As previously reported, based on an unopposed motion submitted by the Department of Justice (DOJ) and Consumer Financial Protection Bureau (CFPB) the October 2021 redlining consent order with Trustmark National Bank was terminated early, and the DOJ is seeking early termination of the September 2022 consent order with Lakeland Bank.… Continue Reading
Regulatory and Enforcement
DOJ Seeks Early Termination of Lakeland Bank Redlining Consent Order
The U.S. Department of Justice (DOJ) has filed a motion with a federal district court to terminate early the September 2022 consent order with Lakeland Bank (Lakeland) that settled allegations of redlining under the Fair Housing Act and Equal Credit Opportunity Act. The motion also seeks the dismissal with prejudice of the case that the DOJ brought that resulted in that consent order.… Continue Reading
CFPB Files Rulemaking Items With Office of Management and Budget
Posted in CFPB Rulemaking, Regulatory and Enforcement
The CFPB recently made filings with the Office of Management and Budget (OMB) regarding the following rules:
- Loan Originator Compensation Requirements Under the Truth in Lending Act (Regulation Z).
- Discretionary Servicing Rules under the Real Estate Settlement Procedures Act (Regulation X).
- Discretionary Mortgage Servicing Rules Under the Truth in Lending Act (Regulation Z).
Today’s podcast episode: The Impact of the Newly Established Priorities and Massive Proposed Reduction in Force (RIF) on CFPB Supervision
By Ballard CFS Group on
Our podcast show being released today features two former CFPB senior officers who were key employees in the Supervision Division under prior directors: Peggy Twohig and Paul Sanford. Peggy was a founding executive of the CFPB when the agency was created in 2010 and led the development of the first federal supervision program over nonbank consumer financial companies.… Continue Reading
Trustmark Redlining Consent Order Terminated
A federal district court recently granted the unopposed motion of the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) to terminate their October 2021 consent order with Trustmark National Bank (Trustmark) and to dismiss with prejudice the redlining case they brought that resulted in that consent order.
As previously reported, the agencies, along with the Comptroller of the Currency, announced the consent order at the same time that the DOJ announced its initiative to combat redlining.… Continue Reading
VA Winding Down VASP Program
By Richard J. Andreano, Jr. on
As previously reported, last year the U.S. Department of Veterans Affairs (VA) launched a Veterans Affairs Servicing Purchase (VASP) program, which VA characterized as a “last-resort tool” for VA home loan borrowers facing severe financial hardships. Pursuant to the program, VA purchases defaulted VA loans, modifies the loans, and then places them in the VA-owned portfolio as direct loans.… Continue Reading
Recent Developments Raise Significant Questions about the Future of Regulation and Enforcement of Cryptocurrency
By Emily Friedman, Terence M. Grugan & Scott Diamond on
Posted in Crypto, Regulatory and Enforcement
Recent developments in the world of crypto have come at a rapid pace to open 2025 not only signaling but, in some instances, explicitly declaring the Trump Administration’s intent to significantly relax or eliminate regulation and enforcement in the crypto markets.
Yet, while the new administration has declared its intent to take a far more hands-off approach to cryptocurrency regulation and enforcement, it is possible all such efforts are not necessarily dead
Continue reading here:
Trump orders review of regulations to help the ‘deconstruction of the overbearing and burdensome administrative state’
By Ballard CFS Group on
Posted in Regulatory and Enforcement
President Trump has issued an Executive Order that requires agencies to review all regulations “for consistency with law and Administration policy.”
In issuing the order, Trump said, “It is the policy of my Administration to focus the executive branch’s limited enforcement resources on regulations squarely authorized by constitutional Federal statutes, and to commence the deconstruction of the overbearing and burdensome administrative state.”… Continue Reading
Podcast Episode: The Fall of The CFPB, The Rise of The State AG
By Ballard CFS Group on
In this episode of the Consumer Finance Monitor Podcast, Ballard Spahr partners Mike Kilgarriff and Joseph Schuster break down the seismic shifts in consumer financial regulation following the dramatic changes at the CFPB. With the Bureau’s enforcement and supervisory activities on hold, state attorneys general are stepping in to fill the regulatory void.… Continue Reading
This week’s podcast episode: Regulating Bank Reputation Risk
By Ballard CFS Group on
Posted in Podcasts, Regulatory and Enforcement
Today’s podcast show features a discussion with Julie Andersen Hill about her law review article titled “Regulating Bank Reputation Risk”, 54 GA. L. Rev. 523 (2023). Professor Hill is the Dean and Wyoming Excellence Chair of the University of Wyoming College of Law.
The abstract to Professor Hill’s article does an excellent job of summarizing her thesis:
This Article surveys reputation risk guidance and enforcement efforts.… Continue Reading