This topic consolidates everything you need to know to stay informed including prominent industry advocacy movements, current regulatory enforcement actions, and judicial rulings impacting mortgage banking.
Bloomberg Law-Lydia Beyoud; Evan Weinberger
The OCC received approval to continue issuing federal bank charters to fintech companies that don’t accept deposits after a ruling from the United States Court of Appeals for the Second Circuit.
FDIC issued its list of state nonmember banks evaluated for compliance with the Community Reinvestment Act (CRA), covering evaluation ratings that the FDIC assigned to institutions in March 2021.
Search our Compliance Calendar for current regulatory changes & updates.
Mortgage Bankers Association – Mike Sorohan
The Mortgage Bankers Association and several other industry trade groups filed an amicus brief in a court case that could profoundly affect mortgage debt collection processes.
The CFPB filed a proposed settlement against a small loans lender for violating federal law by misrepresenting the risks associated with their deposit product and the annual percentage rate (APR) associated with the consumer loans they make.
OFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.
Mortgage Professional America-Candyd Mendoza
Two Connecticut men were arrested for their alleged role in a multifamily mortgage fraud scheme, charged with conspiracy to commit mail and wire fraud, wire fraud, mail fraud, and making false statements.
"ACES has shined a light on our productivity and empowered us to hold our teams accountable."
- Emilee Rada, Director of Lending Operations at Georgia's Own Credit Union
The CFPB issued a consent order today against an auto lender for illegally engaging in unfair practices against their customers in violation of the CFPA by charging interest for late payment on its Loss Damage Waiver (LDW) product without its customers’ knowledge.
Mortgage Professional America-Candyd Mendoza
The former chairman of the Mortgage Bankers Association faces up to 40 years in federal prison and a fine of up to $1.25 million after pleading guilty to five felony counts, including bank fraud, money laundering, and making a false statement to a financial institution.
OFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.
Reuters--Nichola Saminather
Toronto-Dominion Bank has agreed in a US class-action lawsuit settlement to pay $41.5 million for claims that it charged excessive fees to customers with insufficient funds.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
Reverse Mortgage Daily – Chris Clow
According to court documents obtained by RMD and reporting by local Richmond, Va Press, the sentencing date for former Live Well Financial CEO Michael Hild has been delayed by three weeks because Hild has enlisted new legal representation in the wake of a guilty verdict for an alleged bond fraud scheme.
The CFPB is seeking a final judgment and order that would require a debt-settlement company to pay consumers at least $5.4 million for charging unlawful fees and failing to provide required disclosures to its customers and a civil penalty.
OFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.
Ballard Spahr LLP – Richard J. Andreano, Jr.
The U.S. Department of Housing and Urban Development (HUD) issued a charge of discrimination under the Fair Housing Act (Act) against several mortgage modification companies.
