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.
A coalition of trade groups combined to issue a letter to the FCC asking them to asking the FCC to protect outbound calls placed by banks and other legitimate institutions from telephone companies’ call-blocking programs.
The Financial Crimes Enforcement Network (FinCEN) assessed a $450,000 civil money penalty against a former Chief Operational Risk Officer at U.S. Bank for failure to prevent violations of the Bank Secrecy Act (BSA) during his tenure.
Search our Compliance Calendar for current regulatory changes & updates.
The FDIC issued its list of state nonmember banks evaluated for compliance with the Community Reinvestment Act (CRA) in December 2019.
DSNews--Mike Albanese
The U.S. Supreme Court heard opening arguments in the case that could ultimately decide the constitutionality of the Consumer Financial Protection Bureau (CFPB).
Troutman Sanders LLP--David N. Anthony; Cindy D. Hanson; Ronald I. Raether Jr.; Andrew E. Hemby
The United States Court of Appeals for the Ninth Circuit issued its decision in Ramirez v. TransUnion LLC finding that all 8,185 class members satisfied Article III requirements for standing under Spokeo for all three FCRA claims decided in their favor by the jury.
MBA Newslink--Bill Killmer; Pete Mills
This advocacy update includes FHA's Proposed MBA-Supported Changes to CWCOT Program; FHFA's Review of Federal Home Loan Bank Membership; Senate Banking Chairman Remarks Against Using G-Fees to Pay for Non-Housing-Related Programs; House Financial Services Committee Considers Housing Proposals; FHFA Directs GSEs to Disburse Affordable Housing Funds; MBA, California MBA, Lead Industry Response to Revised CCPA Rules; MBA, NYMBA, NYCUA Request Nine-Month Delay of New York Servicing Standards; and more.
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FDIC issued 18 orders of administrative enforcement actions taken against banks and individuals in January, including two consent orders; one civil money penalty; three removal and prohibition orders; eight section 19 orders; three terminations of consent orders and cease and desist orders; and one order terminating prompt corrective action.
DSNews--Adam Diaz, Litigation Partner at Diaz Anselmo Lindberg, P.A.
The Fourth District Court of Appeal issued a Stephens opinion that reverses a dangerous precedent among the lower courts based on a misapprehension of negotiable instruments and holder status.
M Report--Seth Welborn
A lawsuit has been filed in New York by the New Civil Liberties Alliance alleging Congress misappropriated its power by allowing the CFPB to obtain funding from the Federal Reserve with no appropriations oversight.
Ballard Spahr LLP-- Alan S. Kaplinsky & James Kim
The CFPB has filed a claim in South Carolina against a law group for alleged UDAAP violations.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
Robert Heidenreich, has settled with the FTC and New York Attorney General after claims were brought against him and his debt collection companies allegedly misled consumers about the total amount of debt owed and for the use of illegal intimidation collection practices.
MBA Newslink
This update includes information on a new state exam system, MLO temporary authority, affordable housing as well as state and agency updates.
DSNews--Seth Welborn
The SEC and U.S. Department of Justice have settled with Wells Fargo over the fake account scandal for a grand total of $3 billion.
The CFPB, in conjunction with the South Carolina Department of Consumer Affairs (South Carolina), and Arkansas Attorney General has filed a lawsuit in federal district court against brokers who worked with a series of companies that brokered contracts offering high-interest credit to consumers, primarily disabled veterans, and violated the Consumer Financial Protection Act’s prohibition against deceptive acts or practices and against providing substantial assistance to deceptive and unfair acts or practices of others.
