Jonathan K. Moore, Scott D. Samlin, Chenxi Jiao, and Louise Bowes Marencik On April 5, 2021, the Consumer Financial Protection Bureau (“CFPB”) issued a notice of proposed rulemaking that proposes amendments to its Mortgage Servicing Rule (the “Proposed Rule”) to
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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CFPB Proposes Delay of Effective Date for Debt Collection Rules
Jonathan K. Moore and Louise Bowes Marencik On April 7, 2021, the Consumer Financial Protection Bureau (“CFPB”) issued a Notice of Proposed Rulemaking delaying the effective date of its recent debt collection final rules. The final rules, which were issued…
NY Department of Financial Services Enforces First-in-the-Nation Cybersecurity Rules and Fines Mortgage Lender $1.5 Million for Failure to Comply
Andrea M. Roberts and Diana M. Eng In March 2017, New York State’s Department of Financial Services (“DFS”) implemented the nation’s first cybersecurity rules requiring all regulated entities, such as banks, insurers, financial businesses, and regulated virtual currency operators, to…
U.S. Supreme Court Holds “Autodialer” Definition under the TCPA Is Limited to Equipment Using a Random or Sequential Number Generator
Wayne Streibich, Diana M. Eng, and Andrea M. Roberts Financial institutions, debt collectors, and consumer-facing businesses should take note that the United States Supreme Court has ruled that the definition of an “autodialer” under the Telephone Consumer Protection Act, as written, requires…
New York’s Highest Court Makes Key Rulings in Favor of Lenders Clarifying What Accelerates and De-Accelerates a Mortgage Debt for Statute of Limitations Purposes
Wayne Streibich, Diana M. Eng, and Chenxi Jiao On February 18, 2021, the New York Court of Appeals issued a decision reversing the Appellate Division, First Department (“First Department”) and Appellate Division, Second Department’s (“Second Department”) decisions in Freedom Mortgage Corp.…
New Requirements and Stays Imposed by New York’s COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020
Diana M. Eng and Alina Levi On December 28, 2020, in response to the COVID-19 pandemic, the New York legislature met in a Special Session and passed the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (the “Act”) (S.9114/A.11181),…