Mortgages, Truth in Lending Act (TILA), Financial Institutions

Petition for rehearing to be filed in Ninth Circuit in National Bank Act preemption case related to mortgage escrow accounts

Ballard Spahr LLP on 9/3/2024

On August 27, we blogged about the Ninth Circuit unpublished panel opinion in Kivett v. Flagstar Bank issued upon remand of the case from the Supreme Court with instructions to follow the guidance of the Supreme Court...more

CFPB Advises Against Certain Contract-for-Deed Practices

Troutman Pepper on 8/16/2024

This week, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advisory opinion and a research report addressing contract-for-deed home financing, also known as a “land contract,” “land installment contract,”...more

Nutter Bank Report: July 2024

Nutter McClennen & Fish LLP on 7/31/2024

The federal banking agencies have published joint guidance for banks about risks posed by fintech companies and other third parties to deliver bank deposit products and services. The joint guidance issued on July 30...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - July 2024 # 4

Troutman Pepper on 7/26/2024

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

CFPB Issues RFI on Mortgage Closing Costs

Ballard Spahr LLP on 6/19/2024

The Consumer Financial Protection Bureau (CFPB), recently issued a Request for Information (RFI) related to fees charged by providers of mortgages and related settlement services. In his statement, Director Chopra discussed...more

CFPB Warns Against Deception in Contracts for Consumer Financial Products and Services

Hinch Newman LLP on 6/6/2024

On June 4, 2024, the Consumer Financial Protection Bureau issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. According to the...more

Nutter Bank Report: May 2024

Nutter McClennen & Fish LLP on 5/31/2024

Headlines 1. Supreme Court Upholds the Constitutionality of the CFPB’s Funding Structure The Supreme Court has ruled that the statutory authorization that allows the CFPB to draw funds from the earnings of the Federal Reserve...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - April 2024 # 2

Troutman Pepper on 4/10/2024

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

CFPB Approves Trial Disclosure Program Waiver Template Application for Construction-to-Permanent Loans

Ballard Spahr LLP on 11/29/2023

The CFPB recently approved an application (Application) from the Independent Community Bankers Association (ICBA) for alternative disclosures under the Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA)...more

CFPB/Fed/OCC increase exemption thresholds for appraisal requirement, Regs Z and M (UPDATED)

Ballard Spahr LLP on 11/15/2023

The CFPB, Fed, and OCC have announced that they are increasing three exemption thresholds that are subject to annual inflation adjustments. Effective January 1, 2024 through December 31, 2024, these exemption thresholds are...more

CFPB Announces Annual Threshold Adjustments for Credit Cards and Mortgages

Troutman Pepper on 9/20/2023

The Consumer Financial Protection Bureau (CFPB) has issued a final rule adjusting the Truth in Lending Act (TILA) dollar amounts for certain provisions, including under the Home Ownership and Equity Protection Act of 1994...more

CFPB: TILA does not preempt state laws on commercial financial disclosure

Orrick, Herrington & Sutcliffe LLP on 3/31/2023

On March 28, the CFPB issued a determination that state disclosure laws covering lending to businesses in California, New York, Utah, and Virginia are not preempted by TILA. ...more

CFPB adjusts annual dollar amount thresholds under TILA, HMDA regulations

Orrick, Herrington & Sutcliffe LLP on 1/6/2023

On December 21, the CFPB released a final rule revising the dollar amounts for provisions implementing TILA and its amendments that impact loans under the Home Ownership and Equity Protection Act of 1994 (HOEPA) and qualified...more

Supreme Court Decision Empowers President Biden to Replace Director of FHFA

Goodwin on 6/25/2021

In This Issue. In a move that gives him the opportunity to put his stamp on housing policy and the potential overhaul of Fannie Mae and Freddie Mac, President Biden replaced the Director of the Federal Housing Finance Agency...more

OCC Finalizes “True Lender” Rule

Goodwin on 10/29/2020

In the News. The Office of the Comptroller of the Currency (OCC) finalized its “true lender” rule, which establishes that a national bank or federal savings association (bank) is the “true lender” of a loan if, as of the...more

You Can Still Comment on the TRID Rule Assessment

Ballard Spahr LLP on 2/6/2020

As we previously reported, the CFPB is conducting an assessment of the TILA/RESPA Integrated Disclosure (TRID) Rule. Although the comment period associated with the Federal Register notice regarding the assessment ended on...more

New Jersey Expands Regulation of Mortgage Servicers

Holland & Knight LLP on 5/1/2019

• 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

Regulatory Relief Legislation Eases Regulatory Burdens

Kilpatrick on 5/29/2018

On May 24, 2018, President Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act) into law, taking the first step in paring back some of the post-crisis banking regulations imposed under...more

Senate Passes Economic Growth, Regulatory Relief and Consumer Protection Act

Goodwin on 4/3/2018

On March 15, 2018, the U.S. Senate passed the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155)–a bipartisan bill that LenderLaw Watch reported on as a piece of legislation to watch back in December. In...more

Senate Passes Banking Bill Providing Dodd-Frank Relief

Ballard Spahr LLP on 3/16/2018

The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. Although the Act would not make the sweeping changes to the Dodd-Frank Act found...more

Congressional hearing regarding proposed financial regulation scheduled for September 7

Ballard Spahr LLP on 9/6/2017

Congress is back in session and this Thursday, September 7, the House Subcommittee on Financial Institutions and Consumer Credit will hold a one-panel hearing entitled “Legislative Proposals for a More Efficient Federal...more

House Financial Services subcommittee to hold July 12 hearing on community financial institution relief; bills to be examined...

Ballard Spahr LLP on 7/11/2017

On July 12, 2017, a subcommittee of the House Financial Services Committee will hold a hearing entitled “Examining Legislative Proposals to Provide Targeted Regulatory Relief to Community Financial Institutions.” The...more

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