On April 21, the Federal Housing Finance Agency (“FHFA”) announced limits on servicer obligations to advance scheduled monthly principal and interest payments for single-family mortgage loans backed by Fannie Mae and Freddie Mac (the “Enterprises”). Once a servicer has advanced four months of missed payments on a loan, it will have
On April 22, the Supreme Court of Appeals of West Virginia issued another amended emergency order extending court deadlines. The order can be found here. The Court’s new order delays all court deadlines for matters scheduled to occur during the emergency period from March 23, 2020 to May 15, 2020 until May 18, 2020.
Pursuant to the Federal Credit Union Act, the National Credit Union Administration issued a temporary final rule on April 21, easing regulatory requirements to assist federal credit unions (“FCUs”) and federally insured credit unions (“FICUs”) during the coronavirus (“COVID-19”) pandemic. The rule makes the following key changes that will be effective through December 31, 2020:
In the recent case Stepp v. U.S. Bank Trust, N.A., the United States Court of Appeals for the Fourth Circuit narrowed the applicability of 24 C.F.R. § 203.604, a federal regulation that requires a face-to-face meeting prior to foreclosure for certain mortgage loans insured by the Fair Housing Act.
The contested regulation, issued
The Consumer Financial Protection Bureau issued a final Home Mortgage Disclosure Act (“HMDA”) rule amending Regulation C to adjust institutional and transactional coverage thresholds for closed-end mortgage loans and open-end lines of credit. The final rule permanently raised the threshold to report closed-end mortgage loans from 25 to 100 originated loans in the previous two
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) is the largest economic rescue measure in the history of the United States, making $2.2 trillion available to the public and businesses affected by the coronavirus (“COVID-19”) pandemic. Where there is money, there will be lawsuits by those who did not get it. A class
On April 15, the Consumer Financial Protection Bureau and the Federal Housing Finance Agency (“FHFA”) announced a joint initiative known as the Borrower Protection Program (“Program”), through which the CFPB and FHFA will share servicing information during the coronavirus (“COVID-19”) national emergency.
The CFPB currently processes consumer
Earlier this year, the Consumer Financial Protection Bureau created a Taskforce on Federal Consumer Financial Law to “examine the existing legal and regulatory environment facing consumers and financial services providers and report to [the Bureau] its recommendations for ways to improve and strengthen consumer financial laws and regulations.” To assist the Taskforce, the Bureau recently
Please join Troutman Sanders’ attorneys, Andrew Buxbaum, Jon Hubbard, Mohsin Reza, and Elizabeth Briones for the Complimentary Webinar: “Lessons Learned from the Great Recession” on April 16, 2020 from 3:00 – 4:00 p.m. ET.
The economic consequences of the coronavirus (COVID-19) pandemic are proving to be far-reaching as millions of American consumers are finding
On April 7, the Council for the District of Columbia unanimously passed the COVID-19 Response Supplemental Emergency Amendment Act of 2020 (“Emergency Act”) an emergency relief bill for D.C.’s residents and businesses. Title II of the Emergency Act, captioned “Business Development and Consumer Protection,” directly and dramatically affects consumer financial services operations. This legislation includes