CFPB Publishes Issue Spotlight on Chatbots in Consumer Finance
The CFPB recently published an Issue Spotlight regarding the use of chatbots in consumer finance, explaining that the purpose of the report is to explain... Read More
Federal Regulatory Developments
Agencies Seek Comment on Guidance on ROVs in Residential Transactions
The Federal Reserve Board, FDIC, NCUA, OCC, and CFPB (collectively, the Agencies) recently announced that they are seeking public comment on their proposed interagency guidance... Read More
FHA Releases Single Family Mortgage Related Resources in Multiple Languages
On June 13, 2023, FHA made various single family mortgage documents and related resources available in Chinese, Korean, Spanish, Tagalog, and Vietnamese on its new... Read More
FDIC Advises Consumers to Inquire About a Reconsideration of Value for Appraisals
On June 2, 2023, the FDIC published an article to emphasize to consumers the significant role appraisals have in the home loan process in order... Read More
Multiple Agencies Request Comment on Proposed Rule for AVM Quality Control
On June 1, 2023, six federal regulatory agencies requested public comment on a proposed rule that would implement quality control standards for mortgage originators and... Read More
Agencies Issue Risk Management Guidance for Third-Party Relationships
The Federal Reserve Board, FDIC, and OCC (collectively, the Agencies) issued final guidance on managing risks with third-party relationships. The guidance is final as of... Read More
NLRB GC Memo: Non-Competes Generally Violate Labor Law
The General Counsel of the National Labor Relations Board recently issued a memorandum to NLRB personnel concluding that, except in limited circumstances, the proffer, maintenance,... Read More
OCC Addresses Banks with Persistent Weaknesses in Bank Enforcement Manual Revisions
On May 25, 2023, the OCC announced the addition of “Appendix C: Actions Against Banks with Persistent Weaknesses” to the Policies and Procedures Manual (PPM)... Read More
FHA Seeks Comments on Proposed HECM Mortgagee Default Requirements
FHA recently posted a draft Mortgagee Letter (draft ML) that would expand FHA’s processes related to actual or anticipated mortgagee default on obligations to a... Read More
DOJ, Companies Reach Penalty Deal for Biased Job Ads
On May 23, 2023, the DOJ announced that it had secured ten additional settlements, which total $464,360, with companies that posted job advertisements that unlawfully... Read More
$9 Million Settlement Reached in CFPB Action Over Unlawful Credit Card Servicing
The CFPB and a large national banking association recently reached a settlement regarding allegations that the bank violated TILA and Regulation Z by failing to... Read More
FHA Clarifies Loss Mitigation Options for Certain Non-Borrowers
FHA recently published Mortgagee Letter 2023-11 (ML) to clarify and update Mortgagee Letter 2023-03. Specifically, the ML allows for review of non-borrowers for certain loss... Read More
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