CFPB Issues Monthly Complaint Report for March
The CFPB released its March 2016 complaint report which is the ninth in its series of monthly complaint reports. According to the March 1, 2016... Read More
Federal Regulatory Developments
CFPB Provides Regulatory Relief for Small Creditors in Rural and Underserved Areas
On March 22, the CFPB issued an interim final rule that will allow more small creditors to qualify for special rural or underserved crediting provisions... Read More
CFPB Issues Advisory on Preventing Elder Abuse
On March 23, 2016 the CFPB issued an Advisory along with Recommendations and Report for Financial Institutions on Preventing Elder Financial Abuse. The Advisory and... Read More
CFPB Issues Report on Servicemember Complaints
A CFPB report titled Servicemembers 2015: A year in Review, released on March 22, 2016, highlighted high rates of debt collection complaints from Servicemembers and... Read More
CFPB Announces TRID Webinar on the Mortgage Disclosure Rule Post-Effective Date
The CFPB will be giving a webinar on Tuesday April 12, at 2 pm EDT to discuss the TILA RESPA Integrated Disclosure (or “Know Before... Read More
CFPB Wins Final Judgment against Morgan Drexen for Illegal Debt Relief Scheme
On March 18, 2016, a federal district court entered a final judgment against Morgan Drexen ending a lawsuit filed by the CFPB in 2013 relating... Read More
CFPB Announces Data Security Consent Order with Payment Processor
On March 2, 2016 the CFPB announced that it had entered into a consent order with payment processor Dwolla, Inc. In the CFPB’s first consent... Read More
Changes to RHS Single Family Housing Guaranteed Loan Program Technical Handbook Became Effective on March 9, 2016
The Rural Housing Service (RHS) made changes to the Guaranteed Loan Program Technical Handbook (HB‐1‐3555). The revised HB‐1‐3555 became effective on March 9, 2016. On... Read More
HUD Revises Form 92900-A for Loan-Level Certifications and Requests Comments Regarding Lender-Level Certifications
On March 15, 2016, HUD issued Mortgagee Letter 2016-06 (“ML 16-06”), providing the revised and finalized Form 92900-A, HUD/VA Addendum to the Uniform Residential Loan... Read More
FDIC Publishes Guide to Cybersecurity for Bank Customers
On March 8, 2016, the FDIC issued a special edition of its quarterly consumer newsletter, entitled “A Bank Customer’s Guide to Cybersecurity.” The FDIC created... Read More
CFPB Finalizes Policy on No-Action Letters
The CFPB recently issued its final policy regarding no-action letters. Under the policy, the CFPB may, in its discretion, issue a no-action letter (or “NAL”)... Read More
Federal Banking Agencies Clarify Expectations for the Use of Property Evaluations
The Federal banking agencies (the “Agencies”) recently issued an “Interagency Advisory on Use of Evaluations in Real Estate-Related Financial Transactions.” The advisory was released to... Read More
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