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Apr 26, 2024 | 
lexblog.com | Lori J. Sommerfield |Joseph F. Reilly
On April 24, the Consumer Financial Protection Bureau (CFPB or Bureau) released a special edition of its Supervisory Highlights report focusing on examinations of the residential mortgage servicing market that were completed between April 1, 2023 and December 31, 2023. According to the report, the CFPB found instances of mortgage servicers charging illegal fees, such as prohibited property inspection fees, and sending deceptive notices to homeowners.
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Apr 5, 2024 | 
lexblog.com | Mark J. Furletti |Joseph F. Reilly |Caleb Rosenberg |James Stevens
On March 29, the Federal Deposit Insurance Corporation (FDIC) announced two more consent orders containing provisions relating to banks’ third-party risk management programs with respect to banking as a service (BaaS) partnerships.
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Mar 20, 2024 | 
lexblog.com | Joseph F. Reilly |Lori J. Sommerfield |Chris Willis
On March 18, Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB), submitted comments to the Appraisal Subcommittee (ASC) regarding its oversight of The Appraisal Foundation. Director Chopra, who serves as a voting member of the Federal Financial Institutions Examination Council (FFIEC) and has been the designated executive sponsor for the ASC since 2022, highlighted several concerns about The Appraisal Foundation’s governance and conflict of interest policies.
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Mar 8, 2024 | 
lexblog.com | Joseph F. Reilly |Caleb Rosenberg |Josh McBeain
On March 1, Senate Bill (SB) 335 was introduced, which, if passed, would impose certain requirements on “commercial financing transactions.” Recently, multiple states have enacted disclosure regulations for commercial financing transactions (see discussions on California, Connecticut, Florida, Georgia, New York, Virginia, and Utah).
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Feb 26, 2024 | 
lexblog.com | Jason Cover |Mark J. Furletti |James Kim |Joseph F. Reilly
On February 23, the Consumer Financial Protection Bureau (CFPB or Bureau) released an order, dated November 30, 2023, establishing supervisory authority over installment lender World Acceptance Corp.
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Feb 6, 2024 | 
lexblog.com | Carlin McCrory |Joseph F. Reilly |Lori J. Sommerfield |Chris Willis
As discussed here, in a recent letter, the Chairman of the National Credit Union Administration (NCUA) outlined the agency’s supervisory priorities for 2024. In this post, we delve deeper into the area of consumer protection oversight. While the agency will continue to assess federal credit unions’ compliance with all applicable federal consumer financial protection laws and regulations, it identified three areas of supervisory focus: overdraft programs; fair lending; and indirect auto lending.
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Jan 30, 2024 | 
jdsupra.com | Carlin McCrory |Joseph F. Reilly |Lori J. Sommerfield
On January 23, the Chairman of the National Credit Union Administration (NCUA) released a letter outlining its supervisory priorities for the new year. While the organization acknowledged that the credit union system had remained largely stable during 2023, it observed growing signs of financial strain on balance sheets. Specifically, the “rise in interest rate and liquidity risks resulted in an increase in the number of composite CAMELS code 3, 4, and 5 credit unions.
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Jan 29, 2024 | 
lexblog.com | Carlin McCrory |Joseph F. Reilly
On January 23, the Chairman of the National Credit Union Administration (NCUA) released a letter outlining its supervisory priorities for the new year. While the organization acknowledged that the credit union system had remained largely stable during 2023, it observed growing signs of financial strain on balance sheets. Specifically, the “rise in interest rate and liquidity risks resulted in an increase in the number of composite CAMELS code 3, 4, and 5 credit unions.
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Dec 28, 2023 | 
lexblog.com | Jason Cover |Taylor Gess |James Kim |Joseph F. Reilly
Late last month, Councilmember Kenyan R. McDuffie introduced B 25-0609, entitled the Protecting Affordable Loans Amendment Act of 2023, that proposes to opt the District of Columbia out of sections 521-523 of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA).
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Dec 28, 2023 | 
lexology.com | Jason Cover |Taylor Gess |James Kim |Joseph F. Reilly |Caleb Rosenberg |Jeremy Sairsingh
Late last month, Councilmember Kenyan R. McDuffie introduced B 25-0609, entitled the Protecting Affordable Loans Amendment Act of 2023, that proposes to opt the District of Columbia out of sections 521-523 of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA).
