Elder Abuse Prevention and Prosecution Act Signed Into Law
On October 18, 2017, the President signed into law the Elder Abuse Prevention and Prosecution Act, S. 178 (“the Act”) to prevent elder abuse and... Read More
Federal Regulatory Developments
CFPB Issues Principles for Consumer Data Sharing and Aggregation
The CFPB recently announced the release of nine Consumer Protection Principles that address the authorized sharing of consumer financial data with third party data-aggregation services. The... Read More
Agencies Issue Temporary Exceptions to FIRREA Appraisal Requirements in Areas Affected by Recent Hurricanes
Several government agencies jointly issued a temporary exception to appraisal requirements in the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) due to... Read More
CFPB Updates Mortgage Servicing Implementation Materials
CFPB has published an updated Executive Summary of the 2016 Mortgage Servicing Rule and the Small Entity Compliance Guide (Version 3.0) (Guide) incorporating changes made... Read More
FHFA Announces Inclusion of Borrower Preferred Language Question on Revised URLA
After a period of consumer testing and requests for input, the FHFA announced on October 20, 2017, that a borrower preferred language question will be... Read More
Ginnie Mae Revises HMBS Issuer Monthly Reporting Data to Include Additional Data Elements
On October 17, 2017, Ginnie Mae issued All Participant Memorandum (APM) 17-05 announcing that the HECM Mortgage Backed Securities (HMBS) Monthly Report of Pool, Loan... Read More
Freddie Mac Reports Acute Shortfall of Affordable Rental Units
Freddie Mac Multifamily has released an analysis showing Rental Affordability Is Worsening. The study compares rent increases in specific units over time by examining loans... Read More
Senate Votes to Repeal CFPB’s Arbitration Rule
The U.S. Senate voted on Tuesday night to repeal the CFPB’s arbitration rule, by a vote of 51-50 (Vice President Pence cast the deciding vote). ... Read More
CFPB Issues Guidance and Reference Tools to Assist with Implementation of New HMDA Rule
The CFPB has recently updated and published multiple resources in order to assist the financial services industry as it prepares to submit the first set... Read More
CFPB Updates Know Before You Owe Mortgage Disclosure Rule Guides in a Revised Small Entity Compliance Guide
Updates to incorporating changes and clarifications from the July 7, 2017 amendments to the TILA-RESPA Final Rule that were published on August 11, 2017 are... Read More
CFPB Files Suit against Debt-Relief Companies for Violations of UDAAP and the Telemarketing Sales Rule
The CFPB recently filed suit in federal court against two debt-relief companies, a service provider, and their owners for allegedly misrepresenting the companies as being... Read More
CFPB Issues Final Rule on Payday Loans; OCC Rescinds Deposit Advance Product Guidance
On October 5, 2017, the CFPB finalized its proposed rule impacting payday loans, auto title loans, deposit advance products, and longer-term loans with balloon payments.... Read More
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