The latest COVID-19 relief legislation provided some additional aid and clarity for a select group of debtors and left many other questions unanswered. While most of the attention was directed to restarting the PPP payments and other benefits to individuals,
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Another Round of PPP Loans Approved by Congress, With Yet Additional Changes to the Program
Long-awaited action by Congress provides a refresh on the Paycheck Protection Program, allowing for new loans. Changes to the terms of PPP loans could benefit borrowers and additional lending ability includes the option for existing PPP borrowers to obtain a…
Consumer Financial Protection Bureau And Multiple States Enter Into Settlement With Nationstar Mortgage, LLC For Alleged Unlawful Servicing Practices
The Consumer Financial Protection Bureau (CFPB) announced today that it has entered into a settlement with Nationstar Mortgage, LLC, d/b/a “Mr. Cooper,” one of the nation’s largest mortgage servicers and the largest non-bank mortgage servicer in the United States. The…
The CFPB Proposes to Create a New Category of Seasoned Qualified Mortgages
The Consumer Financial Protection Bureau (CFPB) recently issued a proposed rule to create a new category of Seasoned Qualified Mortgages (QMs). The proposal seeks to “encourage safe and responsible innovation in the mortgage origination market” by allowing an alternative pathway…
The CFPB Proposes Amendments to the Qualified Mortgage Definition in Regulation Z and Extends the GSE Patch
The Consumer Financial Protection Bureau (CFPB) recently proposed certain amendments to the General Qualified Mortgage (QM) definition in Regulation Z and issued a filing rule extending the expiration of the Government-Sponsored Enterprise (GSE) Patch as a “temporary qualified mortgage” until…
The Conference of State Bank Supervisors Proposes Regulatory Prudential Standards for Nonbank Mortgage Servicers
The Conference of State Bank Supervisors (CSBS) recently requested public comment on proposed regulatory prudential standards for nonbank mortgage servicers. The proposal seeks to address concerns about rapid market share growth, nonbank institution size, and nonbank mortgage servicers’ financial stability and…
COVID-19 Impacts on the Mortgage Industry: Response to Crisis and What to Expect in Enforcement, a Discussion With Craig Lackey
In this episode of White Collar Briefly, Perkins Coie’s David Biderman, firmwide chair of the Consumer Products & Services Litigation group, sits down with Craig Lackey, general counsel of Rushmore Loan Management Services, a major servicer of residential mortgages nationwide.…
CDC Temporarily Halts Certain Residential Evictions
In the wake of the July 24 expiration of the moratorium on residential evictions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the U.S. Centers for Disease Control (CDC) issued an order (CDC order) temporarily halting residential evictions…
The Science Behind COVID-19 and Return to Work
Misinformation is rampant in our current COVID-19 world. Perkins Coie partners Ann Marie Painter and Jill B. Louis are joined by Carolee Estelle, M.D., an infectious disease specialist at UT Southwestern Medical Center and Parkland Hospital in Dallas, Texas,…
Barak Cohen Quoted in VIXIO PaymentsCompliance – CFPB Opens Gate to Regulated Open Banking in US
Perkins Coie Partner, Barak Cohen was quoted in VIXIO PaymentsCompliance “CFPB Opens Gate To Regulated Open Banking In U.S.” regarding the new rule on third-party access to consumer financial data the Consumer Financial Protection Bureau (CFPB) will begin developing in…