Reid Herlihy

Jan 13, 2025 | jdsupra.com | John Culhane Jr. |Reid Herlihy |Joseph J. Schuster

The CFPB has issued its  final rule that will prohibit the inclusion of medical debts in credit reports lenders use to make credit decisions and that will also generally prohibit lenders from using medical debt information in making credit decisions. But the rule faces challenges on several fronts. “People who get sick shouldn’t have their financial future upended,” said CFPB Director Rohit Chopra, in issuing the rule.

Dec 11, 2024 | jdsupra.com | Reid Herlihy

The U.S. Department of Housing and Urban Development (HUD) has extended from January 1, 2025 until July 1, 2025, the compliance date for certain provisions of the department’s rule entitled “Modernization of Engagement with Mortgagors in Default.’’That rule requires mortgagees to conduct meetings with all mortgagors in default.

Dec 5, 2024 | jdsupra.com | Richard Andreano Jr. |John Culhane Jr. |Reid Herlihy

The CFPB will hold two virtual sessions later this month to answer questions about its Nonbank Enforcement Action Registry rule. The rule, issued in June 2024, will require certain nonbank entities to register certain covered administrative or court orders, and certain nonbank entities to comply with ongoing attestation requirements on the entity’s compliance with such orders.

Dec 2, 2024 | jdsupra.com | Richard Andreano Jr. |Reid Herlihy

The U.S. Department of Veterans Affairs (VA) recently proposed rules to modify the requirements for the reporting of VA guaranteed mortgage loans, and the rules regarding when the VA would assert a defense for a partial or total loss of a guaranty for a VA guaranteed mortgage loan. Comments on the proposal are due by January 21, 2025.

Nov 27, 2024 | jdsupra.com | John Culhane Jr. |Reid Herlihy |Joseph J. Schuster

Saying that it wants to provide sufficient time to brief issues in pending litigation, the CFPB has announced that it is extending the effective date of its advisory opinion on medical debt from Dec. 3, 2024 to Jan. 2, 2025.