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.
Ballard Spahr LLP--Stefanie Jackman
PayPal has filed a lawsuit against the CFPB to invalidate the Bureau’s prepaid card rule that became effective on April 1, 2019.
American Banker [Free Article]--Kate Berry
Consumer and civil rights advocates express worry over the lack of public enforcement activity for redlining and other discriminatory practices since 2018 leaves communities more vulnerable than ever.
Search our Compliance Calendar for current regulatory changes & updates.
National Mortgage Professional--Phil Hall
Sterling Bank and Trust FSBs recent suspension of the Advantage Loan program has caught the attention of a group of law firms who are seeking to clarify if the suspension is based on violations of federal securities laws or engaging in unlawful business practices.
National Mortgage Professional--Phil Hall
Wells Fargo has settled a 2017 lawsuit that accused the lender of Fair Housing Act violations against the city’s non-White residents for $10 million with the city government of Philadelphia.
Housingwire--Ben Lane
Philadelphia sued Wells Fargo claiming discrimination for guiding minorities into more expensive and riskier loans, which Wells Fargo denied but is now settling with the city.
This update includes information on VA loan costs, Interagency Statement on Alternative Data in Credit Underwriting, Supreme court decisions, and Taxpayer First Act clarification and more.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
Weiner Brodsky Kider PC
The Second Circuit ruled that, under certain circumstances, an entity which borrows money from a Federal Reserve Bank (FRB) has made a claim to the government for purposes of the False Claims Act (FCA).
The Wall Street Journal--Kristin Broughton
The consent orders against JPMorgan Chase & Co. and U.S. Bancorp stemming from what the central bank identified as weak anti-money laundering controls have been lifted.
PYMNTS.com
PayPal is suing the CFPB over allegations that the disclosure rules mandated by the Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z) Rule is “misleading and confusing” as digital wallets do not operate in the same way as reloadable debit cards.
FinCEN has released a Financial Trend Analysis titled, “Elders Face Increased Financial Threat from Domestic and Foreign Actors.”
Automated compliance tests to ensure compliance on more loans in less time
Ballard Spahr LLP--Alan S. Kaplinsky
Briefs were filed yesterday by Seila Law and the CFPB addressing if the CFPB single director "for cause removal" structure violates the separation of powers of the Constitution.
Mortgage Fraud Blog--Rachel Dollar
Latrese Gevon Breaux was sentenced for assisting in a real estate fraud scheme that used fictitious title companies and stolen identities netting more than $1.4 million from 2014 to 2016.
Ballard Spahr LLP--Jeremy T. Rosenblum
The Texas federal district court has again continued the stay of the lawsuit and the compliance date for both the Payday Rule’s ATR and payment provisions and has directed the parties to file another joint status report by April 24, 2020.
The FTC has published a $191 million dollar settlement with the University of Phoenix, stemming from deceptive advertisements that falsely touted their relationships and job opportunities with companies such as AT&T, Yahoo!, Microsoft, Twitter, and The American Red Cross.
