Leslie Sowers

Dec 20, 2024 | jdsupra.com | Leslie Sowers

On December 17, 2024, the Consumer Financial Protection Bureau (CFPB) issued its final rule implementing Section 307 of the 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) and amending Regulation Z to address how the Truth in Lending Act (TILA) applies to Residential Property Assessed Clean Energy (RPACE) transactions.

Feb 21, 2024 | jdsupra.com | Christopher Friedman |Michael Silver |Leslie Sowers

On February 12, 2024, the Federal Financial Institutions Examination Council (FFIEC) issued a statement of principles that relate to valuation discrimination and bias for its member entities to consider in preparation for their consumer compliance and safety and soundness examinations. The FFIEC specifically states that this statement should neither be interpreted as new guidance, nor signal an increased focus on appraisal practices.

Oct 26, 2023 | jdsupra.com | Susan Seaman |Leslie Sowers

The U.S. Supreme Court has agreed to address whether state laws that require national banks to pay 2% annual interest on residential mortgage escrow accounts are preempted by the National Bank Act (NBA) and thus inapplicable to such banks. See Cantero et al. v. Bank of America NA, Case No. 22-529. A circuit court split exists on this issue.

Sep 14, 2023 | jdsupra.com | Christopher Friedman |Leslie Sowers

The Consumer Financial Protection Bureau (CFPB) has been making waves in the mortgage settlement services space with its renewed increased attention to the Real Estate Settlement Procedures Act’s (RESPA) anti-kickback provisions. For instance, in August, the Bureau issued a $1.75 million civil penalty against a non-bank mortgage company and a real estate brokerage firm for alleged RESPA Section 8 violations.

Apr 24, 2023 | jdsupra.com | Daniel Wilkinson |Leslie Sowers

On March 13, 2023, the Department of Justice (DOJ) and Consumer Financial Protection Bureau (CFPB) filed a statement of interest in a case concerning racial discrimination in the appraisal of a residential home.