Consumer Financial Services Review

News and Analysis Related to Consumer Financial Services, Litigation, and Enforcement

Blog Authors

AB C D E F G HIJ K L M NOPQR S TUV WXYZ

Costas “Gus” Avrakotos

Latest from Consumer Financial Services Review

Consumer Financial Services Review

CFPB Announces its Fall 2019 Regulatory Agenda

By Kris D. Kully

November 22, 2019

Along with other federal agencies, the Consumer Financial Protection Bureau recently released its Fall 2019 regulatory agenda, announcing its intentions over the next several months to address the GSE QM Patch, HMDA, payday/small dollar loans, debt collection practices, PACE financing, business lending data, and remittances. Over the longer-term, the CFPB indicated it may even address feedback on the Loan Originator Compensation Rule under the Truth in Lending Act. Qualified Mortgages. As we have previously described…

Consumer Financial Services Review

HUD Beckons Lenders Back to FHA

By Krista Cooley & Emily J. Booth-Dornfeld

November 14, 2019

On October 28, 2019, the U.S. Department of Housing and Urban Development announced: (1) proposed revisions to lenders’ loan-level lender certifications in Federal Housing Administration (FHA)-insured mortgage transactions; (2) issuance of a revised Defect Taxonomy; (3) execution of a Memorandum of Understanding (MOU) with the U.S. Department of Justice regarding False Claims Act (FCA) actions against lenders for alleged violations of FHA requirements; and (4) approval of a new FHA annual lender certification. With these…

Consumer Financial Services Review

CFPB Holds Symposium on Dodd-Frank Section 1071; Outlines Plan in Court Documents

By Stephanie C. Robinson, Tori K. Shinohara & James K. Williams

November 13, 2019

Last week — roughly 8 1/2 years after the CFPB published a letter to financial institutions promising to develop rules “expeditiously” — the CFPB held an information-gathering symposium on Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require that financial institutions collect and report information concerning credit applications made by women- or minority-owned businesses and by small businesses. As we previously noted, once Section 1071 is implemented,…

Consumer Financial Services Review

Ladies and Gentlemen, (Re)start Your Engines — CFPB Symposium on Women/Minority/Small Businesses Credit Data

By Stephanie C. Robinson, Tori K. Shinohara & James K. Williams

October 30, 2019

Last week, the CFPB announced that it will hold a symposium on Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) on November 6, 2019. This will be the third in a series of symposia held by the CFPB. Section 1071 of the Dodd-Frank Act amended the Equal Credit Opportunity Act (“ECOA”) to require financial institutions to collect, report, and make public information about credit applications made by women- and…

Consumer Financial Services Review

Ready your Renewals for the Roaring 20s!

By Costas “Gus” Avrakotos, Jeffrey Prost, Robin Gieseke & Keisha L. Whitehall Wolfe

October 29, 2019

It’s been 100 years since the time of jazz clubs, speakeasies and flappers. A time when new inventions such as radios, movies, telephones and automobiles introduced a new modern lifestyle. One hundred years later, technology has significantly evolved, and no doubt our jazz age ancestors would think the internet is the cat’s pajamas. With that in mind, renewal season is quickly approaching and the Consumer Financial Services practice group at Mayer Brown understands you’d like…

Consumer Financial Services Review

Mayer Brown Prepares AFSA Comment on HUD Disparate Impact Proposal

By Tori K. Shinohara & Melanie H. Brody

October 22, 2019

On August 19, the U.S. Department of Housing and Urban Development (HUD) published a proposed rule for the purpose of aligning HUD’s 2013 Disparate Impact Rule with the Supreme Court’s 2015 decision in Texas Department of Housing and Community Affairs v. Inclusive Communities. HUD sought comments from relevant stakeholders and the public on the proposed rule. Mayer Brown partners Tori Shinohara and Melanie Brody helped prepare a comment letter on behalf of the American Financial…

Consumer Financial Services Review

California Legislature Declares that Mortgage Debt Is Regulated under the State’s Debt Collection Law

By Jonathan D. Jaffe, Costas “Gus” Avrakotos & Daniel Pearson

October 16, 2019

For many years it was unclear whether mortgage debt was covered under the California Rosenthal Fair Debt Collection Practices Act (the “Rosenthal Act”), which is California’s corollary to the federal Fair Debt Collection Practices Act (“FDCPA”). That issue was resolved on October 7, 2019, when California Governor Gavin Newsom signed into law legislation that expressly includes “mortgage debt” within the Rosenthal Act’s definition of “consumer credit.” Senate Bill 187 (“SB 187”), which is effective January…

Consumer Financial Services Review

Impact of the California Consumer Privacy Act (CCPA) in M&A Transactions; Podcast

By Melissa L. Richards, CMB

October 11, 2019

Mayer Brown offers its Global M&A Podcast Series as an easy way to stay up-to-date on the latest M&A trends globally—legal issues and other related, timely topics. Available on iTunes, each episode draws on the perspective that our lawyers have gained from doing deals in various regions around the world. In a recent episode, partners Nina Flax, Michelle Gross, and Melissa Richards of our Northern California offices discuss the impact of the California Consumer…

Consumer Financial Services Review

CFPB’s Latest Supervisory Highlights Focuses on UDAAPs, Furnishing, and Technical Regulatory Requirements

By Stephanie C. Robinson & Christa L. Bieker

September 27, 2019

Earlier this month, the Bureau released its Summer 2019 edition of Supervisory Highlights. This is the second edition issued under Bureau Director Kathy Kraninger, who was confirmed to a five-year term in December 2018. The report covers examinations that were generally completed between December 2018 and March 2019 and, as such, is the first edition of Supervisory Highlights to cover examination activities that occurred during Kraninger’s tenure as Director. This edition is much the same…

Consumer Financial Services Review

U.S. Department of Labor Finalizes Overtime Rule

By Kris D. Kully

September 24, 2019

The Department of Labor has finalized its new salary thresholds applicable to an employer’s obligation to pay overtime and minimum wage. Beginning on January 1, 2020, white collar employees who earn less than $684 per week will not qualify for the executive, administrative, or professional employee exemption, and therefore will be entitled to those protections. The Department estimates that the higher salary thresholds will create approximately 1.3 million additional eligible employees. As we described here…

Consumer Financial Services Review

News and Analysis Related to Consumer Financial Services, Litigation, and Enforcement

Blog Authors

CFPB Announces its Fall 2019 Regulatory Agenda

HUD Beckons Lenders Back to FHA

CFPB Holds Symposium on Dodd-Frank Section 1071; Outlines Plan in Court Documents

Ladies and Gentlemen, (Re)start Your Engines — CFPB Symposium on Women/Minority/Small Businesses Credit Data

Ready your Renewals for the Roaring 20s!

Mayer Brown Prepares AFSA Comment on HUD Disparate Impact Proposal

California Legislature Declares that Mortgage Debt Is Regulated under the State’s Debt Collection Law

Impact of the California Consumer Privacy Act (CCPA) in M&A Transactions; Podcast

CFPB’s Latest Supervisory Highlights Focuses on UDAAPs, Furnishing, and Technical Regulatory Requirements

U.S. Department of Labor Finalizes Overtime Rule

Stay Connected

Company

Support

New to the Network