GAO Says CFPB Auto Lending Bulletin Subject to Congressional Review
The Government Accountability Office (GAO) recently issued a report finding that the CFPB’s 2013 Bulletin on Indirect Auto Lending and Compliance with the Equal Credit... Read More
Federal Regulatory Developments
2018 Department of Veterans Affairs County Loan Limits
In its Circular 26-17-41, the Department of Veterans Affairs (VA) announced the loan limits for loans that are closed on or after January 1, 2018. ... Read More
U.S. Federal Banking Agencies Announce Support for Basel Reforms
On December 7, 2017, the United States federal banking agencies (the FDIC, the Board of Governors of the Federal Reserve System, and the OCC) announced... Read More
FTC Obtains Settlement Order Banning Debt Collectors from Debt Collection Business
The FTC recently obtained a settlement order banning from the debt collection business three defendants who allegedly posed as lawyers and falsely threatened to sue... Read More
CFPB Updates the TILA-RESPA Integrated Disclosure Guide to the Loan Estimate and Closing Disclosure Forms
The CFPB updated the TILA-RESPA Integrated Disclosure Guide to the Loan Estimate and Closing Disclosure Forms (Guide), dated December 2017, to incorporate the final rule... Read More
California Announces $1.1M Settlement with South Carolina Mortgage Lender
A South Carolina-based lender recently signed a $1.1 million settlement with the California Department of Business Oversight (DBO) for allegedly overcharging per diem interest to... Read More
Federal Reserve Requests Comments on Proposals to Increase Transparency of Its Bank Stress Testing Program
The Federal Reserve Board recently requested comments on a trio of proposals to increase the transparency of its bank stress testing program. The Federal Reserve’s... Read More
CFPB Orders Bank to Refund $3.75 Million to Consumers and to Pay $2.75 Million Fine for Student Loan Servicing Failures
The CFPB recently entered into a Consent Order with a major bank for student loan servicing failures that harmed borrowers by allegedly deceiving them about... Read More
Federal Reserve Orders Bank to Pay $2.8 Million for FTCA Violations
The Federal Reserve Board recently issued a $2.8 million consent order against a large national bank for its alleged “unsafe or unsound banking practices” and... Read More
Federal Banking Agencies Issue Joint Rule Extending 2017 Transition Provisions under Capital Rules
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the... Read More
FDIC Enters into Consent Order for Payment of Civil Penalties over Bank’s Failure to Follow Flood Insurance Regulations
The FDIC entered into a consent order with a Bank over its failure to follow regulations regarding flood insurance for mortgages that the Bank originated.... Read More
Solicitor General Disagrees with SEC and Argues that Administrative Law Judges Must be Appointed
The Office of the Solicitor General, through a brief in response to a writ for certiorari, has taken the position that Securities and Exchange Commission... 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.