CFPB Considers Proposal to Overhaul Debt Collection Market
On July 28, the Consumer Financial Protection Bureau (CFPB) outlined proposals which would overhaul the debt collection market by capping collector contact attempts and imposing... Read More
Federal Regulatory Developments
CFPB Outlines Guiding Principles for Loss Mitigation and Foreclosure Prevention
The CFPB recently outlined consumer protection principles to guide mortgage servicers, investors, and policymakers as they develop new foreclosure relief solutions. As the Home Affordable... Read More
FTC Finds Cybersecurity Practices to be UDAP
On July 29, the Federal Trade Commission (FTC) announced the issuance of an Opinion and Final Order reversing an Administrative Law Judge (ALJ) Initial Decision... Read More
CFPB Issues Notice of Proposed Rulemaking on Payday, Vehicle Title, and Certain High-Cost Installment Loans
On July 22, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking, suggesting consumer protection regulations for payday loans, vehicle title loans,... Read More
Agencies Release Final Revisions to Interagency Questions and Answers Regarding Community Reinvestment
The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency published on July... Read More
Half of All Consumer Complaints to the CFPB Since 2011 About Mortgages or Debt Collection
A recent article published by the CFPB as “Info for consumers…” reports that since July of 2011 the number of complaints has increased each year... Read More
CFPB Publishes New HMDA Filing and Implementation Resources
The CFPB recently published new materials to assist lenders in filing their HMDA data. Additionally, the CFPB published three new resources to assist lenders in... Read More
CFPB Announces Changes in Leadership
On July 20, the CFPB announced leadership changes within its ranks. Chris D’Angelo, former chief of staff at the CFPB, will now serve as the... Read More
FinCEN Releases New FAQs
On July 19, the Financial Crimes Enforcement Network (FinCEN) issued Frequently Asked Questions (FAQs) to help covered financial institutions understand the Customer Due Diligence Requirements... Read More
The CFPB Releases Semi-Annual Report Spring 2016
The CFPB recently released the ninth Semi-Annual Report to Congress and the President, providing an update on the agency’s efforts to protect consumers in their... Read More
FDIC Updates Information Technology Risk Examination (InTREx) Program
On June 30, the FDIC announced that it updated its information technology and operations risk (IT) examination procedures in order to help ensure that the... Read More
FHA Announces Updates to its Single Family Housing Policy Handbook
On June 30, 2016, FHA published several updates to its Single Family Housing Policy Handbook 4000.1. The following revisions are now incorporated into the Handbook’s... Read More
Industry News, including Federal Regulatory Developments, State Regulatory Developments and Litigation Developments, is for general information purposes only and is not in any way intended, nor shall it be construed, as legal advice, legal opinion or any other advice on any specific facts or circumstances. No person or entity (“Person”) should act or refrain from acting upon this information without seeking professional advice. No Person may rely on this information or its applicability to any specific circumstances. The information in Industry News, including Federal Regulatory Developments, State Regulatory Developments and Litigation Developments, is in no instance to be taken as an indication of completeness, applicability to a particular situation, or an indication of future developments or results.