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 Consumer Finance Monitor - Mark J. Furletti
CFPB Acting General Counsel Seth Frotman wrote in a letter to three consumer advocacy groups that he plans to recommend to Director Chopra “that the CFPB consider how to provide greater clarity on these types of issues" due to "confusion" caused by November 2020's advisory opinion on earned wage access (EWA) programs.
As recent evidence indicates that many industries across the economy are becoming more concentrated and less competitive, the Justice Department’s Antitrust Division and Federal Trade Commission (FTC) launched a joint public inquiry aimed at strengthening enforcement against illegal mergers
Search our Compliance Calendar for current regulatory changes & updates.
The CFPB has settled a lawsuit filed by the National Association of Consumer Advocates, U.S. Public Interest Research Group, and Professor Kathleen Engel that alleged the Taskforce on Federal Consumer Financial Law did not comply with the Federal Advisory Committee Act.
The United States Depart of Justice
A former Acting Inspector General for the U.S. Department of Homeland Security, Office of Inspector General (DHS-OIG) pleaded guilty to federal charges involving theft of proprietary software from the U.S.goverment.
Mortgage Professional America--The Associated Press
A federal grand jury indicted Baltimore State Attorney, Marilyn Mosby, on charges of perjury and making false mortgage applications in the purchase of two Florida vacation homes and lying about meeting qualifications for coronavirus related distributions from a city retirement plan in 2020.
Buckley InfoBytes Blog
On December 30, the Federal Reserve Board added several new frequently asked questions related to legal interpretations of the Board’s regulations, including Regulations H, O, W, and Y, as well as questions concerning covered savings associations.
"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."
-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage
The Federal Trade Commission joined the Consumer Financial Protection Bureau, the U.S. Department of Justice and the Board of the Federal Reserve in filing an amicus brief with the United States Court of Appeals for the Seventh Circuit in the case John Fralish v. Bank of America, arguing that the term “applicant” as used in the Equal Credit Opportunity Act is best read to protect existing holders of credit as well as persons who have sought but not yet been granted credit from unlawful discrimination.
The Office of the Comptroller of the Currency (OCC) assesses a $1 million civil money penalty against CommunityBank of Texas, N.A., Beaumont, Texas, for violations of the OCC’s Bank Secrecy Act regulations.
Mortgage Fraud Blog--Rachel Dollar
Isaac DePaula has admitted his role in a long-running, large-scale mortgage fraud scheme through a mortgage company called Premier Mortgage Services (PMS).
The Legal Description
The Supreme Court of New Jersey disbarred Stephanie Hand for her mortgage fraud scheme.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
The United States Department of Justice
Lola Shalewa Barbara Kasali, 24, of Houston, was convicted by a federal jury for defrauding the Paycheck Protection Program (PPP) of over $1.9 million in loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The CFPB issued a Supervisory Highlights report, which shines a light on legal violations identified by the CFPB’s examinations in the first half of 2021.
The SEC today announced that it updated its list of unregistered entities that use misleading information to solicit primarily non-U.S. investors, adding 82 soliciting entities, eight (8) impersonators of genuine firms, and one (1) bogus regulator.
Mortgage Fraud Blog -- Stephanie Abbott
Former President of First Mortgage Company Ronald J. McCord of Oklahoma City was sentenced to 104 months in prison for defrauding locally-based banks, Fannie Mae, homeowners, and others through a broad range of fraudulent conduct.
