Invitation Homes, the nation’s largest landlord of single-family homes, has agreed to pay $48 million and to stop a significant number of its rental practices, including misleading renters about lease costs and charging undisclosed fees characterized by the FTC as junk fees, according to an agreement approved Sept. 27 by the U.S.… Continue Reading

The CFPB has issued a proposed rule with a small amendment to disclosure requirements for certain international remittances and money transfers.

The bureau is seeking public comments on a proposed amendment that is intended to provide clearer information about the types of inquiries that might be better addressed by remittance companies before contacting the bureau or relevant state regulator.… Continue Reading

The Consumer Financial Protection Bureau’s (“CFPB”) Office of Servicemember Affairs Annual Report was released on September 24, 2024, highlighting areas of concern regarding student lending and noting that the number of complaints that servicemembers filed with the CFPB increased in 2023.

The report identifies trends in complaints, highlights financial services issues impacting servicemembers and veterans, and offers recommendations to improve financial protections for the military community.… Continue Reading

The CFPB recently announced that the Filing Instruction Guide (FIG) for the submission of Home Mortgage Disclosure Act (HMDA) data collected in 2025 is now available. The FIG, issued by the Federal Financial Institutions Examination Council, may be accessed here.

HMDA data for 2025 must be submitted on or before March 2, 2026.… Continue Reading

The House and Senate on September 25, 2024 passed legislation that would extend key parts of the National Flood Insurance Program (NFIP) until December 20, 2024. The extension is included in H.R. 9747, which also would provide funds for much of the federal government to keep operating until that date.

President Biden has said he will sign the legislation.… Continue Reading

On July 25, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the agencies) issued a “Joint Statement on Banks’ Arrangements with Third Parties to Deliver Bank Deposit Products and Services” to “note potential risks related to arrangements between banks and third parties to deliver bank deposit products and services to end users”.… Continue Reading

On September 17, 2024, the FDIC board approved a notice of proposed rulemaking that would increase recordkeeping obligations for bank deposits received from third party, non-bank companies that accept those deposits on behalf of consumers and businesses.

Agency officials said that non-banks often deposit funds together into a single custodial account.… Continue Reading

The FDIC, the OCC and the Justice Department earlier this month issued updated standards for bank mergers. The three agencies acted separately, although officials noted that they had worked with the other agencies involved.

“Continued engagement with our fellow regulators is vitally important, especially as it relates to evaluating the competitive effects of mergers,” FDIC Chairman Martin Gruenberg said.… Continue Reading

In Circular 26-24-19, the Department of Veterans Affairs (VA) sets forth documentation requirements for fees and charges that may be imposed on veterans in connection with VA-guaranteed home loans, other than the VA funding fee and flat lender charge of up to 1% of the loan amount. The requirements are effective for loans closed on or after January 1, 2025.… Continue Reading

Judge Randy Crane (S.D. Tex) ruled on August 26, 2024 that the CFPB did not exceed its authority under Dodd Frank when it issued its final Section 1071 small business lending rule. The court also rejected other Administrative Procedure Act (APA) challenges to the rule. However, the court did not issue a final judgment as, at that time, the court still had to rule on the two motions filed by certain plaintiff-intervenors: first, to amend their complaint to add a claim based on the illegality of the CFPB being funded by the Federal Reserve Board, when since September, 2022, “the combined earnings of the Federal Reserve System” has been negative and second, for judgment on the pleadings.… Continue Reading