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
The Department of Housing and Urban Development issued a Mortgagee Letter on April 1 with guidance spelling out how it will implement one of the key provisions of the CARES Act. The Mortgagee Letter spells out special loss mitigation options that mortgagees are required to offer to borrowers on any Federal Housing Administration Title II
On April 3, Maryland Governor Lawrence J. Hogan, Jr. issued “Executive Order No. 20-04-03-01, Amending and Restating the Order Dated March 16, 2020 Temporarily Prohibiting Evictions of Tenants Suffering Substantial Loss of Income Due to COVID-19, and Additionally Prohibiting Certain Repossessions, Stopping Initiation of Residential Mortgage Foreclosures, Prohibiting Commercial Evictions, and Allowing Suspension of Certain
On April 6, the California Judicial Council, which is the policymaking body of the California court system, adopted 11 emergency rules in light of the coronavirus (“COVID-19”) pandemic.
Emergency Rule 2 suspends all judicial foreclosures, including actions for deficiency judgments. All judicial foreclosures are stayed and the statute of limitations is tolled until 90 days
On April 1, the Consumer Financial Protection Bureau issued a consent order against Cottonwood Financial, Ltd., a short-term, small dollar lender located in Texas. After reviewing the lender’s installment lending, payday lending, title lending, marketing, collections, and furnishing practices, the CFPB identified a number of violations, including those under the Fair Credit Reporting Act, 15