CFPB’s 2016 Fair Lending Report
On April 14, 2017, the CFPB released its 2016 Fair Lending Report. Some of the most notable aspects of the report include the identification of... Read More
Federal Regulatory Developments
CFPB Requests Information for ATR/QM Rule Assessment
On May 25, 2017, the CFPB released its plan to assess the effectiveness of its Ability-to-Repay/Qualified Mortgage Rule (the “Rule”), requesting information for this purpose... Read More
HUD Publishes Final Rule on Inflation Catch-up Adjustment of Civil Money Penalty Amounts
On May 30, 2017, HUD published a final rule in the Federal Register, Volume 82, Number 102, amending the amounts of civil monetary penalties. The... Read More
HUD OIG Issues Audit Report on Voluntary Termination of FHA Insurance
The HUD Office of the Inspector General (“OIG”) recently released a report on the processing by lenders of voluntary termination of insurance coverage regarding FHA... Read More
SEC Issues Cybersecurity Alert on Ransomware Attacks
The U.S. Securities and Exchange Commission (“SEC”) Office of Compliance Inspection and Examination (“OCIE”) issued an alert urging broker-dealers, investment advisers, and investment companies to... Read More
“Ransomware” Attack Strikes Companies World-Wide
A widespread malware attack, dubbed “WannaCry,” threatened a multitude of organizations and computer systems over the weekend of May 12-14, 2017, with hackers demanding roughly... Read More
FDIC Settles FTC Act Violations with Bank and Two Affiliates
On May 10, 2017, the FDIC entered into orders for restitution and civil money penalties (Orders) with a bank and two of its affiliated entities... Read More
CFPB Seeks Comments About Small Business Lending Market
The Dodd-Frank Act, section 1071, amended the Equal Credit Opportunity Act (ECOA) by requiring institutions to report information concerning credit applications made by women-owned, minority-owned,... Read More
CFPB Publishes Request for Public Comment Regarding its Assessment of the 2013 Mortgage Servicing Rule
The CFPB is requesting public comment on its plan for assessing the mortgage servicing rules under the Real Estate Settlement Procedures Act (“Mortgage Servicing Rule”),... Read More
President Trump Issues New Executive Order Concerning Cybersecurity
President Trump recently issued an Executive Order on cybersecurity. The Order is directed at federal agencies and their tasks to increase the protection of cybersecurity... Read More
Treasury Department Settles Claim Against Former Chief Compliance Officer of Money Transmitter
In an announcement that highlights the importance of proper compliance management in the areas of financial fraud and anti-money laundering programs, the U.S. Attorney for... Read More
CFPB Sues Online Lenders for TILA Violations and Unfair, Deceptive, or Abusive Acts or Practices
The CFPB filed a lawsuit in the U.S. District Court for the Northern District of Illinois against four online lenders for allegedly collecting and attempting... Read More
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