By now, followers of the debate over use of ESG (environmental, social and governance) criteria in investing and business operations are well used to the “E” taking center stage. As we discussed two months ago in this space, a set
Financial Services Perspectives
Regulatory, compliance, and litigation developments in the financial services industry
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Federal Regulators Solicit Comments Regarding Healthcare Point-of-Sale Financing
On July 7, the CFPB, Centers for Medicare & Medicaid Services (CMS), Department of Health & Human Services (HHS), and Department of the Treasury issued a formal request for information regarding forms of consumer-facing healthcare financing. The inquiry specifically solicits…
No Nationwide Class Action for Violation of the Bankruptcy Discharge Injunction
The Second Circuit’s recent decision in Bruce v. Citigroup, Inc., 2023 WL 4919496, at *1 (2nd Cir. Aug 2, 2023) appears to be the second Circuit Court of Appeals (joining the Fifth Circuit) to specifically hold that a plaintiff may…
FHA Proposes New Partial Claim Loss Mitigation for Struggling Borrowers
On May 31, 2023, the Federal Housing Administration (FHA) published a draft Mortgagee Letter (ML) titled “Proposed Payment Supplement Partial Claim.” The draft ML proposes use of available partial claims funds to create a new loss mitigation option…
Insurers and Financial Institutions Face Increasing Scrutiny from States in the ESG Debate
In just a couple of years, “ESG” (environmental, social and governance) has gone from an obscure acronym to a term regularly bandied about in the news, as insurers and financial institutions face legal scrutiny into their investing practices.
A little…
CFPB Analyzes the Financial Health of Rural Borrowers in the South
On June 21, 2023, the CFPB released two Data Spotlight reports focused on the Southern states, entitled “Banking and Credit Access in the Southern Region of the U.S.” and “Consumer Finances in Rural Areas of the Southern…
CFPB, FDIC, NCUA, OCC, and FRB Issue Proposed Guidance on Reconsiderations of Value of Residential Real Estate Transactions
Consistent with concerns surrounding bias in property valuations, on June 8, 2023, the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (the “board”), the National Credit Union Administration…
CFPB Highlights Banking and Credit Hurdles for Minority and Rural Borrowers in the South
On June 21, 2023, the CFPB released two Data Spotlight reports focused on the Southern states, entitled “Banking and Credit Access in the Southern Region of the U.S.” and “Consumer Finances in Rural Areas of the Southern…
U.S. Supreme Court to Review Scope of Sovereign Immunity Defense to FCRA Lawsuits
Yesterday, the U.S. Supreme Court agreed to decide a case that raises the issue of whether the United States government may be held liable as a data furnisher under the Fair Credit Reporting Act (FCRA) despite its invocation of the…
New DOJ Redlining Settlement Continues Enforcement Trend
In a continuation of enforcement activity related to redlining under October 2021’s Combatting Redlining Initiative, the U.S. Department of Justice (DOJ) announced on May 31, 2023, that ESSA Bank & Trust has agreed to pay $3 million to settle…