The Office of the Comptroller of the Currency’s (the OCC) True Lender Rule is all but repealed. On May 11, 2021, the U.S. Senate voted to approve a joint resolution to repeal the True Lender Rule under the Congressional Review
Consumer Finance Legal Report
A Critical Resource On Consumer Finance Legal Developments
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The CFPB Issues Interim Final Rule Clarifying that Tenants Can Hold Debt Collectors Accountable for Illegal Evictions
Today the Consumer Financial Protection Bureau (CFPB) issued an interim final rule supporting the Centers for Disease Control and Prevention’s (CDC) temporary eviction moratorium. The CDC’s temporary eviction moratorium has been extended through June 30, 2021 based on…
CFPB Proposes Mortgage Servicing Rule Changes to Prevent Foreclosures
On April 5th, the CFPB proposed a set of rule changes intended to prevent foreclosures as emergency federal foreclosure protections expire this summer. Given that the expected surge of borrowers exiting forbearance in the fall will put mortgage servicers under…
CFPB Warns Mortgage Servicers: Unprepared is Unacceptable
The CFPB issued a compliance bulletin on April 1st warning mortgage servicers to take all necessary steps to prevent a wave of foreclosures this fall. The CFPB advised that beginning with the expiration of the federal foreclosure moratoriums at the…
Consumer Finance Law COVID-19 Year in Review
While the COVID-19 pandemic affected nearly every industry last year, the consumer finance industry faced unique challenges in the wake of economic changes and government response. In this report Perkins Coie offers an analysis of the past year’s most noteworthy…
CFPB Director Nominee, Rohit Chopra, testifies about his potential regulatory and enforcement priorities in Senate Hearing
By Perkins Coie
CFPB Director nominee, Rohit Chopra, testifies about his potential regulatory and enforcement priorities in Senate Hearing. President Biden tapped Rohit Chopra, currently the FTC Commissioner, as his nominee to serve as the Consumer Finance Protection Bureau’s (CFPB) Director. During his…
DOJ’s First False Claims Act Settlement Against PPP Borrower Signals Robust Fraud Enforcement Ahead
By Perkins Coie
As the government revives its Paycheck Protection Program (PPP) with hundreds of billions of dollars in additional loans available to small businesses, there are fresh signs that government fraud investigations and whistleblower litigation related to the loan program are ramping…
Portal Opens for New PPP Loans With New SBA Guidance and Application Forms
By Perkins Coie
The Small Business Administration (SBA) announced that they will begin accepting loan applications from community financial institutions for new “first draw” Paycheck Protection Program (PPP) loans beginning on January 11 and for “second draw” PPP loans beginning on January 13. Other lenders…
Portal Opens for New PPP Loans With New SBA Guidance and Application Forms
By Perkins Coie
The Small Business Administration (SBA) announced that they will begin accepting loan applications from community financial institutions for new “first draw” Paycheck Protection Program (PPP) loans beginning on January 11 and for “second draw” PPP loans beginning on January 13. Other lenders…
Consumer Financial Protection Bureau Issues Two Final Rules Changing General QM Standard and Creating Seasoned QM Standard
By Perkins Coie
The Consumer Financial Protection Bureau (CFPB) released two final rules amending the General Qualified Mortgage loan definition in Regulation Z and creating a new “Seasoned QM” loan category in Regulation Z. The General QM Final Rule replaces the current requirement…