CFPB Issues a Factsheet on the Applicability of the TRID Rule to Assumptions

On May 1, 2019, the CFPB issued a Factsheet on the applicability of the TILA-RESPA Integrated Disclosure Rule (“TRID Rule”) to assumptions of mortgage. Specifically, the Factsheet addresses whether the Loan Estimate (“LE”) and Closing Disclosure (“CD”), required under the TRID Rule, must be provided to a consumer in a…

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CFPB Changes Its Policy on Civil Investigative Demands and Will Now Provide Specific Basis…

On April 23, 2019, the CFPB announced changes to its policy regarding Civil Investigative Demands (“CIDs”) to ensure they provide more information about the potentially wrongful conduct under investigation. According to the announcement, CIDs will now provide more information about the potentially applicable provisions of law that may have been…

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CSBS Releases Its Fintech Industry Advisory Panel Recommendations for Streamlining State Nonbank Supervision

On February 14, 2019, the Conference of State Bank Supervisors (“CSBS”) released its Fintech Industry Advisory Panel (“Advisory Panel”) recommendations for streamlining state nonbank supervision. According to the CSBS, it agreed to implement 14 specific recommendations (“Recommendations”) from the Advisory Panel, primarily in the areas of creating uniform definitions and…

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Seventh Circuit Explains Attorney’s Fees Do Not Satisfy the Requisite Actual Damage Element for…

In Moore v. Wells Fargo Bank, N.A., No. 18-1564 (7th Cir. Nov. 7, 2018), the mortgagor defaulted on two separate loan modifications. Following the second default the mortgagee filed for judicial foreclosure. After foreclosure judgment was entered and shortly before the foreclosure sale of the property was about to occur,…

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Ninth Circuit Revives Borrower’s Action For Equitable Enforcement of Recession Under TILA By Applying…

In Hoang v. Bank of America, N.A., No. 17-35993 (9th Cir. Dec 6, 2018), in connection with the refinance of the borrower’s mortgage, the originating bank failed to give the borrower a notice of the right to recession as required under Section 1635 of the federal Truth in Lending Act…

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Interagency Statement Clarifies that Supervisory Guidance Has No Force of Law

On September 11, 2018, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau (the “agencies”) issued a joint statement clarifying the role of supervisory guidance. As intended by the…

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CFPB Issues Final Rule Implementing The GLBA’s Annual Privacy Notice Exception

On August 9, 2018, the Bureau of Consumer Financial Protection (“CFPB”) issued a final rule implementing section 503(f) (15 USC § 6803(f)) of the Gramm-Leach-Bliley Act (“GLBA”), which provides an exception from the requirement to deliver annual privacy notice to customers. The final rule also prescribes the timing requirement for…

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Illinois Amends its Mortgage Licensing Act to Exempt Independent Loan Processing Entities From Licensing…

On May 23, 2018, Illinois enacted an amendment, HB4404 (“Amendment”), to the Residential Mortgage License Act of 1987 (“RMLA”) and created a new exemption for independent loan processing entities from the RMLA licensing requirement, as permitted by the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008. The…

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Congress Passes a Mixed Bag of Mortgage Industry Regulatory Relief and Consumer Protection

On May 24, 2018, the Economic Growth, Regulatory Relief, and Consumer Protection Act (“Act”), S. 2155, which was passed by Congress on May 22, 2018, was signed into law. The Act represents the first major rewrite of the financial regulations legislated under the Dodd–Frank Wall Street Reform and Consumer Protection…

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The CFPB Finally Closes the TRID Rule’s Black Hole

On April 26, 2018, the CFPB issued a final rule amending the provisions applicable to providing revised disclosures for the purpose of resetting tolerances applicable for determination of good faith estimation of closing costs under TILA-RESPA Integrated Disclosure rule that came into effect on October 3, 2015, aka Know Before…

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