John Culhane

5 days ago | mondaq.com | Richard J. Andreano |John Culhane

As previously reported, in addressing the fact that currentstays of the section 1071 small business data collection andreporting rule only apply to the applicable plaintiffs, intervenorsand their members, the CFPB advised in May 2025 that it would notmake enforcement of the rule a priority in order to provide reliefto parties not covered by any court stay of the rule. The CFPB hasnow issued an interim final rule to extend the compliance dates of therule for all lenders subject to the rule.

1 week ago | mondaq.com | Richard J. Andreano |John Culhane

BS Ballard Spahr LLP More Ballard Spahr LLP—an Am Law 100 law firm with more than 750 lawyers in 18 U.S. offices—serves clients across industries in litigation, transactions, and regulatory compliance. A strategic legal partner to clients, Ballard goes beyond to deliver actionable, forward-thinking counsel and advocacy powered by deep industry experience and an understanding of each client’s specific business goals.

1 week ago | mondaq.com | Richard J. Andreano |John Culhane

As previously reported, in March 2025 the CFPB and TownstoneFinancial (Townstone) filed a joint motion with a U.S. DistrictCourt seeking to reverse the November 2024 consent order betweenthe parties that resolved CFPB allegations of redlining on the partof Townstone in violation of the Equal Credit Opportunity Act(ECOA). The court recently denied that motion.

1 week ago | mondaq.com | Richard J. Andreano |John Culhane

The U.S. Department of Justice (DOJ) has filed a motion with afederal district court to terminate early the September 2022 consent order with Lakeland Bank (Lakeland)that settled allegations of redlining under the Fair Housing Actand Equal Credit Opportunity Act. The motion also seeks thedismissal with prejudice of the case that the DOJ brought thatresulted in that consent order.

2 weeks ago | mondaq.com | Richard J. Andreano |John Culhane

The CFPB recently made filings with the Office of Management andBudget (OMB) regarding the following rules:Loan Originator Compensation Requirements Under the Truth inLending Act (Regulation Z). Discretionary Servicing Rules under the Real Estate SettlementProcedures Act (Regulation X). Discretionary Mortgage Servicing Rules Under the Truth inLending Act (Regulation Z). Defining Larger Participants of the Consumer Debt CollectionMarket.