Regulatory Enforcement + Compliance

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Last year, the Federal Housing Finance Agency (FHFA) released its 2014 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac, in which the FHFA announced its strategic goals to “Maintain, Reduce, and Build.”  The FHFA has now issued its first Progress Report to announce how Fannie Mae and Freddie Mac worked toward…

On March 17, 2015, Freddie Mac issued an update to its Single-Family Seller/Servicer Guide (“Guide”) requiring servicers to offer additional modifications on previously modified step-rate mortgages.  This requirement will take effect July 1, 2015.

By requiring loan re-modifications, Freddie Mac is seeking to address what has been on everyone’s mind for a while—the expiring HAMP…

On March 24, in a case that has captured the attention of commercial lenders, the United States Supreme Court heard oral arguments on the issue of whether a Chapter 7 debtor can “strip off” junior liens on residences that are already underwater.

Most courts agree that debtors filing under Chapter 13 of the Bankruptcy Code…

On March 25, the Network Branded Prepaid Card Association (“NBPCA”) announced that it had lodged a formal request with the Consumer Financial Protection Bureau to prevent the imposition of overly broad restrictions on prepaid accounts.  The NBPCA is a non-profit trade association that supports the growth and success of network branded prepaid cards and represents…

Last week, the Office of the Solicitor General urged the U.S. Supreme Court via amicus brief to deny Spokeo Inc.’s appeal of a Ninth Circuit decision that revived a Virginia man’s proposed class action accusing the “people search engine” of publishing false information about him.

The Solicitor General said Spokeo’s petition for a writ of…

On December 2, 2014, in Stein v. Buccaneers Ltd. P’ship, No. 13-15417, — F.3d –, 2014 WL 6734819 (11th Cir. 2014), the United States Court of Appeals for the Eleventh Circuit reversed a district court order dismissing a putative class action as moot, holding that: (1) an unaccepted Rule 68 offer of judgment does not…

The Consumer Financial Protection Bureau (“CFPB”) recently prevailed on a motion for preliminary injunction against a Florida law firm and several related companies as part of its “nationwide sweep of alleged foreclosure relief scams.” According to the CFPB’s complaint against Hoffman Law Group, Nationwide Management Solutions LLC, Legal Intake Solutions LLC, BM Marketing…

On Saturday, March 14, 2015, the West Virginia House passed Substitute Bill No. 542 amending several sections of the West Virginia Consumer Credit Protection Act (WVCCPA). The West Virginia Senate had previously passed the Substitute Bill on March 4, 2015. The bill is now awaiting signature from the governor. If signed into law, the amendments…

This month, the Consumer Financial Protection Bureau (“CFPB”) is actively finalizing a policy that will allow consumers to voice their opinions on financial companies, and the products they offer — consumer complaints can be made publicly or maintained privately.  Specifically, the CFPB’s policy will allow consumers, when submitting a complaint to the CFPB, to choose…

A dispute over the scheduling of a settlement conference ended with a California federal judge ordering a law firm and a pro se plaintiff to explain why they should not be disciplined for missing a deadline set by the court.

U.S. District Judge John F. Walter gave law firm Lewis Brisbois Bisgaard & Smith LLP…