In January 2025 the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2025-06 revising servicing and claims requirements and loss mitigation options for FHA insured mortgage loans effective...more
4/23/2025
/ Borrowers ,
Consumer Financial Products ,
Federal Housing Administration (FHA) ,
Financial Services Industry ,
HUD ,
Loss Mitigation ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgagee Letters ,
Mortgages ,
New Regulations ,
Real Estate Transactions ,
Regulatory Oversight ,
Regulatory Requirements
The CFPB is rescinding its existing enforcement and supervision priority documents, according to a memo sent to bureau staff by CFPB Chief Legal Officer Mark Paoletta....more
4/18/2025
/ Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
Enforcement Priorities ,
Fair Lending ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgages ,
Non-Bank Lenders ,
Regulatory Reform ,
Student Loans ,
Supervisory Guidance ,
Trump Administration
Legislation to prohibit so-called “trigger leads” in the homebuying process once again has been reintroduced in the House and Senate....more
4/16/2025
/ Borrowers ,
Consumer Financial Products ,
Consumer Reporting Agencies ,
Credit Reports ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lead Generators ,
Lenders ,
Mortgage Lenders ,
Mortgages ,
Proposed Legislation ,
Real Estate Transactions ,
Regulatory Agenda
Republicans on the House Financial Services Financial Institutions Subcommittee have sent Acting CFPB Director Russell Vought a letter calling for the CFPB to withdraw a wide variety of final and proposed rules....more
4/15/2025
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debit and Credit Card Transactions ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Committee ,
Financial Services Industry ,
Late Fees ,
Lenders ,
Medical Debt ,
Overdraft Fees ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements
Republicans on the House Financial Services Committee have sent letters to financial regulators asking them to rescind a variety of measures the regulators issued during the Biden Administration....more
4/14/2025
/ Banking Regulators ,
Banking Sector ,
Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debit and Credit Card Transactions ,
Deregulation ,
Federal Reserve ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Committee ,
Financial Services Industry ,
Interchange Fees ,
Overdraft Fees ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Authority ,
Regulatory Reform ,
Regulatory Requirements ,
Risk Management ,
Trump Administration
The CFPB has announced that Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2024 are now available on the Federal Financial Institutions Examination Council’s (FFIEC) HMDA Platform for...more
4/8/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Disclosure Requirements ,
FFIEC ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
Loan Applications ,
Mortgage Lenders ,
Mortgages ,
Regulatory Requirements ,
Reporting Requirements
Saying that the bureau under the Biden Administration abused its power, the CFPB is seeking to reverse its settlement with Townstone Financial....more
3/28/2025
/ Abuse of Power ,
Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Financial Services Industry ,
Mortgage Loan Originators ,
Mortgages ,
Redlining ,
Regulation B ,
Regulatory Authority ,
Settlement ,
Small Business ,
Statutory Violations ,
Trump Administration ,
Vacated
In the latest edition of its Consumer Compliance Outlook, the Federal Reserve (Fed) identified the four most significant fair lending violations that it found in examining state member banks in 2022. These are violations that...more
3/6/2025
/ Banks ,
Civil Rights Act ,
Consumer Financial Products ,
Consumer Lenders ,
Fair Lending ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Regulatory Requirements ,
Regulatory Violations ,
Risk Management
Republicans on Capitol Hill are seeking to repeal a section of the Dodd-Frank Act that requires financial institutions to report information contained in loan applications submitted by women-owned, minority-owned and...more
2/6/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Equal Access to Credit ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
LGBTQ ,
Loans ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
Reporting Requirements ,
Section 1071 ,
Small Business ,
Small Business Loans
The CFPB has taken action against the Draper & Kramer Mortgage Corp. (DKMC) based on allegations of discriminatory lending activities that, according to the CFPB, discouraged homebuyers from applying to the company for home...more
1/28/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Fair Lending ,
Financial Services Industry ,
Mortgage Lenders ,
Non-Bank Lenders ,
Race Discrimination ,
Redlining
Led by the California Mortgage Bankers Association, five lenders have made commitments to provide mortgage relief for the victims of the California wildfires....more
1/23/2025
/ Banking Sector ,
Banks ,
California ,
Consumer Financial Products ,
Financial Institutions ,
Financial Services Industry ,
Foreclosure ,
Loans ,
Mortgage Lenders ,
Mortgages ,
Real Estate Market ,
Relief Measures ,
Wildfires
The CFPB is calling on state governments to increase their focus on consumer financial protection laws....more
The CFPB has published a proposed rule that would ban companies from using contract clauses that the bureau said limit fundamental freedom, including those that waive a consumer’s legal rights and fine print that suppresses...more
1/16/2025
/ Comment Period ,
Consumer Financial Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Contract Terms ,
Financial Regulatory Agencies ,
Financial Regulatory Reform ,
Financial Services Industry ,
Proposed Rules ,
Rulemaking Process ,
Unfair or Deceptive Trade Practices
In an effort to foster innovation in financial services, the CFPB is reinstituting its programs that allow companies to obtain regulatory safe harbors through no-action letters and sandboxes to test new products and services....more
Senate Banking Committee ranking Republican Sen. Tim Scott, R-S.C. said on December 11 that unlike several other regulators, the CFPB is ignoring his call to pause rulemaking until the Trump Administration takes office....more
12/12/2024
/ Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process ,
Senate Banking Committee ,
Trump Administration
The U.S. Department of Housing and Urban Development (HUD) has extended from January 1, 2025 until July 1, 2025, the compliance date for certain provisions of the department’s rule entitled “Modernization of Engagement with...more
The CFPB recently issued a report entitled Matched-Pair Testing in Small Business Lending Markets that summarizes results of small business lending matched pair testing that it conducted in conjunction with the U.S....more
12/9/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Monitoring ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Financial Institutions ,
Financial Services Industry ,
Regulatory Oversight ,
Section 1071 ,
Small Business ,
Small Business Loans
The CFPB has issued a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z under the Truth in Lending Act (TILA) that implement the CARD Act, Home Ownership and Equity...more
The U.S. Department of Veterans Affairs (VA) recently proposed rules to modify the requirements for the reporting of VA guaranteed mortgage loans, and the rules regarding when the VA would assert a defense for a partial or...more
12/2/2024
/ Borrowers ,
Consumer Financial Products ,
Fees ,
Financial Regulatory Reform ,
Financial Services Industry ,
Guaranty Claims ,
Loans ,
Mortgages ,
Proposed Rules ,
Real Estate Transactions ,
Regulatory Agenda ,
Regulatory Requirements ,
Veterans ,
Veterans Administration
The percentage of unbanked households in the U.S. fell to its lowest level in 2023—4.2%–, the FDIC recently reported....more
Sen. Elizabeth Warren, D-Mass., an advocate of a strict financial regulatory regime, will become the top Democrat on the Senate Banking, Housing and Urban Affairs Committee in the next Congress....more
Following lengthy litigation, the CFPB is attempting to close the books on its case against Townstone Financial alleging discriminatory lending practices and redlining African American neighborhoods in Chicago....more
11/7/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Redlining ,
Settlement
This summer, the CFPB issued its long-awaited proposed rule amending the mortgage servicing rules under Regulation X, with a focus on loss mitigation procedures, foreclosure protections, and language access. These changes...more
The Justice Department announced that Citadel Federal Credit Union has agreed to pay more than $6.5 million to resolve allegations that it engaged in a pattern or practice of redlining majority-Black and Hispanic...more
10/14/2024
/ Consumer Financial Products ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Equal Access to Credit ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Loans ,
Mortgages ,
Race Discrimination ,
Redlining ,
Statutory Violations
Saying that reverse redlining is a form of discrimination, the U.S. District Court for the Southern District of Texas has refused to dismiss a discrimination case alleging that Texas developer Colony Ridge specifically...more
10/8/2024
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgages ,
Motion to Dismiss ,
Redlining ,
Regulation B ,
Reverse Discrimination