Searching Content indexed under Consumer Credit by Mayer Brown ordered by Published Date Descending.
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CFPB Reports On Credit Cards
We expect market participants to use the data provided by the CFPB in the report as a benchmark for evaluating performance and regulatory trends for credit card programs.
United States
13 Sep 2019
HUD Updates FHA TOTAL Mortgage Scorecard
The Federal Housing Administration ("FHA") is updating its Technology Open to Approved Lenders ("TOTAL") Mortgage Scorecard in an effort to address excessive risk layering where, for example,
United States
28 Mar 2019
US Supreme Court Refuses To Review Ninth Circuit Lusnak Decision Requiring National Banks To Abide By State Interest-On-Escrow Laws
Yesterday, the Supreme Court announced that it would not review the Ninth Circuit's decision in Lusnak v. Bank of America, N.A., 883 F.3d 1185 (9th Cir. 2018).
United States
23 Nov 2018
What's In A Name? That Which We Called The CFPB Is Still Bringing UDAAP Claims
The Bureau of Consumer Financial Protection ("Bureau") announced its latest enforcement action earlier this week, and it demonstrated yet again that, notwithstanding Acting Director Mick Mulvaney's rhetoric...
United States
1 Nov 2018
California Regulator Focuses On Small Balance Consumer Lenders (And Indirectly On Online Lead Generators)
The California Department of Business Oversight (DBO) is focusing its attention on lenders offering triple-digit APR small-dollar loans.
United States
18 Oct 2018
Did The CFPB Have The Legal Authority To Issue Default Mortgage Servicing Regulations Under RESPA?
It has been over 35 years since I took Administrative Law in law school, but I remember well the basic legal maxim that an executive agency, independent or otherwise ...
United States
7 Jun 2018
DC Circuit Issues Long-Awaited TCPA Decision And Invalidates FCC's 2015 Autodialer And Reassigned-Number Rules
Last Friday, a panel of the D.C. Circuit issued its decision in ACA International v. FCC (pdf). The decision, which arrived nearly 17 months after the oral argument, struck down key elements of the FCC's...
United States
19 Mar 2018
CFPB Issues No-Action Letter To Alternative Credit Lending Platform
The Consumer Financial Protection Bureau ("CFPB") has issued its first No-Action Letter ("No-Action Letter" or "Letter") in response to a request from Upstart Network, Inc. ("Upstart").
United States
19 Sep 2017
Carpe Per Diem Disclosure — California Department Of Business Oversight Clarifies Its Position
The California Department of Business Oversight* ("DBO") appears to have backed off of its pronouncement late last year that lenders may not deliver per diem disclosures to all borrowers.
United States
20 Apr 2017
Controversial Changes To New York's Licensed Lender Law Dropped From Latest Version Of Budget Bills*
Financial services providers, marketplace lenders and secondary market purchasers doing business in the state of New York can breathe at least a temporary sigh of relief this week.
United States
20 Mar 2017
Redlining Revelations: DOJ Lawsuit Alleges Discriminatory Practices By Bank
The DOJ is seeking damages for aggrieved persons, civil money penalties, and injunctive relief.
United States
19 Jan 2017
Is The CFPB's Indirect Auto Initiative Over?
It appears that the Consumer Financial Protection Bureau's (CFPB) controversial indirect auto initiative may be over. Before the holidays, the CFPB issued a blog post setting forth its fair lending priorities for 2017.
United States
4 Jan 2017
CFPB Petitions D.C. Circuit For Review Of PHH Ruling By Full Court
With just a week to spare before its 45-day deadline for appeal expired, last week the CFPB petitioned the US Court of Appeals for the DC Circuit for en banc review of the October three-judge panel decision in PHH Corp. v CFPB.
United States
22 Nov 2016
Court Rejects CFPB's RESPA Interpretation, Declares Single-Director Structure Unconstitutional
Today, a three-judge panel of the United States Court of Appeals for the District of Columbia Circuit issued a ruling overturning a $109 million monetary penalty imposed by the Consumer Financial Protection Bureau.
United States
12 Oct 2016
Supreme Court Agrees to Hear Credit Card Surcharge Case
On September 29, 2016, the U.S. Supreme Court agreed to review a decision that addressed whether state credit card surcharge restrictions are constitutional.
United States
5 Oct 2016
New Military Lending Act Regulations Effective October 3, 2016
New regulations under the federal Military Lending Act that become effective next week will prohibit consumer loans to covered US Service members if those loans have a "military annual percentage rate" greater than 36 percent.
United States
29 Sep 2016
Florida Appeals Court Holds That Post-Foreclosure Judgment Liens Are Not Discharged At Sale
The purchaser at the foreclosure sale challenged those liens, arguing that the lis pendens statute discharged all liens prior to the foreclosure sale.
United States
7 Sep 2016
Reflections On AARMR 2016 From A Former Regulator
Last week the American Association of Residential Mortgage Regulators (AARMR) hosted its 27th annual regulatory conference in Tampa, Florida.
United States
11 Aug 2016
CFPB Dives Back Into TRID
The CFPB finally issued a Notice of Proposed Rulemaking (NPRM) today, proposing a number of amendments to its TILA-RESPA Integrated Disclosure rule.
United States
2 Aug 2016
Federal Jury Finds Bank Liable For Reverse Redlining
On June 27, 2016, a New York federal jury found that a bank and its affiliated mortgage company violated the Fair Housing Act, the Equal Credit Opportunity Act, and the New York City Human Rights Law.
United States
19 Jul 2016
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