We recently reported on the TILA-RESPA Integrated Disclosure Rule (TRID), scheduled to go into effect later this year. On June 9, several trade groups, including the American Bankers Association and the Mortgage Bankers Association jointly authored a letter to the House Financial Services Committee, urging the passage of H.R. 2213, introduced in the House
Third Circuit Adopts Materiality Requirement under the FDCPA
On June 30, the Third Circuit Court of Appeals joined a number of federal judicial circuits in holding that immaterial misstatements do not violate the Fair Debt Collection Practices Act (FDCPA).
In this case, Plaintiff defaulted on her loan, and Defendant – a debt collector – obtained a default judgment against her. Defendant then
Troutman Sanders Expands Financial Services Litigation Practice
Troutman Sanders LLP announced today that Jon S. Hubbard has rejoined the firm’s Financial Services Litigation practice as Of Counsel in the Richmond office. He returns to the firm from Capital One, where he was Assistant General Counsel and Director of Mortgage Litigation.
At Capital One, Hubbard represented the company on a national basis in
CFPB Proposes to Postpone Effective Date of TILA-RESPA Integrated Disclosure Rule to October 3
We previously reported on the remarks made by Consumer Financial Protection Bureau Director Richard Cordray on May 12 that the CFPB would not voluntarily change the August 1 effective date for the TILA-RESPA Integrated Disclosure Rule (TRID). This officially changed on June 24 with the CFPB’s issuance of a proposed amendment to TRID, postponing its
Supreme Court Upholds Disparate Impact Liability Under the Fair Housing Act, but Also Stresses the Theory’s Limitations
On June 25, 2015, a 5-4 majority of the U.S. Supreme Court ruled that the Fair Housing Act (“FHA”) permits discrimination claims brought under a disparate impact theory of liability. Justice Kennedy authored the majority opinion in the much-anticipated decision in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, Inc. – a
FCC Passes New Declaratory Rule Clarifying and Interpreting Multiple, Key Provisions of the TCPA in a Manner That is Generally Unfavorable to Defendants
On June 18, 2015, the Federal Communications Commission (“FCC”) voted 3-2 to approve an order that promises to have major and negative impacts on companies who use modern telephone technology to text and call consumers.
The stark increase in the number of lawsuits that were filed under the Telephone Consumer Protection Act (“TCPA”) has been
CFPB Releases Results of Study on Reverse Mortgage Advertisements
Authored by D. Kyle Deak
Today the Consumer Financial Protection Bureau released the results of a study on reverse mortgage advertisements. The study was based upon personal interviews conducted in November and December 2014 with 59 homeowners aged 62 or older in Chicago, Los Angeles, and Washington, D.C. concerning 97 print, radio, online, and television
CFPB Director Cordray Addresses “Serious Misunderstanding” About Three-Day Requirement, Reiterates CFPB Will Not Voluntarily Change August 1 Effective Date for TILA-RESPA Integrated Disclosure Rule
In a speech made on May 12 to the National Association of Realtors, Consumer Financial Protection Bureau Director Richard Cordray addressed questions surrounding the three-day requirement of the TILA-RESPA Integrated Disclosure Rule (“TRID”) and said it “should not interfere with a successful closing, as some have claimed. In fact, there has been some serious misunderstanding
CFPB Updates Examination Procedures For TILA-RESPA Integrated Disclosures
On May 4, the Consumer Financial Protection Bureau revised its mortgage origination examination procedures to provide guidance on how it will conduct compliance exams for the TILA-RESPA integrated disclosures that become effective on August 1, 2015.
The CFPB has revised version 2.0 of its Supervision and Examination Manual numerous times since it was released on
CFPB Refuses to Delay Enforcement of TILA-RESPA Integrated Disclosure Rule; Pending Legislation Would Provide Safe Harbor Through End of 2015
In an April letter to Congressman Blaine Luetkemeyer (R-Mo.), the Consumer Financial Protection Bureau refused to provide a grace period for enforcement of the TILA-RESPA Integrated Disclosure Rule (“the Integrated Disclosure Rule”), which has an effective date of August 1, 2015.
Director Richard Cordray’s letter provides information about the CFPB’s work to support implementation of