On September 25, 2023, the Consumer Financial Protection Bureau began its most substantial Fair Credit Reporting Act rulemaking yet with an outline of proposed changes to Regulation V, which implements FCRA, ahead of the Bureau’s Small Business Advisory Review Panel.
Consumer Financial Services Review
News and Analysis Related to Consumer Financial Services, Litigation, and Enforcement
The Consumer Financial Services Review, published by Mayer Brown, focuses on legal developments and regulatory issues affecting consumer financial services. It covers topics such as state and federal lending laws, interest rate exportation, licensing requirements for lenders and loan arrangers, mortgage origination standards including automated valuation models, and consumer protection statutes like the California CARS Act. The blog also addresses regulatory proposals and rulemakings impacting reverse mortgage programs and secondary market issuers. It provides updates on litigation, compliance challenges, and legislative changes relevant to banks, fintech companies, and other financial institutions engaged in consumer lending and credit transactions.
Latest from Consumer Financial Services Review - Page 7
DOJ and CFPB Caution Lenders on Consideration of Immigration Status
In a joint statement released October 12, the US Department of Justice (DOJ) and Consumer Financial Protection Bureau (CFPB) cautioned lenders about considering immigration status in credit decisions. Although the CFPB’s Regulation B (which implements the Equal Credit Opportunity Act—or…
NY Financial Services Roundtable: Recent Cyber Developments and Mitigating Legal Risks
Cyber threats to the financial services industry continue to increase. At the same time, regulatory requirements, litigation risk, contractual requirements and regulator expectations continue to grow. Please join us for a half-day Cybersecurity Awareness Month program that will highlight key…
New Issue of Licensing Link
Mayer Brown has published a new edition of Licensing Link, a periodic publication that will keep you informed on hot topics and new developments in state licensing laws, and provide practice tips and primers on important issues related to state…
CFPB “Unfairness Discrimination” Struck Down
By Ori Lev & Tori K. Shinohara
On September 8, 2023, a federal court struck down the Consumer Financial Protection Bureau’s (CFPB) attempts to supervise institutions for so-called “unfairness discrimination.” The CFPB had previously announced the view that the statutory prohibition on unfairness encompasses a broad-based prohibition…
Treatment of Mortgage Loans and Mortgage Servicing Rights Under the Hart-Scott-Rodino Act
Transactions involving the purchase and sale of residential mortgage loans and mortgage servicing rights (“MSRs”) frequently raise the question of whether they require submitting premerger notification filings to the Federal Trade Commission and the Department of Justice under the Hart-Scott-Rodino…
MSR Fund Investments: 7 Aspects to Consider
While residential mortgage lenders are facing tough headwinds driven by rising interest rates and low housing volume, the current market presents opportunities for savvy investors looking at mortgage servicing rights (“MSRs”). The current mortgage market is supported by non-bank mortgage…
RESPA Enforcement is Back! The CFPB Takes Aim at Marketing and Promotional Activities
It has been more than five years since the Consumer Financial Protection Bureau (“CFPB”) has issued a consent order based on alleged violations of Section 8 of the Real Estate Settlement Procedures Act (“RESPA”). On August 17, 2023, the CFPB…
New Issue of Licensing Link
Mayer Brown has published a new edition of Licensing Link, a periodic publication that will keep you informed on hot topics and new developments in state licensing laws, and provide practice tips and primers on important issues related to state…
Connecticut and Florida Join the Fray, Enact Commercial Finance Disclosure Laws
Following closely on the heels of a Georgia law enacted in May, Connecticut and Florida have become the latest states to enact laws requiring providers of small business financing to provide disclosures to recipients—and in Connecticut’s case, to require certain…