Online Lending Company Pays $3.85M for Loan Servicing Violations
An online lending company paid the FTC $3.85 million to settle allegations that its loan servicing practices violated the FTC Act, the Telemarketing Sales Rule... Read More
Federal Regulatory Developments
Department of Labor Issues Proposal to Update the FLSA’s Regular Rate Regulations
The U.S. Department of Labor (DOL or Department) announced a proposed rule to update and clarify the regulations pertaining to regular pay rate requirements. This... Read More
FTC Settles with Payment Processor and its Owner for over $1.8 Million and Orders Permanent Payment Processing Ban
On April 10, 2019, the FTC and a payment processing company, along with its owner, entered into a final order to settle charges that they... Read More
Senate Confirms Mark Calabria as Director of FHFA
On April 4, 2019, the U.S. Senate confirmed Mark Calabria’s nomination to become the next director of the Federal Housing Finance Agency (FHFA). Calabria, who... Read More
Ginnie Mae Provides Additional Compliance Guidance for Seasoning Provisions
In their All Participant Memorandum (APM) 19-03 (Additional Compliance Guidance for Seasoning Provisions Announced in APM 18-04), Ginnie Mae responds to inquiries about compliance with... Read More
FTC Publishes Proposed Amendments to Safeguards and Privacy Rules under the GLBA
On April 4, 2019, the FTC published in the Federal Register separate notices of its proposed rulemaking and requests for public comment on amendments it... Read More
FDIC Issues Guidance Identifying Gaps in Technology Service Provider Contracts
The FDIC issued Financial Institution Letter FIL-19-2019 describing examiner observations about “gaps in financial institutions’ contracts with technology service providers that may require financial institutions... Read More
Paid Online Reviews, Misleading Offer Lead to $100,000 FTC Settlement
On April 3, 2019, a snack box subscription service and its parent company agreed to pay $100,000 to settle an FTC complaint which alleged that... Read More
VA Issues Revisions to Lenders Handbook
The VA recently issued revisions to its Lenders Handbook, VA Pamphlet 26-7. The changes include requirements regarding veteran eligibility and entitlement, processing VA loans, and... Read More
Fannie Mae Announces Loan Level Price Adjustment for Second Homes
In its Lender Letter LL-2019-04, Fannie Mae has implemented a 25 basis point loan-level price adjustment (LLPA) for loans secured by second homes with LTV... Read More
FTC Agrees to Settlement with Charities over Federal Trade Commission Act and FTC Telemarketing Sales Rule Violations
On March 28, 2019, the FTC announced it had agreed to two settlement agreements with two charities and their operators for alleged violations to the... Read More
CFPB Updates Payday Section of the Supervision and Examination Manual
The CFPB recently updated the Short-Term, Small-Dollar Lending (i.e., Payday Lending) examination procedures, dated March 2019, in their Supervision and Examination Manual. The examination procedures... Read More
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