Regulatory and Enforcement

The Federal Financial Institutions Examination Council (FFIEC) recently issued the 2021 edition of A Guide to HMDA Reporting (Guide). The Guide addresses the collection and reporting of residential mortgage loan application data under the Home Mortgage Disclosure Act (HMDA) for calendar year 2021.

The Guide reflects the changes to the HMDA reporting thresholds that the

The CFPB has filed a motion to dismiss the federal district court lawsuit brought by the National Association for Latino Community Asset Builders (NALCAB).  That lawsuit seeks to overturn the CFPB’s July 2020 final rule (2020 Rule) rescinding the “ability-to-repay” (ATR) or “mandatory underwriting provisions” in its 2017 final payday/auto title/high-rate installment loan rule (2017

Democratic Senators Sherrod Brown and Chris Van Hollen have introduced a resolution under the Congressional Review Act (CRA) to overturn the OCC’s “true lender” final rule.  The rule addresses when a national bank or federal savings association should be considered the “true lender” in the context of a partnership with a third party.

To

The CFPB has issued its Consumer Response Annual Report, which analyzes the approximately 542,300 complaints received by the CFPB between January 1 and December 31, 2020.  The number of   complaints received in 2020 represents a nearly 54% increase over the approximately 352,400 complaints received in 2019.  The report details the trends in consumer complaints

The CFPB has issued its annual Fair Debt Collection Practices Act report covering the CFPB’s and FTC’s activities in 2020.  Debt collectors should expect increased scrutiny from the CFPB in 2021, with both Acting Director Uejio and Director-nominee Rohit Chopra having identified unlawful debt collection practices as a CFPB priority target.

In addition to a

The CFPB has created a student loan infographic to highlight the state of student loans in the pandemic.  Among the statistics included in the infographic is that, based on Department of Education data current as of September 2020, 87% of federal student loan borrowers had their federal student loans in administrative forbearance.

The CFPB published

NACA is one of the plaintiffs in the Massachusetts lawsuit challenging the CFPB’s creation of its Taskforce on Federal Consumer Financial Law.   Mr. Rheingold discusses the legal basis for the lawsuit, NACA’s views on how the CFPB should approach modernization of federal consumer financial laws, and NACA’s support for federal legislation or new CFPB rulemaking

On March 23, Illinois Governor Pritzker signed into law SB 1792, which contains the Predatory Loan Prevention Act (the “Act”).  The new law became effective immediately upon signing notwithstanding the authority it gives the Illinois Secretary of Financial and Professional Regulation to adopt rules “consistent with [the] Act.”

The Act extends the 36%

The White House officially announced yesterday that President Biden intends to nominate Lina Khan to serve as an FTC Commissioner.

Ms. Khan is currently an associate professor at Columbia Law School, where she teaches and writes about antitrust law, infrastructure industries law, and the antimonopoly tradition.  She previously served as counsel to the House Judiciary

The Department of Education announced last week that it is changing how it determines relief for borrowers who assert “borrower defense claims.”  Such claims allege that the borrower was misled by his or her school or that the school engaged in other misconduct in violation of certain laws.  Borrower defense claims only apply to federal