Richard J. Andreano, Jr.

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Allowing President Trump to fire Lisa D. Cook from the Fed would “signal to the financial markets that the Federal Reserve no longer enjoys its traditional independence, risking chaos and disruption,” Cook told the Supreme Court, in her opposition for a stay in her case.

“For decades, the Board’s insulation from direct presidential control has allowed the American markets and economy to thrive,” she wrote, adding, “the legislative record is abundantly clear that Congress did not mean for Federal Reserve Board governors to serve at the President’s pleasure.”… Continue Reading

HERE IS A LINK TO OUR SPECIAL PODCAST SHOW ABOUT THIS CASE AND ITS ENORMOUS IMPLICATIONS RELEASED ON WEDNESDAY, OCTOBER 1.

On September 22, 2025, a panel of the First Circuit Court of Appeals issued a significant opinion in Conti v. Citizens Bank, N.A., holding unanimously that the National Bank Act does not preempt a Rhode Island statute requiring mortgage lenders to pay interest on mortgage escrow accounts.… Continue Reading

For now, the Supreme Court is allowing President Trump to fire Democratic FTC Commissioner Rebecca Slaughter, in a case that could upend a 1935 court precedent.

Significantly, in an unsigned order, the Court agreed to hear the case, even though there has been no final decision on the merits by a lower court.… Continue Reading

If Congress does not reauthorize the National Flood Insurance Program (NFIP) by September 30, major parts of the program will expire—a lapse that could cause major problems in the mortgage industry.

In past NFIP lapses, borrowers were not able to purchase flood insurance to close, renew or increase loans secured by property that required flood insurance.… Continue Reading

President Trump is asking the Supreme Court to allow him to fire Lisa D. Cook from the Federal Reserve Board.

“This application involves yet another case of improper judicial interference with the President’s removal authority—here, interference with the President’s authority to remove members of the Federal Reserve Board of Governors for cause,” Solicitor General D.… Continue Reading

The CFPB recently released its Spring 2025 Regulatory Agenda. In this post, we focus on various residential mortgage-related items included in the Regulatory Agenda. We will address other aspects of the Regulatory Agenda in separate blog posts. To register for our webinar on the Regulatory Agenda, click here. 

An initial observation regarding the Regulatory Agenda in general is that it is very ambitious, with a total of 24 rulemaking items, plus one long term action, yet it is not clear how the CFPB could engage in this level of rulemaking given the significant reduction in force planned at the CFPB that we have reported on extensively, and most recently here and here , and also addressed in a recent podcast.… Continue Reading

The CFPB has released an ambitious Spring Regulatory Agenda that lists 24 regulatory initiatives the bureau has been and/or will be working on during the 12-month period from June 2025 through May 2026 as well as one long term action.

“The CFPB is under interim leadership pending the confirmation of a permanent director, and is carefully considering various sources in setting its future priorities,” the agency said.… Continue Reading

President Trump has signed a bill that would restrict the use of “trigger leads” in the mortgage industry. The legislation will become effective on March 4, 2026.

We previously reported on the passage of the legislation here.

The law amends the Fair Credit Reporting Act to prohibit consumer reporting agencies from furnishing a trigger lead except in limited circumstances. … Continue Reading

The CFPB is proposing a rule that standardizes determinations that nonbanks pose “risks to consumers,” a move that could result in fewer nonbanks being designated as posing risk and thus subject to CFPB supervisory jurisdiction.

The proposed rule states that “conduct that poses risks to consumers with regard to the offering or provision of consumer financial products or services” consists of conduct that:

  • Presents a high likelihood of significant harm to consumers; and
  • Is directly connected to the offering of a consumer financial product or service as defined by the CFPA.
… Continue Reading

President Trump is appealing a federal judge’s decision that blocked him from firing Lisa Cook from the Federal Reserve Board.

Trump filed a brief notice in U.S. District Court for the District of Columbia saying he would appeal Judge Jia M. Cobb’s decision to the U.S. Court of Appeals for the District of Columbia.… Continue Reading