HUD ML Clarifies Cyber Incident Reporting Requirements
Earlier this month, Mortgagee Letter (ML) 2024-10 previewed the policy changes that will be incorporated into Handbook 4000.1, including providing the distinction between a cyber... Read More
Federal Regulatory Developments
CFPB Proposes Rule to Expand FCRA to Cover Data Brokers
The CFPB issued a proposed rule that would amend Regulation V to expand the definitions of consumer report and consumer reporting agency, as well as... Read More
OCC Enters Consent Order Against Small Bank for Unaddressed BSA/AML Violations
The OCC entered a consent order against a small Texas-based bank for alleged long-standing violations of the Bank Secrecy Act (BSA) and federal anti-money laundering... Read More
HUD Extends Deadline for Exceptions to Face-To-Face Meetings with Borrowers in Default
HUD has partially extended the deadline for mortgage servicers to comply with new rules governing face-to face meetings with borrowers in default. The partial compliance... Read More
CFPB Issues Consent Order Against Money Transfer Company over CFPA Violations
Last month the CFPB filed a Consent Order against a national secured money transfer company that primarily serves incarcerated individuals, resolving allegations that the company... Read More
CFPB Issues Report on State Consumer Privacy Laws
The CFPB recently issued a report that purports to summarize the efforts of eighteen states (between 2018 and 2024) to provide increased consumer privacy protections,... Read More
CFPB Fines Large Credit Union for Overdraft Fees, Requires Refunds
The CFPB recently entered into a consent order with a large national credit union for charging overdraft fees in connection with debit card transactions that... Read More
FHA Proposes Elimination of Full-Time Direct Endorsement Underwriter Requirements
FHA recently proposed a draft Mortgagee Letter (DML) that would allow FHA-approved mortgagees to employ part-time Direct Endorsement (DE) underwriters. The DML also removes the... Read More
CFPB Enters Consent Order with Credit Union Over Lengthy System Outage Which Blocked Account Access
The CFPB entered into a consent order with a credit union whose customers lost access to their accounts and account features due to a faulty... Read More
FTC Releases Final Negative Option Marketing and “Click-To-Cancel” Rule
The FTC released the final version of its amended rule governing marketing and charging consumers for negative option programs, which includes new provisions intended to... Read More
FHA Proposes to Expand Process for Release of Secretary-Held Subordinate Mortgages
FHA recently announced the posting of a Draft Mortgagee Letter (DML) to the Office of Single Family Housing Drafting Table. The proposed DML provides a... Read More
FDIC Extends Compliance Date for New Sign and Advertising Requirements
The FDIC recently announced that it is extending the mandatory compliance date for revisions to regulations at subpart A of 12 C.F.R. Part 328. The... Read More
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