Today, the Supreme Court returned to the lower courts the question whether a 2006 order by the Federal Communications Commission (FCC) is binding on the district court. In PDR Network, LLC v. Carlton & Harris Chiropractic, the Court held that resolution of that question may depend on the resolution of two preliminary questions: (1) whether the order is the equivalent of a “legislative rule” that has the force of law; and (2) whether the…

Consumer Financial Services Review

Mayer Brown’s Bunting and Kully Leaders in Women in Housing and Finance

By Phillip L. Schulman, Melanie H. Brody & Eric J. Edwardson on June 11, 2019

Holly Spencer Bunting, a partner in Mayer Brown’s Financial Services Regulatory and Enforcement (FSRE) group will be honored tonight by the Women in Housing and Finance (WHF) as a 40 Under 40 honoree. WHF is a Washington, DC-based premier, nonpartisan association that focuses on promoting women professionals in the fields of housing and financial services. As WHF celebrates its 40th anniversary, it also is celebrating professionals under the age of 40 in the fields…

Consumer Financial Services Review

Mayer Brown’s Lauren Pryor a 2019 Rising Star

By Kris D. Kully on June 10, 2019

Lauren B. Pryor, a co-leader of Mayer Brown’s Financial Institutions Mergers & Acquisitions group, has been named to HousingWire’s list of 2019 Rising Stars, which highlights 50 individuals who represent an up-and-coming generation of innovative leaders in the #mortgage industry. Read more in Mayer Brown’s news feed, here.…

Consumer Financial Services Review

U.S. House of Representatives Addresses Qualified Mortgages for Self-Employed Borrowers

By Kris D. Kully on May 13, 2019

The U.S. House of Representatives is considering a bill to address the underwriting difficulties and resulting lack of access to mortgage credit for self-employed borrowers and others with nontraditional income sources. Representatives Bill Foster (D-IL) and Tom Emmer (R-MN) introduced H.R. 2445, a House companion to the Senate bill recently re-introduced by Senators Mike Rounds (R-SD) and Mark Warner (D-VA). H.R. 2445 calls itself the “Self-Employed Mortgage Access Act of 2019,” although its effects…

Consumer Financial Services Review

New Jersey Enacts Mortgage Loan Servicer Licensing

By Costas “Gus” Avrakotos, Kris D. Kully & Jeffrey Prost on May 11, 2019

On April 29, 2019, New Jersey joined a growing number of states that license mortgage loan servicers when Governor Phil Murphy signed the Mortgage Servicers Licensing Act, to be effective in July 2019. Mayer Brown’s latest Legal Update discusses implications for mortgage servicers, including new licensing requirements, certain exemptions, and the Act’s relationship to federal requirements. Read more in Mayer Brown’s Legal Update.…

Consumer Financial Services Review

CFPB Issues ANPR Seeking Input on HMDA

By Kris D. Kully on May 10, 2019

Just two months after financial institutions submitted their so-called “new” data as required under the Home Mortgage Disclosure Act (HMDA), the Consumer Financial Protection Bureau (CFPB) is considering whether to eliminate or revise the requirement to collect and report those new data elements, and whether to change the requirements to report certain business- or commercial-purpose transactions. Specifically, the CFPB issued an advance notice of proposed rulemaking (ANPR) on May 8, 2019, asking the public for…

Consumer Financial Services Review

Federal Court Allows New York Department of Financial Services to Proceed with Lawsuit Challenging Proposed OCC Fintech Charter

By Christopher Comstock & Thomas V. Panoff on May 3, 2019

On Thursday (May 2, 2019), a federal district court in the Southern District of New York issued an order allowing the New York Department of Financial Services (DFS) to proceed with a lawsuit seeking to block the Office of the Comptroller of the Currency (OCC) from issuing federal charters to fintech companies. As explained in a prior blog post, in December 2017, another federal judge dismissed a predecessor lawsuit by DFS because the OCC…

Consumer Financial Services Review

Mayer Brown Headlines MBA’s Legal Issues Conference

By Kris D. Kully on April 27, 2019

Many of Mayer Brown’s Consumer Financial Services partners will be featured at the upcoming Legal Issues and Regulatory Compliance Conference in New Orleans, sponsored by the Mortgage Bankers Association. On Sunday, May 5, Kris Kully will help guide attendees through the basics of the Truth in Lending Act, as part of the conference’s Certified Mortgage Compliance Track. Also on Sunday, Tori Shinohara will address Fair Lending and Equal Opportunity Laws. On Monday, May 6, Stephanie Robinson will participate on…

Consumer Financial Services Review

Mayer Brown Partners Speaking at IMN’s Residential MSR forum

By Eric J. Edwardson on April 12, 2019

Mayer Brown Partners Paul Jorissen and Lauren Pryor will speak at the 6th Annual Residential Mortgage Servicing Rights Forum being held April 15-16, 2019 in New York City. This conference explores the key industry issues, including the origination trends, views from the regulators, and more. Paul Jorissen will moderate the panel on “Financing in the MSR Market” and Lauren Pryor will moderate the panel on “Buying a Mortgage Servicer/Originator vs. Rights vs. Subservice” on April…

Consumer Financial Services Review

House Takes First Step to Open Banking for Cannabis Companies

By Thomas Delaney, David L. Beam & Jeffrey P. Taft on April 4, 2019

Legalization of certain cannabis-related activities by over 30 states has led to a surge in companies that grow and produce cannabis and related products. However, banks and other financial services companies have been hesitant to serve this growing population of potential customers due to conflicting statutes and enforcement policies under federal law. On Thursday, March 28, 2019, the Financial Services Committee in the U.S. House of Representatives took a step toward clearing some ambiguity, at…

Consumer Financial Services Review

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Supreme Court Declines To Answer Whether District Court Is Bound To Follow FCC’s Interpretation of TCPA

Mayer Brown’s Bunting and Kully Leaders in Women in Housing and Finance

Mayer Brown’s Lauren Pryor a 2019 Rising Star

U.S. House of Representatives Addresses Qualified Mortgages for Self-Employed Borrowers

New Jersey Enacts Mortgage Loan Servicer Licensing

CFPB Issues ANPR Seeking Input on HMDA

Federal Court Allows New York Department of Financial Services to Proceed with Lawsuit Challenging Proposed OCC Fintech Charter

Mayer Brown Headlines MBA’s Legal Issues Conference

Mayer Brown Partners Speaking at IMN’s Residential MSR forum

House Takes First Step to Open Banking for Cannabis Companies

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