focus on appraisal bias, the U.S. Department of Housing and Urban Development (“HUD”) issued new guidance to Federal Housing Administration (“FHA”) mortgagees regarding appraisal reviews and...more
What Happened? Effective July 1, Iowa House File 2392 (the “Iowa Law”) enacts mortgage servicer prudential standards (codified in Chapter 535B of the Iowa Code) that largely follow those promoted by the Conference of State...more
What Happened? Building on the 2021 announcement of the Interagency Task Force on Property Appraisal and Valuation Equity (“PAVE”) and a series of federal agency actions in the intervening months, 2024 brings new efforts at...more
3/8/2024
/ Anti-Discrimination Policies ,
Appraisal ,
Bias ,
ECOA ,
Fair Housing Act (FHA) ,
FFIEC ,
Financial Institutions ,
Financial Services Industry ,
OCC ,
Property Valuation ,
USPAP
A&B Abstract: On January 2, the Consumer Finance Protection Bureau (“CFPB” or “Bureau”) filed an amicus brief in Carrasquillo v. CICA Collection Agency, Inc. in support of Plaintiff-Appellant Carrasquillo. The brief...more
A&B Abstract: On June 21, the Consumer Financial Protection Bureau (CFPB), along with five federal regulatory agencies (Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System...more
A&B ABstract: Effective July 1, Montana will become the latest jurisdiction to codify authorization for mortgage loan originators and mortgage company employees to engage in remote work. That legislation follows a general...more
A&B ABstract: In the 29nd edition of its Supervisory Highlights, the Consumer Financial Protection Bureau (“CFPB”) focused on the impact of so-called “junk” fees in the mortgage servicing, auto servicing, and student loan...more
Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features a new year for a new UCC Article 12, a farewell to LIBOR, and an appraisal...more
2/28/2023
/ Appraisal ,
Asset Management ,
Banking Sector ,
Bias ,
Blockchain ,
Commercial Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Cryptocurrency ,
Digital Assets ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
FinTech ,
Foreclosure ,
Libor ,
Non-Bank Lenders ,
Proposed Rules ,
Secured Overnight Funding Rate (SOFR)
A&B ABstract: Effective on approval by Governor Kathy Hochul on December 30, 2022, New York Assembly Bill 7737b – the Foreclosure Abuse Prevention Act (the “Act”) became law....more
A&B ABstract: A year and a half after President Biden’s announcement of the Interagency Task Force on Property Appraisal and Valuation Equity (“PAVE”), the past weeks have seen a flurry of activity from federal agencies and...more
A&B ABstract: On November 21, 2022, the Federal Housing Administration (“FHA”) announced a final rule to provide for the acceptance of private flood insurance in connection with FHA-insured loans....more
A&B ABstract: On February 24, Governor Kathy Hochul signed into law Assembly Bill 8771 (2022 N.Y. Laws 48), amending single point of contact requirements for certain delinquent borrowers. What changes does the measure...more
Please join Alston & Bird's consumer finance attorneys and an economist from Charles River Associates as they discuss new legal and practical approaches to fair lending, fair valuations, and fair servicing. This program will...more
1/21/2022
/ Appraisal ,
Appraisal Management Companies ,
Best Practices ,
Bias ,
Continuing Legal Education ,
Fair Lending ,
Fair Valuation ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Real Estate Transactions ,
Risk Mitigation ,
Webinars
A&B ABstract: On December 7, the Department of Justice U.S. Trustee Program (“USTP”) announced that it has entered into agreements with three servicers to address mortgage servicing deficiencies impacting borrowers in...more
A&B ABstract: The Federal Housing Finance Agency has expanded the number of languages for which it provides translated documents as part of its Mortgage Translations clearinghouse....more
A&B ABstract: On June 15, Alston & Bird partners Nanci Weissgold and Brian Johnson hosted Dr. Mark A. Calabria, Director of the Federal Housing Finance Agency, and Kathy Kraninger, Director of the Consumer Financial...more
A&B ABstract: Last week, the Consumer Financial Protection Bureau issued two announcements of interest to servicers as they continue to respond to borrowers impacted by the COVID-19 pandemic....more
A&B ABstract: On April 27, the FHFA provided clarification on the repayment of mortgage loan forbearance granted in response to the COVID-19 pandemic....more
On March 19, New York Governor Mario Cuomo issued Executive Order No. 202.7, “Continuing Temporary Suspension and Modification of Laws Relating to the Disaster Emergency” (the “Order”)....more
A&B ABstract:
The Winter 2020 Supervisory Highlights identifies the CFPB’s findings from recent examinations, noting violations that resulted in compliance management system weakness....more