Cheryl S. Chang and Jessica A. McElroy ● AB 238, also referred to as the Mortgage Deferment Act, to add Title 19.1 § 3273.20 et seq. (the “Mortgage Deferment Act” or the “Act”), was introduced in the California legislature on January 13, 2025,
Consumer Finance Watch
Consumer Finance Watch, published by Blank Rome, focuses on legal developments and regulatory issues affecting consumer finance. The blog covers topics such as mortgage forbearance and deferment laws, foreclosure prevention statutes, credit reporting compliance under the Fair Credit Reporting Act, and regulatory rulings impacting financial institutions and service providers. It addresses litigation trends, statutory interpretations, and enforcement actions relevant to banks, mortgage servicers, debt collectors, and other entities in the consumer financial services sector. The blog also discusses updates from regulatory agencies like the Consumer Financial Protection Bureau and the Department of Housing and Urban Development.
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Latest from Consumer Finance Watch
New York’s Highest Court Will Finally Address the Foreclosure Abuse Prevention Act
The Foreclosure Abuse Prevention Act (“FAPA”) has been heavily litigated since its enactment in December 2022. New York courts have issued conflicting decisions interpreting FAPA, including whether the statute applies retroactively to conduct that occurred prior to its enactment and…
Eleventh Circuit Affirms Dismissal of FCRA Claims Since Alleged Inaccurate Information Was Not Objectively and Readily Verifiable
Financial institutions, credit furnishers, debt collectors, and other businesses reporting consumer information to credit reporting agencies should take note that the Eleventh Circuit Court of Appeals has declined to impose a bright-line rule that only purely factual or transcription errors…
Second Circuit Holds CFPB’s Funding Structure Is Constitutional
Diana M. Eng, Louise Bowes Marencik, and Jonathan K. Moore ● Entities regulated by the Consumer Financial Protection Bureau (“CFPB”), including banks, credit unions, payday lenders, mortgage servicers, debt collectors, and other financial services providers, should take note that the Second Circuit has…
Welcome to Internet and Mobile Marketing: HUD’s 1996 RESPA CLO Policy Statement Finally Refreshed
R. Colgate Selden, R. Andrew Arculin, Scott D. Samlin, Paula M. Vigo Marques, and Daniel V. Funaro ● A new Consumer Financial Protection Bureau (“CFPB”) advisory opinion refreshes the Department of Housing and Urban Development’s computer loan origination system policy statement…
Law360: NY Foreclosure Notice Ruling Is a Win for Lenders
Law360, February 16, 2023 Diana M. Eng and Alina Levi ● On Feb. 14, New York’s highest court, the Court of Appeals, issued a ruling in Bank of America NA v. Kessler, reversing the Appellate Division, Second Department’s 2021 decision.…
CFPB Looks to Expand Its Oversight of Nonbanks through Two Controversial New Registries
R. Andrew Arculin, R. Colgate Selden, Scott E. Wortman, Paula M. Vigo Marques, and Daniel V. Funaro The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) released two new proposals that aim to expand the Bureau’s authority over nonbank financial institutions:…
New York Law Journal: New York’s Foreclosure Abuse Prevention Act: What You Need to Know
New York Law Journal, January 11, 2023 Diana M. Eng and Andrea M. Roberts ● On Dec. 30, 2022, Gov. Hochul signed the Foreclosure Abuse Prevention Act (Act). The Act, which amends the Real Property Actions and Proceedings Law (RPAPL),…
New York Law Journal: Can the Foreclosure Abuse Prevention Act Survive a Constitutional Challenge?
New York Law Journal, January 6, 2023 Diana M. Eng and Andrea M. Roberts ● In February 2021, the New York Court of Appeals issued a long-awaited decision in Freedom Mortgage v. Engel, 37 N.Y.3d 1 (2021), which, among other things, held…
New Jersey Law Journal: The Aftermath of ‘TransUnion v. Ramirez’: An Emerging Circuit Split
New Jersey Law Journal, January 3, 2023 Diana M. Eng, Andrea M. Roberts, and Alina Levi ● For years, federal courts relied on the U.S. Supreme Court’s decision in Spokeo v. Robins, 578 U.S. 330 (2016), to ascertain whether a federal plaintiff…