FHA Announces Loan Review System Implementation and Process Changes
On January 11, 2017, FHA published Mortgagee Letter 2017-03, announcing its intention to implement its new Loan Review System, which will provide an electronic platform... Read More
Federal Regulatory Developments
FTC Announces Crackdown on Two Massive Illegal Robocall Operations
The FTC announced court orders against two massive robocall telemarketing operations, both of which the FTC alleges have been making robocalls to consumers on the... Read More
CFPB Announces Civil Penalty Inflation Adjustments for 2017
On January 12, 2017, the CFPB issued a final rule adjusting for inflation the maximum amount of each civil penalty within the Bureau’s jurisdiction. The... Read More
Federal Regulators Extend Comment Period for Advance Notice of Proposed Rulemaking
Recently, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency (“OCC”), and the Federal Deposit Insurance Corporation... Read More
CFPB Releases Debt Collection Survey Report
The CFPB recently released the results of its national survey of consumers, revealing dissatisfaction over consumers’ experiences with debt collectors. Most notably, the CFPB found... Read More
OCC Penalizes Bank For Mortgage Servicing Violations And Untimely Payment Change Notices
The Office of the Comptroller of the Currency (OCC) announced a $32.5 million civil penalty against a national bank for violations of a consent order... Read More
OCC Issues a Report on Risks Facing National Banks and Federal Savings Associations
The Office of the Comptroller of the Currency (“OCC”) issued a report on January 5, 2017 regarding the risks that national banks and federal savings... Read More
The CFPB Issues Annual Threshold Adjustments for HMDA
The CFPB amended the official commentary to Regulation C announcing their adjustment to asset-size exemption threshold. HMDA (12 U.S.C. 2801-2810) requires most mortgage lenders located... Read More
Two Major Credit Reporting Agencies Agree to Pay More Than $23 Million In CFPB Fines and Restitution For Alleged Misrepresentations
The CFPB entered into agreements with two major credit reporting agencies whereby the credit reporting agencies agreed to pay more than $23 million in penalties... Read More
Department of Justice Recovers Over $4.7 Billion from False Claims Act Cases
The Justice Department recovered more than $4.7 billion in settlements and judgments from civil cases involving fraud and false claims against the government in fiscal... Read More
Ohio Banks Settle DOJ Redlining Case in Consent Order Requiring $9 Million Bank Investment in Affected Communities
Following a fair housing investigation and the filing of a complaint in federal district court, the DOJ recently obtained a consent order against two Ohio-based... Read More
FHA Announces Reduction in Annual Insurance Premiums
On January 9, 2017, FHA published Mortgagee Letter 2017-01, announcing that it will reduce the annual premiums most borrowers pay on a FHA insured mortgage... 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.