In the six months since New York’s governor signed the Foreclosure Abuse Prevention Act, L. 2022, ch. 821 (eff. Dec. 30, 2022) (FAPA), a split has emerged about whether the law applies retroactively.
FAPA strictly cabins the time limits for
LenderLaw Watch
LenderLaw Watch, published by Goodwin Procter, focuses on legal developments and regulatory issues affecting the mortgage lending and consumer finance industries. The blog covers topics such as compliance with the Real Estate Settlement Procedures Act (RESPA), enforcement actions by the Consumer Financial Protection Bureau (CFPB), litigation involving mortgage servicers and lenders, and regulatory challenges related to student loans and debt relief services. It also addresses significant court decisions impacting financial regulatory frameworks and state-level enforcement actions against financing companies. The content is aimed at professionals navigating the intersection of mortgage lending, consumer protection laws, and financial regulatory compliance.
Latest from LenderLaw Watch - Page 7
Notice of Proposed Rulemaking for Quality Control Standards for Automated Valuation Models (AVMs) Published
By Allison Funk
On June 21, 2023, the Office of the Comptroller of the Currency (OCC), Treasury, Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Consumer Financial Protection Bureau (CFPB), and Federal…
Eleventh Circuit Reprimands CFPB for Discovery Abuses During Rule 30(b)(6) Depositions
On June 12, 2023, an Eleventh Circuit panel issued an opinion affirming a sanctions order against the Consumer Financial Protection Bureau (CFPB) premised on the CFPB’s “derail[ment]” of multiple depositions in contravention of the district court’s instructions. See Consumer Financial…
CFPB Highlights Risks Arising from Chatbot Usage in Banking Industry
By Robin Muir
On June 6, 2023, the Consumer Financial Protection Bureau (CFPB) issued a Spotlight on financial institutions’ growing use of “chatbots” as a means to provide cost-effective customer service.
The use of chatbots in customer service has been gaining popularity among…
FTC Approves Consent Order with Payment Card Network Operator for EFTA Violations
On May 30, 2023, the Federal Trade Commission (FTC) announced that it had finalized a consent order with one of the nation’s largest credit and debit card providers in an administrative action regarding alleged violations of the Electronic Funds Transfer…
DOJ Reaches Settlement Over Bank’s Alleged Redlining
By Collin Grier
On May 31, 2023, the United States Department of Justice (DOJ), announced that it had entered into a settlement with a Philadelphia based bank and trust company over allegations that the bank had engaged in unlawful redlining in the Philadelphia metropolitan…
CFPB Reaches $20 Million Consent Order with Lender over Optional Add-On Products
By Collin Grier
On May 31, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an Indiana-based non-bank installment lender. The consent order alleges that the lender engaged in unfair, deceptive, and abusive acts or practices…
Massachusetts Division of Banks Enters into Consent Order with Mortgage Lender
By Andrew Hill
On January 26, 2023, the Massachusetts Division of Banks (DOB) entered into a consent order with a California-based mortgage lender. According to the DOB, the company, which was licensed as a mortgage lender in Massachusetts, had allowed a separate company to…
CFPB Warns Banks that Unilaterally Opening Closed Bank Accounts Could Be a Federal Law Violation
Pennsylvania Attorney General Settles $11 Million Dollar Lawsuit with Lender
On May 15, 2023, the Pennsylvania Attorney General (PA AG) announced that it reached a $11.4 million settlement with a rent-to-own lender and its affiliates. This settlement resolves a lawsuit filed by the PA AG in Pennsylvania state court in which the PA AG alleged that
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