FDIC Consent Order with NY Bank for AML/CFT Deficiencies
Recently, a New York-based bank agreed to a consent order (under which the bank neither admits nor denies the allegations) with the FDIC to improve... Read More
Federal Regulatory Developments
National Bank Pays over $190 Million for CFPA, TILA and FCRA Violations
The CFPB recently entered into two separate consent orders with a national bank to resolve allegations that it violated the CFPA, TILA and FCRA. The... Read More
FHA Revises Requirements Related to FHA Payments of HECM Borrower Disbursements Due to Mortgagee Default
FHA recently published Mortgagee Letter 2023-15 (ML) modifying FHA’s requirements related to actual or anticipated mortgagee default on obligations to FHA-insured HECM borrowers. The ML... Read More
FTC Releases Revised Advertising Guides Targeting Deceptive Reviews and Endorsements
On June 29, 2023, the FTC announced that its Endorsement Guides, which provide guidance to businesses to ensure that advertising using reviews or endorsements is... Read More
FFIEC Publishes 2022 HMDA Data on Mortgage Lending
The Federal Financial Institutions Examination Council (FFIEC) recently released the Home Mortgage Disclosure Act (HMDA) data for mortgage lending transactions in 2022. The publically-accessible data,... Read More
HUD OIG Issues Audit Reports on Loss Mitigation Options for FHA Loans
The HUD Office of Inspector General (OIG) issued two audit reports examining whether servicers of FHA loans provided proper loss mitigation assistance to homeowners after... Read More
FHA Requires Lenders to Use the Supplemental Consumer Information Form
On June 27, 2023, FHA announced it will require lenders to use the Supplemental Consumer Information Form (SCIF) when originating mortgages insured by FHA. The... Read More
FDIC Limits Retry NSF Fee Lookback, Restitution Expectations
The FDIC recently revised its Supervisory Guidance on Multiple Re-Presentment NSF Fees (FIL-40-2022) to clarify its supervisory approach for corrective action and de-emphasize the need... Read More
OCC Fines Bank $15 Million over Deceptive Account Disclosures
The OCC recently announced a consent order with a national banking association (the Bank), imposing a $15 million civil money penalty for deceptive practices concerning... Read More
FTC Releases Annual Report to CFPB on 2022 Enforcement and Related Activities
The Federal Trade Commission (FTC) staff recently responded (the Report) to the CFPB’s request for a report on the FTC’s 2022 enforcement and other related... Read More
FHA Seeks Feedback on Proposed Payment Supplemental Partial Claim Loss Mitigation Option
Recently, FHA posted a draft of Mortgagee Letter (ML), Payment Supplemental Partial Claim, on its Single Family House Drafting Table and is requesting feedback from... Read More
CFPB Publishes Issue Spotlight on Chatbots in Consumer Finance
The CFPB recently published an Issue Spotlight regarding the use of chatbots in consumer finance, explaining that the purpose of the report is to explain... Read More
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