Following the U.S. Supreme Court’s decision last month in Collins v. Yellin (previously captioned Collins v. Mnuchin), controversy quickly erupted over the decision’s implications for the CFPB in three pending cases: All American Check Cashing and the two cases involving the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule).… Continue Reading

The CFPB recently issued a report entitled Data Point: Asian American and Pacific Islanders in the Mortgage Market. The report briefly examines differences among subgroups of Asian American and Pacific Islanders (AAPI) based on the 2020 Home Mortgage Disclosure Act (HMDA) data. In issuing the report the CFPB stated that “[e]xisting studies often portray AAPI borrowers as similar in characteristics to non-Hispanic White borrowers and thus imply that the group fares well.… Continue Reading

As required by the Anti-Money Laundering Act (“AML Act”), the Financial Crimes Enforcement Network (“FinCEN”) issued on June 30, 2021 its 14-page assessment regarding the feasibility of FinCEN issuing so-called “no-action” letters to financial institutions (the “Assessment”). FinCEN issued this Assessment on the same day that it issued the first government-wide list of national priorities for anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”), as we have blogged. … Continue Reading

Tom Vartanian is a former federal banking regulator and law professor.  In Part I of this two-part podcast, we discuss the government policies that have contributed to or caused the financial crises faced by the U.S. over the past 200 years, how the consumer financial services industry can benefit from smarter regulation and a principles-based rather than a rules-based regulatory system, and how regulators can better utilize technological innovation.… Continue Reading

On July 7, 2021 Fannie Mae and Freddie Mac announced new uniform notes, security instruments and riders. Lenders may begin using the new instruments immediately (Fannie Mae) or for loans originated on or after July 8, 2021 (Freddie Mac), and the new instruments must be used for loans with note dates on or after January 1, 2023.… Continue Reading

On June 28, 2021, the CFPB issued its Mortgage Servicing COVID-19 Final Rule (the “Final Rule”).  The Final Rule, which amends Regulation X, is effective August 31, 2021, and comes at the same time as certain related updates from other Federal agencies.  We discuss those topics, along with an overview of the Final Rule, below.… Continue Reading

On July 1, Virginia Governor Northam signed Senate Bill 1410 which amended several Virginia anti-discrimination statutes to prohibit discrimination based on “military status.”  For purposes of the various amendments, the term “military status” is defined as:

status as (i) an active military service member who performs full-time duty in the Armed Forces of the United States, or a reserve component thereof, including the United States National Guard and the Virginia National Guard, (ii) a veteran who was an active military service member discharged or released therefrom under conditions other than dishonorable, or (iii) a spouse or child of an active military service member or veteran, or an individual of any relationship to an active service member or veteran where the active service member or veteran provided more than one-half of the individual’s support for at least 180 days immediately preceding an alleged action that if proven would constitute unlawful discrimination under this chapter.… Continue Reading

July 21, 2021 will mark the 10th anniversary of the CFPB opening for business.  It will also mark the 10th anniversary of our blog, Consumer Finance Monitor, which we intentionally launched on the CFPB’s first day.

In our two-part webinar, we will review the Bureau’s significant initiatives to date and share our thoughts on the Bureau’s likely direction throughout the Biden Administration. … Continue Reading

On June 29, 2021, the CFPB and the Attorney General of the State of Georgia filed a proposed order in connection with a joint lawsuit they filed a day earlier in federal district court in Georgia against Maryland-based debt-relief and credit-repair company Burlington Financial Group (“Burlington”) and three individual owners and executives. … Continue Reading

The CFPB has released the Summer 2021 edition of its Supervisory Highlights.  The report, which contains 48 pages of supervisory observations, discusses the Bureau’s examinations in the areas of auto servicing, consumer reporting, debt collection, deposits, fair lending, mortgage origination and servicing, private student loans, payday lending, and student loan servicing that were completed between January 1, 2020 and December 31, 2020 (which was the last full year of Kathleen Kraninger’s tenure as CFPB Director).… Continue Reading