We have reported on the attempt by the U.S. Department of Housing and Urban Development (HUD) to impose new documentation requirements for down payment assistance provided by government entities to be used in connection with Federal Housing Administration (FHA) insured mortgage loans. For now, those efforts have come to an end. Initially, HUD announced the requirements in Mortgagee Letter 2019-06. Significantly, the new requirements became effective for case numbers assigned on or after April…

In its proposed debt collection rules, the CFPB would allow a debt collector to satisfy the FDCPA requirement to provide the validation notice by sending the debtor an email or text message that includes a hyperlink to a secure website on which the notice is accessible, subject to a series of specific conditions set forth in the proposed rules.  The permissibility of that approach under the FDCPA was called into question by the decision issued…

The Federal Reserve Board has determined that the Federal Reserve should take the following two actions: Develop a new interbank 24x7x365 real-time gross settlement (RTGS) service to be offered by the Federal Reserve Banks to directly support faster payments and to be called the FedNow Service Explore expanding the hours of the Fedwire Funds Service and the National Settlement Service (NSS), up to 24x7x365 to support liquidity management in private-sector RTGS services for faster payments…

The DOJ has filed an amicus brief in support of the defendant debt collector in Rotkiske v. Klemm, the case before the U.S. Supreme Court that hopefully will resolve a circuit court split over whether the FDCPA one-year statute of limitations (SOL) runs from the date of the alleged violation or starts upon a consumer’s discovery of the violation.  The brief lists CFPB attorneys and DOJ attorneys (including the Solicitor General). The FDCPA provides that…

The New York Department of Financial Services (NYDFS) has issued proposed regulations to implement the legislation enacted in April 2019 that requires servicers of student loans to be licensed, imposes servicing standards, and prohibits certain practices.  On July 31, the NYDFS published a notice of proposed rulemaking in the State Register, triggering a 60-day comment period. The licensing requirement would apply to “every person engaged in the business of servicing student loans owed.”  The activities…