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NEW ARTICLE ARGUES FOR USE OF FEDERAL AND STATE LAWS An article recently published by the Student Borrower Protection Center titled “Discrimination is ‘Unfair’,” argues that the CFPB, FTC, state attorneys general and regulators, and in some cases private individuals, should consider challenging discrimination as an “unfair” practice covered by federal and state laws prohibiting unfair, deceptive, or abusive acts and practices. OCC FILES NEW DISTRICT COURT DECISION APPLYING “VALID WHEN The OCC has filed a Statement of Recent Decision in Support of Defendants’ Motion for Summary Judgment in the lawsuit filed by state AGs to enjoin the OCC’s final rule (Rule) purporting to override the Second Circuit’s Madden decision as to national banks and federal savings associations.. The recent decision submitted by the OCC, Robinson and Spears v. CFPB AND FEDERAL BANKING AGENCIES ISSUE RFI ON THE USE OF In what could be an important step towards needed regulatory updating to accommodate the growing use of artificial intelligence (AI) by financial institutions, the CFPB, FDIC, OCC, Federal Reserve Board, and NCUA issued a request for information (RFI) regarding financial institutions’ use of AI, including machine learning (ML). Comments on the RFI must be received by June 1, 2021. MBA PROVIDES TEMPLATES TO ADVISE BORROWERS OF UPCOMING The Mortgage Bankers Association (MBA) recently released templates, one in a notice form and one in letter form, to advise borrowers with existing adjustable rate mortgage (ARM) loans that use the London Interbank Offered Rate (LIBOR) as the index of the upcoming transitionaway from LIBOR.
11TH CIR. RULES FDCPA RESTRICTION ON THIRD-PARTY Related Posts. Ninth Circuit stays mandate in Seila Law; Ballard Spahr files amicus brief on behalf of communications client in support of en banc review of 11th Cir. decision applying FDCPA restriction on third-party communications to debt collector’s transmittal of debtor’s personal information to SENATE CONFIRMATION OF CHOPRA TO AWAIT FILLING OF FTC Posted in CFPB, FTC. Despite wide-spread expectations that the full Senate will confirm Rohit Chopra as CFPB Director before the end of this month, we now understand that the Biden Administration is likely to seek a delay in Mr. Chopra’s confirmation until it fills the FTC vacancy created by the resignation of former Chairman Joseph Simons. NEW YORK CITY AMENDS DEBT COLLECTION REGULATIONS TO New debt collection rules creating requirements relating to consumers’ language proficiency are set to take effect in New York City on June 27, 2020. The new rules amend NYC’s existing debt collection regulations applicable to creditors collecting their own debts as well as third-party collection agencies. FDIC FINES BANK $1.8 MILLION FOR UDAP VIOLATIONS IN Yesterday, the FDIC announced a settlement with Umpqua Bank that involved collection practices connected with commercial equipment financing offered by the bank’s wholly-owned subsidiary. The stipulated Order to Pay Civil Money Penalty requires the bank to pay a $1.8 million CMP.. The practices that the FDIC found to violate Section 5 of the FTC Act consisted of: ELEVENTH CIRCUIT OVERTURNS LANDMARK ACCESSIBILITY DECISION On April 7, 2021, the Eleventh Circuit Court of Appeals ruled that Winn-Dixie Stores’ websites are not “public accommodations” and therefore are not subject to the accessibility requirements of Title III of the Americans with Disabilities Act (“ADA”). The decision reversed a 2017 federal district court opinion – in what may be the only website accessibility case to ever go to trial PROTECTION OF FEDERAL STIMULUS PAYMENTS FROM CREDITORS The American Rescue Plan Act, which was enacted on March 11, 2021, is a massive, $1.9 trillion COVID-19 economic stimulus law. The legislation provides targeted economic relief, in part, through EIP3s in the amount of $1,400 for individuals earning up to $75,000 and $2,800 for couples earning up to $150,000. Those amounts phase outquickly, so
NEW ARTICLE ARGUES FOR USE OF FEDERAL AND STATE LAWS An article recently published by the Student Borrower Protection Center titled “Discrimination is ‘Unfair’,” argues that the CFPB, FTC, state attorneys general and regulators, and in some cases private individuals, should consider challenging discrimination as an “unfair” practice covered by federal and state laws prohibiting unfair, deceptive, or abusive acts and practices. OCC FILES NEW DISTRICT COURT DECISION APPLYING “VALID WHEN The OCC has filed a Statement of Recent Decision in Support of Defendants’ Motion for Summary Judgment in the lawsuit filed by state AGs to enjoin the OCC’s final rule (Rule) purporting to override the Second Circuit’s Madden decision as to national banks and federal savings associations.. The recent decision submitted by the OCC, Robinson and Spears v. CFPB AND FEDERAL BANKING AGENCIES ISSUE RFI ON THE USE OF In what could be an important step towards needed regulatory updating to accommodate the growing use of artificial intelligence (AI) by financial institutions, the CFPB, FDIC, OCC, Federal Reserve Board, and NCUA issued a request for information (RFI) regarding financial institutions’ use of AI, including machine learning (ML). Comments on the RFI must be received by June 1, 2021. MBA PROVIDES TEMPLATES TO ADVISE BORROWERS OF UPCOMING The Mortgage Bankers Association (MBA) recently released templates, one in a notice form and one in letter form, to advise borrowers with existing adjustable rate mortgage (ARM) loans that use the London Interbank Offered Rate (LIBOR) as the index of the upcoming transitionaway from LIBOR.
11TH CIR. RULES FDCPA RESTRICTION ON THIRD-PARTY Related Posts. Ninth Circuit stays mandate in Seila Law; Ballard Spahr files amicus brief on behalf of communications client in support of en banc review of 11th Cir. decision applying FDCPA restriction on third-party communications to debt collector’s transmittal of debtor’s personal information to SENATE CONFIRMATION OF CHOPRA TO AWAIT FILLING OF FTC Posted in CFPB, FTC. Despite wide-spread expectations that the full Senate will confirm Rohit Chopra as CFPB Director before the end of this month, we now understand that the Biden Administration is likely to seek a delay in Mr. Chopra’s confirmation until it fills the FTC vacancy created by the resignation of former Chairman Joseph Simons. NEW YORK CITY AMENDS DEBT COLLECTION REGULATIONS TO New debt collection rules creating requirements relating to consumers’ language proficiency are set to take effect in New York City on June 27, 2020. The new rules amend NYC’s existing debt collection regulations applicable to creditors collecting their own debts as well as third-party collection agencies. PROTECTION OF FEDERAL STIMULUS PAYMENTS FROM CREDITORS The American Rescue Plan Act, which was enacted on March 11, 2021, is a massive, $1.9 trillion COVID-19 economic stimulus law. The legislation provides targeted economic relief, in part, through EIP3s in the amount of $1,400 for individuals earning up to $75,000 and $2,800 for couples earning up to $150,000. Those amounts phase outquickly, so
SECOND CIRCUIT ORDERS DISMISSAL FOR LACK OF STANDING OF The U.S. Court of Appeals for the Second Circuit has ruled that the lawsuit filed by the New York Department of Financial Services (DFS) seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to non-depository fintech companies should be dismissed for lack of Article III standing. In December 2017, the DFS’s first lawsuit challenging the OCC’s issuance of THIS WEEK'S PODCAST: SHOULD THE OFFICE OF THE COMPTROLLER Mr. Dougherty recently authored an article calling for the OCC’s abolishment and merger into the Federal Deposit Insurance Corp. After reviewing the history of the creation of the OCC and Federal Reserve Banks, we examine and debate Mr. Dougherty’s arguments in support ofhis position.
CFPB AND FEDERAL BANKING AGENCIES ISSUE RFI ON THE USE OF In what could be an important step towards needed regulatory updating to accommodate the growing use of artificial intelligence (AI) by financial institutions, the CFPB, FDIC, OCC, Federal Reserve Board, and NCUA issued a request for information (RFI) regarding financial institutions’ use of AI, including machine learning (ML). Comments on the RFI must be received by June 1, 2021. CFPB ISSUES TRID RULE FAQS ON BUILD ACT PARTIAL EXEMPTION The CFPB recently issued an update to its Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rule FAQs to address a partial exemption added by the Building Up Independent Lives and Dreams Act () that became law in January 2021.. Before the adoption of the BUILD Act, Regulation Z under TILA already included a partial SECOND CIRCUIT RULES DEBT COLLECTOR DID NOT VIOLATE FDCPA The U.S. Court of Appeals for the Second Circuit has ruled that a debt collector did not violate the Fair Debt Collection Practices Act by sending the plaintiff a settlement offer that did not disclose that his balance could increase due to interest and fees. NEVADA BILL IMPOSING NEW REQUIREMENTS FOR CONSUMER VEHICLE A bill currently awaiting the signature of the Nevada Governor would impose new limits on the terms of consumer vehicle leases and require new disclosures.Currently, Nevada law on vehicle leasing (NRS Chapter 100) only applies to vehicle leases for business or commercial purposes. The bill would amend Chapter 100 to cover a “consumer vehicle lease” which would be defined as “a contract PROFESSOR SOVERN’S OPT-IN ARBITRATION PROPOSAL: A WOLF IN Related Posts. Professor Sovern’s opt-in arbitration proposal is neither new nor supportable; Supreme Court Is Asked (Again) to Rule on Whether the FAA Preempts California Public Injunctive Relief Law, But This Time There is an Intervening Conflict in Federal Case Law That Strongly Supports Review UNITED STATES COURT OF APPEALS FOR THE SECOND CIRCUIT 1 . 20-1134 . Cortez v. Forster & Garbus, LLP. UNITED STATES COURT OF APPEALS . FOR THE SECOND CIRCUIT. August Term 2020 (Argued: January 28, 2021 Decided: June 4, 2021) 19-4271 LACEWELL V. OFFICE OF THE COMPTROLLER OF THE 19-4271 . Lacewell v. Office of the Comptroller of the Currency. United States Court of Appeals . for the Second Circuit _____ AugustTerm 2020
CFPB ISSUES TRID RULE FAQS ON BUILD ACT PARTIAL EXEMPTION The CFPB recently issued an update to its Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rule FAQs to address a partial exemption added by the Building Up Independent Lives and Dreams Act () that became law in January 2021.. Before the adoption of the BUILD Act, Regulation Z under TILA already included a partial ELEVENTH CIRCUIT OVERTURNS LANDMARK ACCESSIBILITY DECISION On April 7, 2021, the Eleventh Circuit Court of Appeals ruled that Winn-Dixie Stores’ websites are not “public accommodations” and therefore are not subject to the accessibility requirements of Title III of the Americans with Disabilities Act (“ADA”). The decision reversed a 2017 federal district court opinion – in what may be the only website accessibility case to ever go to trial FDIC FINES BANK $1.8 MILLION FOR UDAP VIOLATIONS IN Yesterday, the FDIC announced a settlement with Umpqua Bank that involved collection practices connected with commercial equipment financing offered by the bank’s wholly-owned subsidiary. The stipulated Order to Pay Civil Money Penalty requires the bank to pay a $1.8 million CMP.. The practices that the FDIC found to violate Section 5 of the FTC Act consisted of: MBA PROVIDES TEMPLATES TO ADVISE BORROWERS OF UPCOMING The Mortgage Bankers Association (MBA) recently released templates, one in a notice form and one in letter form, to advise borrowers with existing adjustable rate mortgage (ARM) loans that use the London Interbank Offered Rate (LIBOR) as the index of the upcoming transitionaway from LIBOR.
NEW ARTICLE ARGUES FOR USE OF FEDERAL AND STATE LAWS An article recently published by the Student Borrower Protection Center titled “Discrimination is ‘Unfair’,” argues that the CFPB, FTC, state attorneys general and regulators, and in some cases private individuals, should consider challenging discrimination as an “unfair” practice covered by federal and state laws prohibiting unfair, deceptive, or abusive acts and practices. OCC FILES NEW DISTRICT COURT DECISION APPLYING “VALID WHEN The OCC has filed a Statement of Recent Decision in Support of Defendants’ Motion for Summary Judgment in the lawsuit filed by state AGs to enjoin the OCC’s final rule (Rule) purporting to override the Second Circuit’s Madden decision as to national banks and federal savings associations.. The recent decision submitted by the OCC, Robinson and Spears v. FANNIE MAE AND FREDDIE MAC ANNOUNCE PLANS TO PURCHASE ONLY As previously reported, the CFPB proposed to delay the mandatory compliance date for the new general qualified mortgage (QM) rule that amends the Regulation Z ability to repay/QM rule from July 1, 2021 to October 1, 2022.Comments on the proposal were due by April 5, 2021. Currently, for applications received before July 1, 2021, lenders may originate loans using the original 43% debt-to 11TH CIR. RULES FDCPA RESTRICTION ON THIRD-PARTY Related Posts. Ninth Circuit stays mandate in Seila Law; Ballard Spahr files amicus brief on behalf of communications client in support of en banc review of 11th Cir. decision applying FDCPA restriction on third-party communications to debt collector’s transmittal of debtor’s personal information to NEW YORK CITY AMENDS DEBT COLLECTION REGULATIONS TO New debt collection rules creating requirements relating to consumers’ language proficiency are set to take effect in New York City on June 27, 2020. The new rules amend NYC’s existing debt collection regulations applicable to creditors collecting their own debts as well as third-party collection agencies. SENATE CONFIRMATION OF CHOPRA TO AWAIT FILLING OF FTC Posted in CFPB, FTC. Despite wide-spread expectations that the full Senate will confirm Rohit Chopra as CFPB Director before the end of this month, we now understand that the Biden Administration is likely to seek a delay in Mr. Chopra’s confirmation until it fills the FTC vacancy created by the resignation of former Chairman Joseph Simons. CFPB ISSUES TRID RULE FAQS ON BUILD ACT PARTIAL EXEMPTION The CFPB recently issued an update to its Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rule FAQs to address a partial exemption added by the Building Up Independent Lives and Dreams Act () that became law in January 2021.. Before the adoption of the BUILD Act, Regulation Z under TILA already included a partial ELEVENTH CIRCUIT OVERTURNS LANDMARK ACCESSIBILITY DECISION On April 7, 2021, the Eleventh Circuit Court of Appeals ruled that Winn-Dixie Stores’ websites are not “public accommodations” and therefore are not subject to the accessibility requirements of Title III of the Americans with Disabilities Act (“ADA”). The decision reversed a 2017 federal district court opinion – in what may be the only website accessibility case to ever go to trial FDIC FINES BANK $1.8 MILLION FOR UDAP VIOLATIONS IN Yesterday, the FDIC announced a settlement with Umpqua Bank that involved collection practices connected with commercial equipment financing offered by the bank’s wholly-owned subsidiary. The stipulated Order to Pay Civil Money Penalty requires the bank to pay a $1.8 million CMP.. The practices that the FDIC found to violate Section 5 of the FTC Act consisted of: MBA PROVIDES TEMPLATES TO ADVISE BORROWERS OF UPCOMING The Mortgage Bankers Association (MBA) recently released templates, one in a notice form and one in letter form, to advise borrowers with existing adjustable rate mortgage (ARM) loans that use the London Interbank Offered Rate (LIBOR) as the index of the upcoming transitionaway from LIBOR.
NEW ARTICLE ARGUES FOR USE OF FEDERAL AND STATE LAWS An article recently published by the Student Borrower Protection Center titled “Discrimination is ‘Unfair’,” argues that the CFPB, FTC, state attorneys general and regulators, and in some cases private individuals, should consider challenging discrimination as an “unfair” practice covered by federal and state laws prohibiting unfair, deceptive, or abusive acts and practices. OCC FILES NEW DISTRICT COURT DECISION APPLYING “VALID WHEN The OCC has filed a Statement of Recent Decision in Support of Defendants’ Motion for Summary Judgment in the lawsuit filed by state AGs to enjoin the OCC’s final rule (Rule) purporting to override the Second Circuit’s Madden decision as to national banks and federal savings associations.. The recent decision submitted by the OCC, Robinson and Spears v. FANNIE MAE AND FREDDIE MAC ANNOUNCE PLANS TO PURCHASE ONLY As previously reported, the CFPB proposed to delay the mandatory compliance date for the new general qualified mortgage (QM) rule that amends the Regulation Z ability to repay/QM rule from July 1, 2021 to October 1, 2022.Comments on the proposal were due by April 5, 2021. Currently, for applications received before July 1, 2021, lenders may originate loans using the original 43% debt-to 11TH CIR. RULES FDCPA RESTRICTION ON THIRD-PARTY Related Posts. Ninth Circuit stays mandate in Seila Law; Ballard Spahr files amicus brief on behalf of communications client in support of en banc review of 11th Cir. decision applying FDCPA restriction on third-party communications to debt collector’s transmittal of debtor’s personal information to NEW YORK CITY AMENDS DEBT COLLECTION REGULATIONS TO New debt collection rules creating requirements relating to consumers’ language proficiency are set to take effect in New York City on June 27, 2020. The new rules amend NYC’s existing debt collection regulations applicable to creditors collecting their own debts as well as third-party collection agencies. SENATE CONFIRMATION OF CHOPRA TO AWAIT FILLING OF FTC Posted in CFPB, FTC. Despite wide-spread expectations that the full Senate will confirm Rohit Chopra as CFPB Director before the end of this month, we now understand that the Biden Administration is likely to seek a delay in Mr. Chopra’s confirmation until it fills the FTC vacancy created by the resignation of former Chairman Joseph Simons. SECOND CIRCUIT ORDERS DISMISSAL FOR LACK OF STANDING OF The U.S. Court of Appeals for the Second Circuit has ruled that the lawsuit filed by the New York Department of Financial Services (DFS) seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to non-depository fintech companies should be dismissed for lack of Article III standing. In December 2017, the DFS’s first lawsuit challenging the OCC’s issuance of CFPB AND FEDERAL BANKING AGENCIES ISSUE RFI ON THE USE OF In what could be an important step towards needed regulatory updating to accommodate the growing use of artificial intelligence (AI) by financial institutions, the CFPB, FDIC, OCC, Federal Reserve Board, and NCUA issued a request for information (RFI) regarding financial institutions’ use of AI, including machine learning (ML). Comments on the RFI must be received by June 1, 2021. SUPREME COURT IS ASKED (AGAIN) TO RULE ON WHETHER THE FAA For the second time in two years, the U.S. Supreme Court is being asked to decide whether the Federal Arbitration Act (FAA) preempts California law (the “McGill Rule”) which invalidates arbitration agreements that waive the right of consumers to seek public injunctive relief. This time, however, there are changed circumstances that increase the odds that the Court will grant review of this NEVADA BILL IMPOSING NEW REQUIREMENTS FOR CONSUMER VEHICLE A bill currently awaiting the signature of the Nevada Governor would impose new limits on the terms of consumer vehicle leases and require new disclosures.Currently, Nevada law on vehicle leasing (NRS Chapter 100) only applies to vehicle leases for business or commercial purposes. The bill would amend Chapter 100 to cover a “consumer vehicle lease” which would be defined as “a contract ELEVENTH CIRCUIT OVERTURNS LANDMARK ACCESSIBILITY DECISION On April 7, 2021, the Eleventh Circuit Court of Appeals ruled that Winn-Dixie Stores’ websites are not “public accommodations” and therefore are not subject to the accessibility requirements of Title III of the Americans with Disabilities Act (“ADA”). The decision reversed a 2017 federal district court opinion – in what may be the only website accessibility case to ever go to trial CFPB ENTERS INTO CONSENT ORDER WITH REVERSE MORTGAGE The CFPB recently entered into a consent order with Nationwide Equities Corporation (Nationwide), which the CFPB refers to as a mortgage broker and mortgage lender that primarily provides jumbo reverse mortgage loans and Home Equity Conversion Mortgage Loans (HECMs). The CFPB asserts in the consent order that Nationwide engaged in direct mail advertising practices that violated PROFESSOR SOVERN’S OPT-IN ARBITRATION PROPOSAL: A WOLF IN Related Posts. Professor Sovern’s opt-in arbitration proposal is neither new nor supportable; Supreme Court Is Asked (Again) to Rule on Whether the FAA Preempts California Public Injunctive Relief Law, But This Time There is an Intervening Conflict in Federal Case Law That Strongly Supports Review 19-4271 LACEWELL V. OFFICE OF THE COMPTROLLER OF THE 19-4271 . Lacewell v. Office of the Comptroller of the Currency. United States Court of Appeals . for the Second Circuit _____ AugustTerm 2020
CONSUMER FINANCE MONITOR On March 7, 2019, the DOJ announced the largest coordinated sweep of elder fraud cases to date. Joined by the FBI and other federal and state partners, the DOJ held a press conference detailing the results of the coordinated effort. Coordinated law enforcement actions in the past year, they said, resulted in criminal cases against more than 260 defendants who victimized more than 2 million CONSUMER FINANCE MONITOR The FDIC has announced that Leonard Chanin joined the agency on March 18 as Deputy to the Chairman. In that capacity, he will advise Chairman Jelena McWilliams on consumer protection issues, including further expanding access to banking services for unbanked and underbanked consumers, strengthening consumer research functions at the FDIC, and building upon the activities of the FDIC Advisory CFPB ISSUES TRID RULE FAQS ON BUILD ACT PARTIAL EXEMPTION The CFPB recently issued an update to its Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rule FAQs to address a partial exemption added by the Building Up Independent Lives and Dreams Act () that became law in January 2021.. Before the adoption of the BUILD Act, Regulation Z under TILA already included a partial ELEVENTH CIRCUIT OVERTURNS LANDMARK ACCESSIBILITY DECISION On April 7, 2021, the Eleventh Circuit Court of Appeals ruled that Winn-Dixie Stores’ websites are not “public accommodations” and therefore are not subject to the accessibility requirements of Title III of the Americans with Disabilities Act (“ADA”). The decision reversed a 2017 federal district court opinion – in what may be the only website accessibility case to ever go to trial FDIC FINES BANK $1.8 MILLION FOR UDAP VIOLATIONS IN Yesterday, the FDIC announced a settlement with Umpqua Bank that involved collection practices connected with commercial equipment financing offered by the bank’s wholly-owned subsidiary. The stipulated Order to Pay Civil Money Penalty requires the bank to pay a $1.8 million CMP.. The practices that the FDIC found to violate Section 5 of the FTC Act consisted of: MBA PROVIDES TEMPLATES TO ADVISE BORROWERS OF UPCOMING The Mortgage Bankers Association (MBA) recently released templates, one in a notice form and one in letter form, to advise borrowers with existing adjustable rate mortgage (ARM) loans that use the London Interbank Offered Rate (LIBOR) as the index of the upcoming transitionaway from LIBOR.
NEW ARTICLE ARGUES FOR USE OF FEDERAL AND STATE LAWS An article recently published by the Student Borrower Protection Center titled “Discrimination is ‘Unfair’,” argues that the CFPB, FTC, state attorneys general and regulators, and in some cases private individuals, should consider challenging discrimination as an “unfair” practice covered by federal and state laws prohibiting unfair, deceptive, or abusive acts and practices. OCC FILES NEW DISTRICT COURT DECISION APPLYING “VALID WHEN The OCC has filed a Statement of Recent Decision in Support of Defendants’ Motion for Summary Judgment in the lawsuit filed by state AGs to enjoin the OCC’s final rule (Rule) purporting to override the Second Circuit’s Madden decision as to national banks and federal savings associations.. The recent decision submitted by the OCC, Robinson and Spears v. FANNIE MAE AND FREDDIE MAC ANNOUNCE PLANS TO PURCHASE ONLY As previously reported, the CFPB proposed to delay the mandatory compliance date for the new general qualified mortgage (QM) rule that amends the Regulation Z ability to repay/QM rule from July 1, 2021 to October 1, 2022.Comments on the proposal were due by April 5, 2021. Currently, for applications received before July 1, 2021, lenders may originate loans using the original 43% debt-to 11TH CIR. RULES FDCPA RESTRICTION ON THIRD-PARTY Related Posts. Ninth Circuit stays mandate in Seila Law; Ballard Spahr files amicus brief on behalf of communications client in support of en banc review of 11th Cir. decision applying FDCPA restriction on third-party communications to debt collector’s transmittal of debtor’s personal information to NEW YORK CITY AMENDS DEBT COLLECTION REGULATIONS TO New debt collection rules creating requirements relating to consumers’ language proficiency are set to take effect in New York City on June 27, 2020. The new rules amend NYC’s existing debt collection regulations applicable to creditors collecting their own debts as well as third-party collection agencies. SENATE CONFIRMATION OF CHOPRA TO AWAIT FILLING OF FTC Posted in CFPB, FTC. Despite wide-spread expectations that the full Senate will confirm Rohit Chopra as CFPB Director before the end of this month, we now understand that the Biden Administration is likely to seek a delay in Mr. Chopra’s confirmation until it fills the FTC vacancy created by the resignation of former Chairman Joseph Simons. CFPB ISSUES TRID RULE FAQS ON BUILD ACT PARTIAL EXEMPTION The CFPB recently issued an update to its Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rule FAQs to address a partial exemption added by the Building Up Independent Lives and Dreams Act () that became law in January 2021.. Before the adoption of the BUILD Act, Regulation Z under TILA already included a partial ELEVENTH CIRCUIT OVERTURNS LANDMARK ACCESSIBILITY DECISION On April 7, 2021, the Eleventh Circuit Court of Appeals ruled that Winn-Dixie Stores’ websites are not “public accommodations” and therefore are not subject to the accessibility requirements of Title III of the Americans with Disabilities Act (“ADA”). The decision reversed a 2017 federal district court opinion – in what may be the only website accessibility case to ever go to trial FDIC FINES BANK $1.8 MILLION FOR UDAP VIOLATIONS IN Yesterday, the FDIC announced a settlement with Umpqua Bank that involved collection practices connected with commercial equipment financing offered by the bank’s wholly-owned subsidiary. The stipulated Order to Pay Civil Money Penalty requires the bank to pay a $1.8 million CMP.. The practices that the FDIC found to violate Section 5 of the FTC Act consisted of: MBA PROVIDES TEMPLATES TO ADVISE BORROWERS OF UPCOMING The Mortgage Bankers Association (MBA) recently released templates, one in a notice form and one in letter form, to advise borrowers with existing adjustable rate mortgage (ARM) loans that use the London Interbank Offered Rate (LIBOR) as the index of the upcoming transitionaway from LIBOR.
NEW ARTICLE ARGUES FOR USE OF FEDERAL AND STATE LAWS An article recently published by the Student Borrower Protection Center titled “Discrimination is ‘Unfair’,” argues that the CFPB, FTC, state attorneys general and regulators, and in some cases private individuals, should consider challenging discrimination as an “unfair” practice covered by federal and state laws prohibiting unfair, deceptive, or abusive acts and practices. OCC FILES NEW DISTRICT COURT DECISION APPLYING “VALID WHEN The OCC has filed a Statement of Recent Decision in Support of Defendants’ Motion for Summary Judgment in the lawsuit filed by state AGs to enjoin the OCC’s final rule (Rule) purporting to override the Second Circuit’s Madden decision as to national banks and federal savings associations.. The recent decision submitted by the OCC, Robinson and Spears v. FANNIE MAE AND FREDDIE MAC ANNOUNCE PLANS TO PURCHASE ONLY As previously reported, the CFPB proposed to delay the mandatory compliance date for the new general qualified mortgage (QM) rule that amends the Regulation Z ability to repay/QM rule from July 1, 2021 to October 1, 2022.Comments on the proposal were due by April 5, 2021. Currently, for applications received before July 1, 2021, lenders may originate loans using the original 43% debt-to 11TH CIR. RULES FDCPA RESTRICTION ON THIRD-PARTY Related Posts. Ninth Circuit stays mandate in Seila Law; Ballard Spahr files amicus brief on behalf of communications client in support of en banc review of 11th Cir. decision applying FDCPA restriction on third-party communications to debt collector’s transmittal of debtor’s personal information to NEW YORK CITY AMENDS DEBT COLLECTION REGULATIONS TO New debt collection rules creating requirements relating to consumers’ language proficiency are set to take effect in New York City on June 27, 2020. The new rules amend NYC’s existing debt collection regulations applicable to creditors collecting their own debts as well as third-party collection agencies. SENATE CONFIRMATION OF CHOPRA TO AWAIT FILLING OF FTC Posted in CFPB, FTC. Despite wide-spread expectations that the full Senate will confirm Rohit Chopra as CFPB Director before the end of this month, we now understand that the Biden Administration is likely to seek a delay in Mr. Chopra’s confirmation until it fills the FTC vacancy created by the resignation of former Chairman Joseph Simons. SECOND CIRCUIT ORDERS DISMISSAL FOR LACK OF STANDING OF The U.S. Court of Appeals for the Second Circuit has ruled that the lawsuit filed by the New York Department of Financial Services (DFS) seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to non-depository fintech companies should be dismissed for lack of Article III standing. In December 2017, the DFS’s first lawsuit challenging the OCC’s issuance of CFPB AND FEDERAL BANKING AGENCIES ISSUE RFI ON THE USE OF In what could be an important step towards needed regulatory updating to accommodate the growing use of artificial intelligence (AI) by financial institutions, the CFPB, FDIC, OCC, Federal Reserve Board, and NCUA issued a request for information (RFI) regarding financial institutions’ use of AI, including machine learning (ML). Comments on the RFI must be received by June 1, 2021. SUPREME COURT IS ASKED (AGAIN) TO RULE ON WHETHER THE FAA For the second time in two years, the U.S. Supreme Court is being asked to decide whether the Federal Arbitration Act (FAA) preempts California law (the “McGill Rule”) which invalidates arbitration agreements that waive the right of consumers to seek public injunctive relief. This time, however, there are changed circumstances that increase the odds that the Court will grant review of this NEVADA BILL IMPOSING NEW REQUIREMENTS FOR CONSUMER VEHICLE A bill currently awaiting the signature of the Nevada Governor would impose new limits on the terms of consumer vehicle leases and require new disclosures.Currently, Nevada law on vehicle leasing (NRS Chapter 100) only applies to vehicle leases for business or commercial purposes. The bill would amend Chapter 100 to cover a “consumer vehicle lease” which would be defined as “a contract ELEVENTH CIRCUIT OVERTURNS LANDMARK ACCESSIBILITY DECISION On April 7, 2021, the Eleventh Circuit Court of Appeals ruled that Winn-Dixie Stores’ websites are not “public accommodations” and therefore are not subject to the accessibility requirements of Title III of the Americans with Disabilities Act (“ADA”). The decision reversed a 2017 federal district court opinion – in what may be the only website accessibility case to ever go to trial CFPB ENTERS INTO CONSENT ORDER WITH REVERSE MORTGAGE The CFPB recently entered into a consent order with Nationwide Equities Corporation (Nationwide), which the CFPB refers to as a mortgage broker and mortgage lender that primarily provides jumbo reverse mortgage loans and Home Equity Conversion Mortgage Loans (HECMs). The CFPB asserts in the consent order that Nationwide engaged in direct mail advertising practices that violated PROFESSOR SOVERN’S OPT-IN ARBITRATION PROPOSAL: A WOLF IN Related Posts. Professor Sovern’s opt-in arbitration proposal is neither new nor supportable; Supreme Court Is Asked (Again) to Rule on Whether the FAA Preempts California Public Injunctive Relief Law, But This Time There is an Intervening Conflict in Federal Case Law That Strongly Supports Review 19-4271 LACEWELL V. OFFICE OF THE COMPTROLLER OF THE 19-4271 . Lacewell v. Office of the Comptroller of the Currency. United States Court of Appeals . for the Second Circuit _____ AugustTerm 2020
CONSUMER FINANCE MONITOR On March 7, 2019, the DOJ announced the largest coordinated sweep of elder fraud cases to date. Joined by the FBI and other federal and state partners, the DOJ held a press conference detailing the results of the coordinated effort. Coordinated law enforcement actions in the past year, they said, resulted in criminal cases against more than 260 defendants who victimized more than 2 million CONSUMER FINANCE MONITOR The FDIC has announced that Leonard Chanin joined the agency on March 18 as Deputy to the Chairman. In that capacity, he will advise Chairman Jelena McWilliams on consumer protection issues, including further expanding access to banking services for unbanked and underbanked consumers, strengthening consumer research functions at the FDIC, and building upon the activities of the FDIC Advisory CFPB ISSUES TRID RULE FAQS ON BUILD ACT PARTIAL EXEMPTION The CFPB recently issued an update to its Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rule FAQs to address a partial exemption added by the Building Up Independent Lives and Dreams Act () that became law in January 2021.. Before the adoption of the BUILD Act, Regulation Z under TILA already included a partial DURBIN INTERCHANGE BATTLES RESURFACE Durbin interchange battles resurface. The Fed’s final rule implementing the Durbin Amendment (Regulation II) went into effect in October 2011. Nearly ten years later, the final rule is still provoking controversy in the form of a new lawsuit and proposed amendments to the rule and its official commentary. The Durbin Amendment (Section 1075 of SUPREME COURT IS ASKED (AGAIN) TO RULE ON WHETHER THE FAA For the second time in two years, the U.S. Supreme Court is being asked to decide whether the Federal Arbitration Act (FAA) preempts California law (the “McGill Rule”) which invalidates arbitration agreements that waive the right of consumers to seek public injunctive relief. This time, however, there are changed circumstances that increase the odds that the Court will grant review of this FDIC FINES BANK $1.8 MILLION FOR UDAP VIOLATIONS IN Yesterday, the FDIC announced a settlement with Umpqua Bank that involved collection practices connected with commercial equipment financing offered by the bank’s wholly-owned subsidiary. The stipulated Order to Pay Civil Money Penalty requires the bank to pay a $1.8 million CMP.. The practices that the FDIC found to violate Section 5 of the FTC Act consisted of: FANNIE MAE AND FREDDIE MAC ANNOUNCE PLANS TO PURCHASE ONLY As previously reported, the CFPB proposed to delay the mandatory compliance date for the new general qualified mortgage (QM) rule that amends the Regulation Z ability to repay/QM rule from July 1, 2021 to October 1, 2022.Comments on the proposal were due by April 5, 2021. Currently, for applications received before July 1, 2021, lenders may originate loans using the original 43% debt-to OCC FILES NEW DISTRICT COURT DECISION APPLYING “VALID WHEN The OCC has filed a Statement of Recent Decision in Support of Defendants’ Motion for Summary Judgment in the lawsuit filed by state AGs to enjoin the OCC’s final rule (Rule) purporting to override the Second Circuit’s Madden decision as to national banks and federal savings associations.. The recent decision submitted by the OCC, Robinson and Spears v. NEW ARTICLE ARGUES FOR USE OF FEDERAL AND STATE LAWS An article recently published by the Student Borrower Protection Center titled “Discrimination is ‘Unfair’,” argues that the CFPB, FTC, state attorneys general and regulators, and in some cases private individuals, should consider challenging discrimination as an “unfair” practice covered by federal and state laws prohibiting unfair, deceptive, or abusive acts and practices. MBA PROVIDES TEMPLATES TO ADVISE BORROWERS OF UPCOMING The Mortgage Bankers Association (MBA) recently released templates, one in a notice form and one in letter form, to advise borrowers with existing adjustable rate mortgage (ARM) loans that use the London Interbank Offered Rate (LIBOR) as the index of the upcoming transitionaway from LIBOR.
CFPB AND FEDERAL BANKING AGENCIES ISSUE RFI ON THE USE OF In what could be an important step towards needed regulatory updating to accommodate the growing use of artificial intelligence (AI) by financial institutions, the CFPB, FDIC, OCC, Federal Reserve Board, and NCUA issued a request for information (RFI) regarding financial institutions’ use of AI, including machine learning (ML). Comments on the RFI must be received by June 1, 2021. ILLINOIS PREDATORY LOAN PREVENTION ACT SIGNED INTO LAW AND On March 23, Illinois Governor Pritzker signed into law SB 1792, which contains the Predatory Loan Prevention Act (the “Act”). The new law became effective immediately upon signing notwithstanding the authority it gives the Illinois Secretary of Financial and Professional Regulation to adopt rules “consistent withAct.”
CFPB ISSUES TRID RULE FAQS ON BUILD ACT PARTIAL EXEMPTION The CFPB recently issued an update to its Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rule FAQs to address a partial exemption added by the Building Up Independent Lives and Dreams Act () that became law in January 2021.. Before the adoption of the BUILD Act, Regulation Z under TILA already included a partial DURBIN INTERCHANGE BATTLES RESURFACE Durbin interchange battles resurface. The Fed’s final rule implementing the Durbin Amendment (Regulation II) went into effect in October 2011. Nearly ten years later, the final rule is still provoking controversy in the form of a new lawsuit and proposed amendments to the rule and its official commentary. The Durbin Amendment (Section 1075 of SUPREME COURT IS ASKED (AGAIN) TO RULE ON WHETHER THE FAA For the second time in two years, the U.S. Supreme Court is being asked to decide whether the Federal Arbitration Act (FAA) preempts California law (the “McGill Rule”) which invalidates arbitration agreements that waive the right of consumers to seek public injunctive relief. This time, however, there are changed circumstances that increase the odds that the Court will grant review of this FDIC FINES BANK $1.8 MILLION FOR UDAP VIOLATIONS IN Yesterday, the FDIC announced a settlement with Umpqua Bank that involved collection practices connected with commercial equipment financing offered by the bank’s wholly-owned subsidiary. The stipulated Order to Pay Civil Money Penalty requires the bank to pay a $1.8 million CMP.. The practices that the FDIC found to violate Section 5 of the FTC Act consisted of: FANNIE MAE AND FREDDIE MAC ANNOUNCE PLANS TO PURCHASE ONLY As previously reported, the CFPB proposed to delay the mandatory compliance date for the new general qualified mortgage (QM) rule that amends the Regulation Z ability to repay/QM rule from July 1, 2021 to October 1, 2022.Comments on the proposal were due by April 5, 2021. Currently, for applications received before July 1, 2021, lenders may originate loans using the original 43% debt-to OCC FILES NEW DISTRICT COURT DECISION APPLYING “VALID WHEN The OCC has filed a Statement of Recent Decision in Support of Defendants’ Motion for Summary Judgment in the lawsuit filed by state AGs to enjoin the OCC’s final rule (Rule) purporting to override the Second Circuit’s Madden decision as to national banks and federal savings associations.. The recent decision submitted by the OCC, Robinson and Spears v. NEW ARTICLE ARGUES FOR USE OF FEDERAL AND STATE LAWS An article recently published by the Student Borrower Protection Center titled “Discrimination is ‘Unfair’,” argues that the CFPB, FTC, state attorneys general and regulators, and in some cases private individuals, should consider challenging discrimination as an “unfair” practice covered by federal and state laws prohibiting unfair, deceptive, or abusive acts and practices. MBA PROVIDES TEMPLATES TO ADVISE BORROWERS OF UPCOMING The Mortgage Bankers Association (MBA) recently released templates, one in a notice form and one in letter form, to advise borrowers with existing adjustable rate mortgage (ARM) loans that use the London Interbank Offered Rate (LIBOR) as the index of the upcoming transitionaway from LIBOR.
CFPB AND FEDERAL BANKING AGENCIES ISSUE RFI ON THE USE OF In what could be an important step towards needed regulatory updating to accommodate the growing use of artificial intelligence (AI) by financial institutions, the CFPB, FDIC, OCC, Federal Reserve Board, and NCUA issued a request for information (RFI) regarding financial institutions’ use of AI, including machine learning (ML). Comments on the RFI must be received by June 1, 2021. ILLINOIS PREDATORY LOAN PREVENTION ACT SIGNED INTO LAW AND On March 23, Illinois Governor Pritzker signed into law SB 1792, which contains the Predatory Loan Prevention Act (the “Act”). The new law became effective immediately upon signing notwithstanding the authority it gives the Illinois Secretary of Financial and Professional Regulation to adopt rules “consistent withAct.”
CFPB ISSUES MORTGAGE SERVICING NOTICE OF PROPOSED On April 5, 2021, the CFPB issued a Notice of Proposed Rulemaking to amend Regulation X in various ways related to the COVID-19 national emergency (the “Proposed Rule”). With the goal of enhancing protections for impacted borrowers, the Proposed Rule amends aspects of the early intervention requirements (12 C.F.R. § 1024.39), and loss mitigation procedures and foreclosure CFPB AND FEDERAL BANKING AGENCIES ISSUE RFI ON THE USE OF In what could be an important step towards needed regulatory updating to accommodate the growing use of artificial intelligence (AI) by financial institutions, the CFPB, FDIC, OCC, Federal Reserve Board, and NCUA issued a request for information (RFI) regarding financial institutions’ use of AI, including machine learning (ML). Comments on the RFI must be received by June 1, 2021. DURBIN INTERCHANGE BATTLES RESURFACE Durbin interchange battles resurface. The Fed’s final rule implementing the Durbin Amendment (Regulation II) went into effect in October 2011. Nearly ten years later, the final rule is still provoking controversy in the form of a new lawsuit and proposed amendments to the rule and its official commentary. The Durbin Amendment (Section 1075 of NEVADA BILL IMPOSING NEW REQUIREMENTS FOR CONSUMER VEHICLE A bill currently awaiting the signature of the Nevada Governor would impose new limits on the terms of consumer vehicle leases and require new disclosures.Currently, Nevada law on vehicle leasing (NRS Chapter 100) only applies to vehicle leases for business or commercial purposes. The bill would amend Chapter 100 to cover a “consumer vehicle lease” which would be defined as “a contract PROFESSOR SOVERN’S OPT-IN ARBITRATION PROPOSAL: A WOLF IN Related Posts. Professor Sovern’s opt-in arbitration proposal is neither new nor supportable; Supreme Court Is Asked (Again) to Rule on Whether the FAA Preempts California Public Injunctive Relief Law, But This Time There is an Intervening Conflict in Federal Case Law That Strongly Supports Review CADFPI ANNOUNCES HIRING OF CHRISTINA TETREAULT TO LEAD The California Department of Financial Protection and Innovation announced earlier this month that it has hired Christina Tetreault to lead the new Office of Financial Technology and Innovation.VEHICL LEASE
The Consumer Financial Services Group is nationally recognized for its guidance in structuring and documenting new consumer financial services products, its experience with the full range of federal and state consumer credit laws throughout the country, and its skill in litigation defense and avoidance, including pioneering work in pre-dispute arbitration programs. CONSUMER FINANCE MONITOR On March 7, 2019, the DOJ announced the largest coordinated sweep of elder fraud cases to date. Joined by the FBI and other federal and state partners, the DOJ held a press conference detailing the results of the coordinated effort. Coordinated law enforcement actions in the past year, they said, resulted in criminal cases against more than 260 defendants who victimized more than 2 million CONSUMER FINANCE MONITOR The FDIC has announced that Leonard Chanin joined the agency on March 18 as Deputy to the Chairman. In that capacity, he will advise Chairman Jelena McWilliams on consumer protection issues, including further expanding access to banking services for unbanked and underbanked consumers, strengthening consumer research functions at the FDIC, and building upon the activities of the FDIC Advisory 19-4271 LACEWELL V. OFFICE OF THE COMPTROLLER OF THE 19-4271 . Lacewell v. Office of the Comptroller of the Currency. United States Court of Appeals . for the Second Circuit _____ AugustTerm 2020
FDIC FINES BANK $1.8 MILLION FOR UDAP VIOLATIONS IN Yesterday, the FDIC announced a settlement with Umpqua Bank that involved collection practices connected with commercial equipment financing offered by the bank’s wholly-owned subsidiary. The stipulated Order to Pay Civil Money Penalty requires the bank to pay a $1.8 million CMP.. The practices that the FDIC found to violate Section 5 of the FTC Act consisted of: MBA PROVIDES TEMPLATES TO ADVISE BORROWERS OF UPCOMING The Mortgage Bankers Association (MBA) recently released templates, one in a notice form and one in letter form, to advise borrowers with existing adjustable rate mortgage (ARM) loans that use the London Interbank Offered Rate (LIBOR) as the index of the upcoming transitionaway from LIBOR.
SUPREME COURT IS ASKED (AGAIN) TO RULE ON WHETHER THE FAA For the second time in two years, the U.S. Supreme Court is being asked to decide whether the Federal Arbitration Act (FAA) preempts California law (the “McGill Rule”) which invalidates arbitration agreements that waive the right of consumers to seek public injunctive relief. This time, however, there are changed circumstances that increase the odds that the Court will grant review of this OCC FILES NEW DISTRICT COURT DECISION APPLYING “VALID WHEN The OCC has filed a Statement of Recent Decision in Support of Defendants’ Motion for Summary Judgment in the lawsuit filed by state AGs to enjoin the OCC’s final rule (Rule) purporting to override the Second Circuit’s Madden decision as to national banks and federal savings associations.. The recent decision submitted by the OCC, Robinson and Spears v. 11TH CIR. RULES FDCPA RESTRICTION ON THIRD-PARTY In a very troubling decision of first impression, a unanimous panel of the U.S. Court of Appeals for the Eleventh Circuit has ruled that a debt collector’s transmittal of the plaintiff’s personal information to the vendor it used to generate and send collection letters “constituted a communication ‘in connection with the collection of any debt’ within the meaning of [FDCPA Section NEW YORK CITY AMENDS DEBT COLLECTION REGULATIONS TO New debt collection rules creating requirements relating to consumers’ language proficiency are set to take effect in New York City on June 27, 2020. The new rules amend NYC’s existing debt collection regulations applicable to creditors collecting their own debts as well as third-party collection agencies. NEW YORK ISSUES FINAL MORTGAGE SERVICING REGULATIONS On December 18, 2019, the New York Department of Financial Services (DFS) issued its Final Regulations detailing the business conduct rules for mortgage loan servicers. Originally proposed on April 12, 2019, these Final Regulations revise the existing mortgage servicing regulations in Part 419 of the Superintendent’s Regulations, which were adopted on an emergency basis, (the “Emergency HUNDREDS COMMENT ON OCC PROPOSED "TRUE LENDER" RULEOCC PROPOSED RULE The letter expressed the opinion that the OCC’s proposed bright-line true lender rule would enable increased predatory lending, payday lending and “rent-a-bank schemes.”. The Democratic AGs also opine that the proposed two-pronged standard will produce contradictory results and that the OCC failed to comply with Dodd-Frank and the APA. CFPB PUBLISHES TRID FAQ’S ON TREATMENT OF LENDER CREDITS The CFPB recently published ten new TRID FAQs related to lender credits.. Previously the CFPB staff provided informal verbal guidance regarding lender credits, and the 2017 amendments to the TRID rule, often referred to as TRID 2.0, added commentary to TRID provisions of Regulation Z that address the disclosure and treatment of lendercredits.
FEDERAL RESERVE WARNS ABOUT REDLINING AND STEERING RISKS One of the most important areas of consumer financial regulation today is the use of internet- or social media-based platforms to target advertising for consumer financial products. FDIC FINES BANK $1.8 MILLION FOR UDAP VIOLATIONS IN Yesterday, the FDIC announced a settlement with Umpqua Bank that involved collection practices connected with commercial equipment financing offered by the bank’s wholly-owned subsidiary. The stipulated Order to Pay Civil Money Penalty requires the bank to pay a $1.8 million CMP.. The practices that the FDIC found to violate Section 5 of the FTC Act consisted of: MBA PROVIDES TEMPLATES TO ADVISE BORROWERS OF UPCOMING The Mortgage Bankers Association (MBA) recently released templates, one in a notice form and one in letter form, to advise borrowers with existing adjustable rate mortgage (ARM) loans that use the London Interbank Offered Rate (LIBOR) as the index of the upcoming transitionaway from LIBOR.
SUPREME COURT IS ASKED (AGAIN) TO RULE ON WHETHER THE FAA For the second time in two years, the U.S. Supreme Court is being asked to decide whether the Federal Arbitration Act (FAA) preempts California law (the “McGill Rule”) which invalidates arbitration agreements that waive the right of consumers to seek public injunctive relief. This time, however, there are changed circumstances that increase the odds that the Court will grant review of this OCC FILES NEW DISTRICT COURT DECISION APPLYING “VALID WHEN The OCC has filed a Statement of Recent Decision in Support of Defendants’ Motion for Summary Judgment in the lawsuit filed by state AGs to enjoin the OCC’s final rule (Rule) purporting to override the Second Circuit’s Madden decision as to national banks and federal savings associations.. The recent decision submitted by the OCC, Robinson and Spears v. 11TH CIR. RULES FDCPA RESTRICTION ON THIRD-PARTY In a very troubling decision of first impression, a unanimous panel of the U.S. Court of Appeals for the Eleventh Circuit has ruled that a debt collector’s transmittal of the plaintiff’s personal information to the vendor it used to generate and send collection letters “constituted a communication ‘in connection with the collection of any debt’ within the meaning of [FDCPA Section NEW YORK CITY AMENDS DEBT COLLECTION REGULATIONS TO New debt collection rules creating requirements relating to consumers’ language proficiency are set to take effect in New York City on June 27, 2020. The new rules amend NYC’s existing debt collection regulations applicable to creditors collecting their own debts as well as third-party collection agencies. NEW YORK ISSUES FINAL MORTGAGE SERVICING REGULATIONS On December 18, 2019, the New York Department of Financial Services (DFS) issued its Final Regulations detailing the business conduct rules for mortgage loan servicers. Originally proposed on April 12, 2019, these Final Regulations revise the existing mortgage servicing regulations in Part 419 of the Superintendent’s Regulations, which were adopted on an emergency basis, (the “Emergency HUNDREDS COMMENT ON OCC PROPOSED "TRUE LENDER" RULEOCC PROPOSED RULE The letter expressed the opinion that the OCC’s proposed bright-line true lender rule would enable increased predatory lending, payday lending and “rent-a-bank schemes.”. The Democratic AGs also opine that the proposed two-pronged standard will produce contradictory results and that the OCC failed to comply with Dodd-Frank and the APA. CFPB PUBLISHES TRID FAQ’S ON TREATMENT OF LENDER CREDITS The CFPB recently published ten new TRID FAQs related to lender credits.. Previously the CFPB staff provided informal verbal guidance regarding lender credits, and the 2017 amendments to the TRID rule, often referred to as TRID 2.0, added commentary to TRID provisions of Regulation Z that address the disclosure and treatment of lendercredits.
FEDERAL RESERVE WARNS ABOUT REDLINING AND STEERING RISKS One of the most important areas of consumer financial regulation today is the use of internet- or social media-based platforms to target advertising for consumer financial products. CONSUMER FINANCE MONITOR The Ninth Circuit has granted Seila Law’s motion for a stay of the mandate pending its filing of a petition for a writ of certiorari in the U.S. Supreme Court.. After the Supreme Court ruled that the CFPB’s structure was unconstitutional and remanded the case for further consideration, a unanimous Ninth Circuit panel ruled that the civil investigative demand (CID) issued to Seila Law was SUPREME COURT IS ASKED (AGAIN) TO RULE ON WHETHER THE FAA For the second time in two years, the U.S. Supreme Court is being asked to decide whether the Federal Arbitration Act (FAA) preempts California law (the “McGill Rule”) which invalidates arbitration agreements that waive the right of consumers to seek public injunctive relief. This time, however, there are changed circumstances that increase the odds that the Court will grant review of this NEVADA BILL IMPOSING NEW REQUIREMENTS FOR CONSUMER VEHICLE A bill currently awaiting the signature of the Nevada Governor would impose new limits on the terms of consumer vehicle leases and require new disclosures.Currently, Nevada law on vehicle leasing (NRS Chapter 100) only applies to vehicle leases for business or commercial purposes. The bill would amend Chapter 100 to cover a “consumer vehicle lease” which would be defined as “a contract BALLARD SPAHR FILES AMICUS BRIEF ON BEHALF OF On behalf of our client RevSpring, Inc., Ballard Spahr has filed an amicus brief in support of the petition for rehearing en banc filed in the Eleventh Circuit by the defendant in Hunstein v. Preferred Collection and Management Services.. In that case, a unanimous Eleventh Circuit panel reversed the lower court’s dismissal of the plaintiff’s FDCPA claim, instead ruling that the plaintiff CA DFPI COMMISSIONER ALAVAREZ REPORTED TO BE LEAVING American Banker has reported that Manny Alvarez, Commissioner of the California Department of Financial Protection and Innovation, will be leaving the agency on June 18, 2021.. According to the report, Governor Newsom is expected to appoint Chief Deputy Commissioner Chris Shultz, who currently oversees the DFPI’s business operations, as Acting Commissioner. PROFESSOR SOVERN’S OPT-IN ARBITRATION PROPOSAL: A WOLF IN Related Posts. Professor Sovern’s opt-in arbitration proposal is neither new nor supportable; Supreme Court Is Asked (Again) to Rule on Whether the FAA Preempts California Public Injunctive Relief Law, But This Time There is an Intervening Conflict in Federal Case Law That Strongly Supports Review CFPB ISSUES TRID RULE FAQS ON BUILD ACT PARTIAL EXEMPTION The CFPB recently issued an update to its Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rule FAQs to address a partial exemption added by the Building Up Independent Lives and Dreams Act () that became law in January 2021.. Before the adoption of the BUILD Act, Regulation Z under TILA already included a partial 19-4271 LACEWELL V. OFFICE OF THE COMPTROLLER OF THE 19-4271 . Lacewell v. Office of the Comptroller of the Currency. United States Court of Appeals . for the Second Circuit _____ AugustTerm 2020
CONSUMER FINANCE MONITOR The FDIC has announced that Leonard Chanin joined the agency on March 18 as Deputy to the Chairman. In that capacity, he will advise Chairman Jelena McWilliams on consumer protection issues, including further expanding access to banking services for unbanked and underbanked consumers, strengthening consumer research functions at the FDIC, and building upon the activities of the FDIC AdvisoryCALIFORNIA AUTO
The CFPB recently issued a consent order against 3rd Generation, Inc., doing business as California Auto Finance (California Auto), regarding interest charged on consumers’ late payment of the fee charged for California Auto’s Loss Damage Waiver (LDW) product. The consent order requires California Auto to refund $168,162 to customers with paid-off accounts, issue $117,582 inSkip to content
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CONSUMER FINANCE MONITOR CFPB, Federal Agencies, State Agencies, and Attorneys General BALLARD SPAHR LAUNCHES NATIONAL TRACKING SERVICES FOR FINANCIALINSTITUTIONS
By Barbara S. Mishkinon
November 30, 2020
Posted in Credit Reports, Debt
Collection
, Privacy
For our financial services clients interested in monitoring important federal and state legal developments, Ballard Spahr has launched a comprehensive, national tracking service designed to serve the needs of specific segments of the consumer financial services industry. Beginning January 2, 2021, Ballard is pleased to offer three new federal and state trackers, which are available as a package or individually, depending on your financial institution’s needs: * COLLECTIONS TRACKER – providing expanded coverage of relevant federal and state legislative and regulatory developments impacting consumer collection activities; this will still include our current COVID-19-related coverage, but the tracker will be expanded to include new and evolving federal and state collection legislative and regulatory initiatives. * CREDIT REPORTING TRACKER – covering applicable federal and state legislative and regulatory developments impacting credit reporting activities and requirements, as well as substantive developments in federal FCRA court decisions to assist in identifying and tracking emerging FCRA litigation trends relating to the CARES Act, specific furnishing activities, end user obligations, and the FCRA morebroadly.
* PRIVACY AND DATA SECURITY TRACKER – covering relevant federal and state legislative and regulatory developments relating to the collection, use, disclosure, and protection of personal information. Each week, tracker subscribers will receive a tailored electronic digest updating and highlighting noteworthy federal and state developments for financial institutions. These weekly digest updates will be supplemented by monthly roundtable calls with subscribers, during which a member of the Ballard team will discuss developments over the past month, provide analysis, identify evolving trends, and answer subscriber questions. These monthly calls will be specific toeach tracker.
Subscribers also will be enrolled in an interactive, searchable, online database that enables subscribers to have 24-hour access to our information and analysis. Information will be displayed in a variety of formats, including through an interactive map of the United States through our Ballard 360 Client Connect platform, as well as through various search functions that will allow information to be sorted by topic, jurisdiction, date, and for the FCRA tracker, by federal court and counsel for plaintiffs. In launching these new tracking services, our goal is to provide members of the consumer financial services industry with practical insights and guidance into these critical areas that will keep you apprised of the real-time legal developments you need to know in order to make informed and effective decisions. Subscribers will have the option to subscribe to any individual tracker for a cost of $2,000/month. If you would like to subscribe to all three trackers, the total cost will be $5,000/month. Monthly subscription fees will bill at the beginning of the month and subscribers can cancel any or all of their subscriptions at any time. Such cancellation will be effective as of the end of the month in which the subscription was cancelled. A brochure about the new tracking services is available here. For
more information or to subscribe, please contact Stefanie Jackman orKim Phan.
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INTEREST RATES
By John L. Culhane, Jr.on
November 24, 2020
Posted in FTC ,
Regulatory and Enforcement,
UDAP
In a complaint
filed in the U.S. District Court for the Northern District of California, the FTC alleges that a company that distributes a mobile banking application (App) and its founder who is the company’s sole officer have engaged in deceptive practices in violation of Section 5 of the FTC by making misrepresentations regarding consumers’ ability to access their funds and the interest rates paid on consumers’accounts.
According to the complaint, the defendants advertised the App “as a high-interest bank account that operates by placing consumers’ funds at unspecified FDIC-insured banks.” The FTC alleges that the defendants represented that consumers will (1) have “24/7” access to their funds and that withdrawn funds will be returned in five or fewer business days, and (2) be paid interest at “best” or “high” rates and specified “minimum base rates.” Such representations are made on the company’s website and through the Apple App Store and Google Play Store which offer the App for downloadby consumers.
The FTC alleges that some App users waited weeks or even months to receive their funds despite repeated complaints to the company, while other users claimed that they never received their funds. It also alleges that the company failed to pay users high interest rates, including minimum base rates, as represented, and in some circumstances, did not pay any interest. According to the complaint, the FTC issued a civil investigative demand to the company seeking information about its business practices, including its practices for returning funds to consumers and for paying interest. The FTC alleges that the company has not provide any formal or informal written answers or documentary materials in response to the CID and has refused to provide substantiation for its interest rate claims. The complaint seeks injunctive and other relief as the court deems appropriate in the exercise of its equitable jurisdiction. (While the FTC alleges that court’s equitable jurisdiction allows it to award restitution and disgorgement, the question of whether a court can award such relief is currently before the U.S. Supreme Court.)
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on
November 24, 2020
Posted in OCC ,
Regulatory and Enforcement The OCC has issued a proposed rule that would establish standards that a bank must follow in fulfilling its obligation to provide fair access to financial services. Comments on the proposal are due by January 4, 2021. The rule would apply to national banks and federal savings associations with a market position that allows them to (1) raise the price a person has to pay to obtain a financial service offered by the bank from the bank or a competitor, or (2) significantly impede a person, or a person’s business activities, in favor of or to the advantage of another person. A bank with $100 million or more in total assets would be presumed to hold such a market position but could attempt to rebut the presumption by submitting written materials to the OCC demonstrating it does not hold either market position. In its background discussion explaining its rationale for the proposal, the OCC takes aim at denials of financial services by banks to categories of customers “even when an individual customer would qualify for the financial service if evaluated under an objective, quantifiable risk-based analysis.” The OCC observes that, in denying services, banks “are often reacting to pressure from advocates from across the political spectrum whose policy objectives are served when banks deny certain categories of customers access to financial services.” As examples, the OCC references denials or terminations of financial services to various industries such as certain health care and social service providers (including family planning organizations), owners of privately owned correctional facilities, gun makers, large farming operations, and energy industries such as coal mining, coal-fired electricity generation, and Artic oil exploration. The OCC notes that, in the case of energy industries, the terminated services were not limited to lending “where risk factors might justify not serving a particular client,” but also included advisory and other services unconnected to credit or operational risk. The OCC also comments that “it is one thing for a bank not to lend to oil companies because it lacks the expertise to value or manage the associated collateral rights; it is another for a bank to make that decision because it believes the United States should abide by the standards in an internationalclimate treaty.”
According to the OCC, the criteria on which banks have based such improper denials or terminations were “unrelated to safety and soundness.” Such criteria included: “(1) personal beliefs and opinions on matters of substantive policy that are more appropriately the purview of state and Federal legislatures; (2) assessments ungrounded in quantitative, risk-based analysis; and (3) assessments premised on assumptions about future legal or political changes.” The proposal is intended to implement the principle that “a bank’s decision not to serve a particular customer must be based on an individual risk management decision about that individual customer, not on the fact that the customer operates in an industry subject to a broad categorical exclusion created by the bank.” Banks are instructed that they must provide fair access to “organizations involved in politically controversial but lawful businesses” and that they must offer financial services that are offered to some customers “on proportionally equal terms to all customers engaged in lawful activities.” Banks are also advised that they should consider whether they have the expertise or knowledge to offer a service in a given market and that while not required to offer a particular service, a bank cannot provide a service to some customers but categorically deny the service to firms in a particular industry unless the associated risks change based on the industry in which acompany operates.
The proposal’s background discussion references “Operation Choke Point, ” a federal initiative launched in 2012 involving the FDIC and other federal agencies. In Operation Choke Point, banks were pressured by regulators to deny access to financial services to online payday lenders and other companies that raised “reputational” concerns or were otherwise disfavored. The proposal seeks to stop banks from using similar criteria on their own initiative as the basis for a decision not to serve particular companies. Under the proposal, to provide fair access to financial services, abank must:
* Make each financial service it offers available to all persons in the geographic market it serves on proportionally equal terms * Not deny any person a financial service offered by the bank except to the extent justified by such person’s quantified and documented failure to meet quantitative, impartial risk-based standards established in advance by the bank * Not deny any person a financial service offered by the bank when the effect of the denial is to prevent, limit, or otherwise disadvantage the person: * From entering or competing in a market or business segment; or * In such a way that benefits another person or business activity in which the bank has a financial interest * Not deny, in coordination with others, any person a financial service the bank offers. The OCC cautions banks in its background discussion that “unlike prior articulations” of the fair access principle, the proposal, if finalized, “would have the force and effect of law and enable the agency to take supervisory or enforcement action, whenappropriate.”
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November 24, 2020
Posted in FTC ,
Regulatory and Enforcement The FTC recently published a blog post about a warning letter it sent to TAPD, Inc., which does business as Frank Financial Aid, warning the company that advertising and marketing, including on its website, may be misleading consumers about pandemic-related relief in the form of grants available to postsecondary students and a cash advance product offered by the company, in violation of Section 5 of the FTC Act. The letter also warns the company that the advertising of the cash advance product on its website may violate TILA disclosure requirements. According to the FTC, the takeaway for other marketers is that the pandemic does not change established consumer protection principles and, with that in mind, “FTC staff is keeping a careful watch on companies’ claims.” In explaining the concerns that prompted the letter, the FTC notes that the Department of Education has made clear that for its Higher Education Emergency Relief Fund created by the CARES Act, each school has its own unique application process and “decides the criteria for qualified students to receive a grant, the grant amount, and how and when the grant will be disbursed (paid out) to students.” In the letter, the FTC warns the company that the potentially misleading claims on its website include: * Consumers are told they may “apply in 2 minutes for your student emergency grant” through the company’s site and that “Frank emails you everything you need to send to your school.” This may be misleading because Frank creates letters for consumers to submit to schools that are not tailored to the application process and documentation requirements of each school. * Consumers are told that to be eligible for emergency relief, students and/or their parents must have experienced one or more of four identified criteria since March 1, 2020 (for example, a firing or furlough). This may be misleading because each school determines its own grant eligibility criteria. * Consumers who obtain a cash advance through the company are told they can pay it back when they receive their financial aid but, in fine print, are also told that they are required to pay the cash advance back 61 days after the date of disbursement. (Presumably the FTC’s view is that the “fine print” does not prevent the preceding statement from being misleading.) With regard to the company’s website advertising of the cash advance product, the FTC states in the letter that although the advertising indicates that consumers can get cash advances of up to $5,000 on their student loans with “No interest, no fees – ever,” the company charges a monthly fee of $19.90. The FTC warns that in addition to potentially violating the FTC Act because it is false or misleading, the advertising could violate TILA by not including the disclosures required by TILA when certain trigger terms (such as the amount of any finance charge) appear in an advertisement. The warning letter advises Frank to promptly review and monitor all of its advertising and marketing (including websites, social media, email, telemarketing, and text messages) “to ensure any deceptive or unlawful claims or offers are removed or corrected, as appropriate, and any other required disclosures are provided.” The letter also directs the company to notify the FTC by a specified date of the specific actions it has taken to address the FTC’s concerns and to indicate how “any claims that remain in advertising and marketing” comply with Section 5 of the FTC Act andTILA.
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Posted in HMDA ,
Mortgages ,
Regulatory and Enforcement As previously reported,
in August 2020 the CFPB released the Home Mortgage Disclosure Act (HMDA) Filing Instruction Guide (FIG) for data that must be collected in 2021 and reported in 2022. Recently, the CFPB released an update tothe FIG
.
Edits Q656 and Q657 that were in Table 8: Macro Quality Edits for Loan/Application Register of the prior version of the FIG have been reclassified and moved to Table 7: Quality Edits for Loan/Application Register in the updated version of the FIG. A macro quality edit checks whether the submitted loan/application register as a whole conforms to expected values. A quality edit checks whether entries in the individual data fields or combinations of data fields conform toexpected values.
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November 23, 2020
Posted in CFPB ,
Regulatory and Enforcement Last Thursday, on remand from the U.S. Supreme Court, the U.S. Court of Appeals for the Ninth Circuit heard oral argument in _Seila Law_. The members of the three judge panel were Judge Susan Graber and Judge Paul Watford from the Ninth Circuit and Judge Jack Zouhary from the U.S. District Court for the Northern District of Ohio. Judge Graber was appointed by President Clinton, Judge Watford was appointed by President Obama, and Judge Zouhary was appointed by PresidentGeorge W. Bush.
After ruling that the CFPB’s structure was unconstitutional because its Director could only be removed by the President “for cause,” the Supreme Court remanded the case to the Ninth Circuit to consider the CFPB’s argument that former Acting Director Mulvaney’s ratification of the CID issued to Seila Law cured any constitutional deficiency. Because it had ruled that the CFPB’s leadership structure was constitutional, the Ninth Circuit had not previously considered the CFPB’s ratification argument. Following the Supreme Court’s decision, the CFPB filed a declaration with the Ninth Circuit in which Director Kraninger stated that she had ratified the Bureau’s decisions to: issue the CID to Seila Law, deny Seila Law’s request to modify or set aside the CID, and file a petition in federal district court to enforce the CID. On remand, Seila Law argued that the appropriate remedy is for the Ninth Circuit to reverse the district court and deny the CFPB’s petition to enforce the CID. Seila Law urged the Ninth Circuit to conclude that because of its structural constitutional defect, the CFPB lacked the authority to issue and enforce the CID, its actions in doing so were void, and the ratifications of the CID by former Acting Director Mulvaney and Director Kraninger were invalid. Relying on U.S. Supreme Court precedent, Seila Law argued that for a valid ratification to occur, the party ratifying must be able to do the act ratified both at the time the act was done and at the time of ratification. According to Seila Law, the CFPB could not satisfy either requirement because, as principal, the CFPB did not have the authority to issue the CID at the time it was issued and as a result, ratification was unavailable to its agent, the CFPB Director. Seila Law also asserted that the CID was invalid because the applicable three-year statute of limitations for bringing an enforcement action against Seila Law for the alleged violations to which the CID relates had expired by the date of Director Kraninger’s ratification. Seila Law’s arguments encountered considerable skepticism from all three panel members. With regard to Seila Law’s argument that denying enforcement of the CID was necessary to provide it with meaningful relief, Judge Graber observed that a constitutional violation will not entitle a defendant to reversal of a criminal conviction where no harm or prejudice is found to have resulted fromthe violation.
With regard to Seila Law’s argument that there could not be a valid ratification of the CID, the questions asked by both Judge Watford and Judge Zouhary suggested that they were not persuaded that the cited Supreme Court precedent necessarily supported Seila Law. Judge Zouhary commented that the Supreme Court had implicitly rejected Seila Law’s argument, citing to the following language in Chief Justice Robert’s opinion: “If is correct , and the offending removal provision means that the agency is unconstitutional and powerless to act, then a remand would be pointless.” With regard to Seila Law’s argument that the three-year SOL for bringing an enforcement action barred the CFPB from ratifying the CID, Judges Graber and Watford both pressed Seila Law’s to explain the SOL’s relevancy in the context of a petition to enforce a CID and why it would make the CID invalid. Seila Law’s counsel asserted that because the potential violations sought to be investigated through the CID related to Seila Law’s involvement with Morgan Drexen in 2015 and earlier, an enforcement action based on that activity would have been time-barred as of the date the CID was ratified. The judges highlighted the investigatory purpose of CIDs and suggested that the CID might reveal other violations as to which the CFPB could still bring an enforcement action. The CFPB’s counsel did not face as rigorous questioning as did Seila Law’s counsel. In countering Seila Law’s argument that the CFPB did not have the authority to issue the CID due to the constitutional violation, the CFPB’s counsel highlighted language in Chief Justice Robert’s opinion stating that “he provisions of the Dodd-Frank Act bearing on the CFPB’s structure and duties remain fully operative without the offending tenure restriction.” According to the CFPB’s counsel, because the CFPB, as principal, had the authority to conduct investigations at the time the CID was issued despite the constitutional violation and Director Kraninger was removable at will by the President when she ratified the CID, the CID was validly ratified and remains enforceable. In responding to Seila Law’s SOL argument, the CFPB’s counsel contended that the SOL had no application outside of an enforcement action, the CFPB had not alleged any specific violations by Seila Law, and it would be premature to adjudicate the application of the SOL. He asserted that even if the CFPB could not bring an enforcement action now for Seila Law’s 2015 conduct, it would still be entitled to gather information about Seila Law’s conduct going back to that time, which might shed light on subsequent developments and still could be relevant to the CFPB’s investigation. The CFPB’s counsel also argued that the Ninth Circuit should follow its decision in _CFPB v. Gordon_ that involved former Director Cordray’s ratification of the CFPB’s enforcement action against _Gordon_. Director Cordray ratified the action after his recess appointment was called into question by the U.S. Supreme Court’s Canning decision and he was reappointed and confirmed by the Senate. In that case, the Ninth Circuit ruled that the enforcement action was validly ratified by Director Cordray. Seila Law’s counsel argued that _Gordon_ was not controlling because it did not involve a “structural” constitutional violation and instead only involved the authority of an agent to act on behalf of the principal. In response, the CFPB’s counsel asserted that Seila Law’s emphasis on the “structural” nature of the violation in _Gordon_ was merely a label and missed that the Supreme Court’s problem with the removal provision was that it put the Director outside the President’s ability to supervise. According to the CFPB’s counsel, both _Seila Law_ and_ Gordon_ called into question the authority of an agent who first authorized a CFPB action because of an Article II problem—insufficient accountability to the President in _Seila Law_ and an improper appointment in _Gordon. _As a result, both constitutional defects could be cured through ratification of the challenged action by a Director not subject to the original Article IIproblem.
Given the strong headwinds faced by Seila Law’s counsel during the oral argument, we would be surprised if Seila Law prevails in its efforts to invalidate the CID.EmailTweet
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PLANS
By Barbara S. Mishkinon
November 19, 2020
Posted in Regulatory and Enforcement,
Technology
We are joined by Bret Ladine, the DFPI’s General Counsel. We discuss the DFPI’s plans for adding new staff, promoting innovation through the new Financial Technology Innovation Office, providing guidance on CFPL exemptions, and handling complaints. Other topics include the DFPI’s approach to its new authority regarding UDAAPs (which covers small business financing), registration of covered persons, and civil penalties.Click here
to listen to the podcast.EmailTweetLike
, HMDA
, Mortgages
, Regulatory and
Enforcement
The CFPB recently announcedthat
it, along with the Comptroller of the Currency and Federal Reserve Board, issued a final rule that will maintain the current exemption threshold to the appraisal requirement for higher priced mortgage loans (HPML). The initial exemption threshold was $25,000, and the threshold is subject to annual adjustment based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers. Currently transactions of $27,200 or less are exempt from the HPML appraisal requirement, and based on the final rule that dollar exemption threshold also will apply for calendar year 2021.EmailTweet
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WITH FHA LOANS
By Richard J. Andreano, Jr. on November 18, 2020 Posted in Flood Insurance, HUD
, Mortgages
The U.S. Department of Housing Urban Development (HUD) announceda proposed rule
to permit the use of private flood insurance policies with FHA mortgage loans. As previously reported,
in February 2019 federal regulators issued a joint final rule (the “Joint Final Rule”) to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (the “Act”) that require regulated financial institutions to accept private flood insurance policies. The regulators are the Farm Credit Administration, Federal Deposit Insurance Corporation, Federal Reserve Board, National Credit Union Administration, and Comptroller of the Currency. Although the Joint Final Rule took effect on July 1, 2019, it does not apply to FHA loans because HUD currently accepts only flood insurance policies issued under the National Flood Insurance Program (NFIP). HUD notes in the preamble to the proposal that, except when FHA acts as a direct lender, the Act does not require the acceptance of private flood insurance policies with FHA loans. The proposed rule would apply to Title I manufactured home loans, Title II single-family home loans, and home equity conversion mortgage loans (i.e., reverse mortgage loans). Consistent with the Joint Final Rule, to qualify as private flood insurance under the proposal a policy must be issued by an insurance company that meets certain conditions, and the policy must provide flood insurance coverage that is at least as broad as the coverage provided under a standard flood insurance policy (SFIP) issued under the NFIP for the same type of property, including when considering deductibles, exclusions, and conditions offered by the insurer. The proposed rule sets forth specific requirements that a policy must meet to be considered to provide coverage at least as broad as a SFIP. HUD expressly seeks comment on whether the rule that it adopts should permit, or should require, a lender to accept a qualifying private flood insurance policy with an FHA loan. The Joint Final Rule requires an institution subject to the rule to accept a qualifying private flood insurance policy. The proposed rule would permit a lender to determine that a private flood insurance policy is a qualifying policy, without further review of the policy, if the following statement is included within the policy or as an endorsement to the policy: “This policy meets the definition of private flood insurance contained in 24 CFR 203.16a(e) for FHA-insured mortgages.” HUD explains that a lender could elect not to rely on the statement, and make its own determination if the policy is a qualifying policy. HUD also advises that a lender could not reject a policy solely because it is not accompanied by thestatement.
The proposed rule also differs from the Joint Final Rule in that it would not permit lenders to exercise discretion to accept flood insurance policies, provided by private insurers or mutual aid societies, that do not meet the definition and requirements for a private flood insurance policy.EmailTweet
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By James Kim
on
November 17, 2020
Posted in CFPB Enforcement, CFPB
Supervision
Coming on the heels of the Presidential election results, the CFPB circulated an internal e-mail suspending a reorganization that would have stripped the Office of Enforcement’s autonomy to open investigations and issue civil investigative demands. Bloomberg Law reported the suspension after obtaining a copy of the internal e-mail. According to the Bloomberg article, Bryan Schneider, who leads the Bureau’s Division housing its supervision, enforcement, and fair-lending (SEFL) functions, reversed his earlier decision to reorganize the SEFL Division: I continue to believe that SEFL should make changes to its organization, processes, and procedures to remain effective and efficient in protecting consumers in light of experience and new circumstances. However, the feedback I received raised important concerns that warrant more considered thought and analysis. As we previously blogged,
the reorganization would have created a new Office of SEFL Policy and Strategy, headed by Peggy Twohig, that would decide when to open enforcement investigations and whether potential violations uncovered during examinations would be transferred to enforcement attorneys.EmailTweet
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