CFPB Fines Bank $12 Million for HMDA Reporting Violations
The CFPB recently issued a consent order and a $12 million fine against a large national bank for failing to accurately collect and report HMDA... Read More
Federal Regulatory Developments
FTC Amends Safeguards Rule to Require Notification of Data Security Breaches
The FTC recently issued a final rule amending the Standards for Safeguarding Customer Information (the Safeguards Rule) to require certain financial institutions to report data... Read More
Agencies Announce Annual Threshold Adjustments Under TILA, CLA, and FCRA
Several federal agencies recently announced – effective January 1, 2024 – annual adjustments to various regulatory thresholds involving, among other things, higher-priced mortgage loans (HPMLs),... Read More
CFPB Settles with Online Lender for $15 Million over Allegations of Unauthorized Account Debits
An online lender recently entered into a consent order (2023 Consent Order) with the CFPB to resolve allegations concerning debits of consumer bank accounts without... Read More
FHA Updates Property Preservation and Protection Inspection Fees
FHA released Mortgagee Letter 2023-20, which updates the allowable amounts that servicers may charge for property inspections. In certain instances, such as when a borrower... Read More
CFPB Issues Consent Order Against Bank for Alleged ECOA Violations
The CFPB recently issued a Consent Order against a large national bank (the Bank) alleging that the Bank engaged in a pattern or practice of... Read More
Fannie, Freddie Announce Enforcement Relief for COVID-19 Forbearance Mortgages
On October 18, 2023, Freddie Mac’s Bulletin 2023-21 and Fannie Mae’s Lender Letter LL-2023-08 announced that, effective immediately, certain mortgages previously or currently in COVID-19... Read More
Biden Issues Executive Order on Artificial Intelligence
President Biden recently issued an Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence, which establishes the administration’s principles on... Read More
FDIC Issues Consent Order Against Bank
A Utah-based bank (the Bank) recently agreed, without admitting or denying any charges, to a consent order (the Order) with the FDIC. The FDIC’s allegations... Read More
HUD Incorporates HECM Requirements into Single-Family Handbook 4000.1
HUD recently announced that it has consolidated and incorporated all of the requirements applicable to HECMs into the Single-Family Housing Policy Handbook 4000.1 (Handbook), primarily... Read More
Agencies Issue Final Rule Amending CRA Regulations
The Federal Reserve Board, FDIC, and OCC issued a final rule amending their regulations implementing the Community Reinvestment Act (CRA). The CRA is designed to... Read More
FHA Makes Changes to HECM for Purchase Program
FHA recently published a notice in the Federal Register indicating that it is making certain changes to the HECM for Purchase program, including (i) expanding... Read More
Industry News, including Federal Regulatory Developments, State Regulatory Developments and Litigation Developments, is for general information purposes only and is not in any way intended, nor shall it be construed, as legal advice, legal opinion or any other advice on any specific facts or circumstances. No person or entity (“Person”) should act or refrain from acting upon this information without seeking professional advice. No Person may rely on this information or its applicability to any specific circumstances. The information in Industry News, including Federal Regulatory Developments, State Regulatory Developments and Litigation Developments, is in no instance to be taken as an indication of completeness, applicability to a particular situation, or an indication of future developments or results.