CFPB Circular on Documenting Overdraft Opt-Ins
The CFPB’s recently issued Consumer Financial Protection Circular 2024-05 calls attention to how the Bureau believes banks and credit unions should document a consumer’s opt-in... Read More
Federal Regulatory Developments
HUD ML Updates Debenture Interest Rates for HECMs
HUD recently issued Mortgagee Letter 2024-18, which, under authority provided in the Reverse Mortgage Stabilization Act, updates its regulations and policies on HECM debenture interest... Read More
FinCEN Issues Final Rule on Investment Advisor Reporting
FinCEN recently issued a final rule regarding reporting requirements for investment advisors. The rule takes effect on January 1, 2026. In issuing the final rule,... Read More
CFPB Consent Order Fines Mortgage Company $2.25 Million for Refinance Misrepresentations
The CFPB recently issued a consent order against an alleged “repeat offender” non-bank mortgage company that specializes in VA-guaranteed loans for allegedly misrepresenting the payment... Read More
FinCEN Issues Final Rule on Residential Real Estate Reporting
FinCEN recently issued a final rule regarding reporting requirements for persons involved in residential real estate closings and settlements. The rule takes effect on December... Read More
FTC Issues Final Rule on Consumer Reviews and Testimonials
The FTC recently issued a final rule on certain unfair or deceptive acts or practices related to consumer reviews or testimonials. The final rule generally... Read More
CFPB Announces Filing Instructions for Nonbank Registration
The CFPB recently issued a Filing Instructions Guide and other resources to help nonbank companies comply with the new Nonbank Registration Rule. The rule requires... Read More
FDIC Publishes Q&As Regarding Advertising Rule
The FDIC recently published a set of questions and answers (Q&As) regarding its final rule governing FDIC Official Signs and Advertising Requirements, False Advertising, Misrepresentation... Read More
VA Issues Requirements for Secondary Borrowing on Assumption Transactions
VA recently published requirements for holders processing assumption transactions where the assumer obtains secondary borrowing simultaneously with the assumption of a VA-guaranteed home loan. There... Read More
FTC Rule Against Non-Competes Held Unlawful
On August 20, 2024, a federal district court in Texas set aside the FTC’s recent rule banning non-compete agreements between employers and employees, which was... Read More
CFPB Files Proposed Order Against Credit Repair Company
The CFPB recently filed a proposed Stipulated Final Judgment and Order to resolve its ongoing suit against a Los Angeles-based software company and its CEO... Read More
FDIC Guidance States that Interactive Teller Machines Do Not Require Approval as Bank Branches
The FDIC issued guidance stating that interactive teller machines (ITMs) generally will not qualify as bank branches which require FDIC approval to establish. The Federal... Read More
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