Financial Services Perspectives

Regulatory, compliance, and litigation developments in the financial services industry

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Financial Services Perspectives

HUD Acts to Revive Two Fair Housing Policies

By James W. Wright Jr., Christopher K. Friedman & Austin Holland

April 15, 2021

Roughly three months ago, President Biden signed an executive order that, among other things, directed HUD to reevaluate earlier agency decisions perceived to weaken the Fair Housing Act. In response to this directive, HUD has submitted draft rules to the Office of Management and Budget that would roll back two significant changes made by the Trump-era HUD. First, HUD has submitted a proposed rule aimed at reinstating its previous standard for disparate impact discrimination claims.…

Financial Services Perspectives

Bradley’s Bankruptcy Basics: COVID-19 Bankruptcy Relief Extension Act Extends Various CARES Act Amendments to the Bankruptcy Code

By Elizabeth R. Brusa, Christy W. Hancock & Alexandra Dugan

April 14, 2021

Last March, in response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made several changes to the Bankruptcy Code, including those changes discussed in more detail here. As it became clear that we would be dealing with COVID-19 for much longer than previously anticipated, Congress passed the Consolidated Appropriations Act (CAA), which made additional changes to the Bankruptcy Code, including those explored in more detail in this article…

Financial Services Perspectives

Recent Updates Concerning the Home Mortgage Disclosure Act

By J. Tanner Lusk & Christopher K. Friedman

April 14, 2021

The Consumer Financial Protection Bureau (CFPB) has been busy over the last few months laying out what appears to be a broad regulatory agenda. As discussed in this blog, the Bureau has issued an industry notice emphasizing industry preparedness related to COVID-19 forbearance plans, issued proposed COVID-19-related amendments to the Mortgage Servicing Rules, suggested that it will soon issue an NPRM related to Dodd-Frank 1071, and has proposed a delay to the implementation…

Financial Services Perspectives

Bradley’s Bankruptcy Basics: Secured vs. Unsecured Claims

By Elizabeth R. Brusa, Alexandra Dugan & Erin Malone-Smolla

April 13, 2021

Bankruptcy is primarily about “claims.” The debtor seeks to discharge personal liability on claims, while creditors seek payment on their claims. In basic terms, a bankruptcy “claim” is a right to payment. The claim does not need to be fixed, settled, undisputed, or due at the time the debtor files his bankruptcy petition. The official proof of claim form is discussed in more detail here. A claim can be secured or unsecured, and this…

Financial Services Perspectives

CFPB Proposes Delay to Implementation of Its Debt Collection Rules

By Lee Gilley, J. Riley Key, Jonathan R. Kolodziej, Christopher K. Friedman & Brian R. Epling

April 9, 2021

Yesterday, the CFPB issued a proposed rule that would extend implementation of both parts of its debt collection rule by 60 days — from November 30, 2021, to January 29, 2022. The debt collection rule, which we have discussed here in detail, addresses numerous topics related to debt collection, including debt collection call volume, restrictions on certain communication mediums under certain circumstances, a prohibition on bringing or threatening to bring legal action to collect…

Financial Services Perspectives

FEMA Releases Flood Insurance Rating Methodology Under Risk Rating 2.0

By Heather Howell Wright, Shelby D. Lomax & Judea S. Davis

April 8, 2021

On April 1, 2021, FEMA released its highly anticipated flood insurance rating methodology, Risk Rating 2.0-Equity in Action. FEMA first announced “Risk Rating 2.0-Equity in Action” in March 2019 as an effort to improve flood maps and offer rates that are fair, easy to understand, and more aligned with a property’s unique flood risks. The new rating system was initially set to be implemented on October 1, 2020. FEMA extended the date by a year…

Financial Services Perspectives

New Amendments to the WVCCPA to Provide Additional Certainty for Businesses

By Jared C. Searls & Andrew J. Narod

April 8, 2021

In a development that provides some measure of relief to businesses operating in West Virginia, particularly within the financial services industry, Gov. Jim Justice signed into law on March 29, 2021, amendments to the West Virginia Consumer Credit and Protection Act (WVCCPA). These amendments appear to provide clarity on certain attorneys’ fees provisions in the WVCCPA, to define the process for a pre-suit notice to cure and offer in response, and to provide new limitations…

Financial Services Perspectives

CFPB Signals Continued Progress Toward Dodd-Frank 1071 Notice of Proposed Rulemaking

By Christopher K. Friedman, Brian R. Epling, Judea S. Davis, Shelby D. Lomax, Sara D. Accardi & Grant A. Premo

April 7, 2021

On the heels of CFPB Acting Director Dave Uejio’s recently released statement to agency staff members, the Bureau again signaled that it is making progress toward issuing a Notice of Proposed Rulemaking (NPRM) enacting Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). Specifically, in late February, the CFPB filed its fourth status report in the United States District Court for the Northern District of California as part of…

Financial Services Perspectives

Bradley’s Bankruptcy Basics: How to File a Proof of Claim 101

By Elizabeth R. Brusa, Alexandra Dugan & Erin Malone-Smolla

April 7, 2021

You just heard that a customer has filed for bankruptcy — what do you do now? One of the first steps is to determine whether you should file a proof of claim. How will I be alerted about the bankruptcy? When a bankruptcy case is filed, the debtor is required to list all of his creditors in the petition. Subsequently, the clerk of the bankruptcy court will send out a notice to all listed creditors…

Financial Services Perspectives

CFPB Proposes COVID-19-Related Amendments to the Mortgage Servicing Rules

By Jonathan R. Kolodziej, Michael Gordon, Jason R. Bushby & Christy W. Hancock

April 6, 2021

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On April 5, 2021, the Consumer Financial Protection Bureau issued a proposal to amend the existing loss mitigation rules in Regulation X. As stated in the Bureau’s press release, the proposal is designed to “help prevent avoidable foreclosures as the emergency federal foreclosure protections expire.” To accomplish that goal, the proposed rule has a few primary components, none of which are overly surprising given Acting Director David Uejio’s prior statements and the many rumors…

Financial Services Perspectives

Regulatory, compliance, and litigation developments in the financial services industry

Blog Authors

HUD Acts to Revive Two Fair Housing Policies

Bradley’s Bankruptcy Basics: COVID-19 Bankruptcy Relief Extension Act Extends Various CARES Act Amendments to the Bankruptcy Code

Recent Updates Concerning the Home Mortgage Disclosure Act

Bradley’s Bankruptcy Basics: Secured vs. Unsecured Claims

CFPB Proposes Delay to Implementation of Its Debt Collection Rules

FEMA Releases Flood Insurance Rating Methodology Under Risk Rating 2.0

New Amendments to the WVCCPA to Provide Additional Certainty for Businesses

CFPB Signals Continued Progress Toward Dodd-Frank 1071 Notice of Proposed Rulemaking

Bradley’s Bankruptcy Basics: How to File a Proof of Claim 101

CFPB Proposes COVID-19-Related Amendments to the Mortgage Servicing Rules

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