On January 7, 2025, the Federal Housing Administration (FHA) officially revised its Defect Taxonomy (Final Defect Taxonomy) with the publication of Mortgagee Letter (ML) 2025-01 and the related attachment detailing…
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CFPB Announces Final Rule Closing “Overdraft Loophole” Created by TILA
On December 12, 2024, the Consumer Financial Protection Bureau (CFPB) announced its final rule, redefining overdraft fees as finance charges in order to limit overdraft fees. The final rule…
DOJ and CFPB Issue Joint Letter Reminding Financial Institutions of the SCRA Interest Rate Protections for Servicemembers
On December 5, 2024, the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) issued a joint letter directed at financial service providers to reinforce the importance of…
The start of the second Trump administration is fast approaching, and it raises prospects of a renewed push for federal-level fair access to banking requirements. The first Trump administration came…
Community Banks and BSA/AML Compliance: The OCC’s Consent Order with Clear Fork Bank Proves Regulators Aren’t Only Focused on Large Financial Institutions
On October 10, 2024, the financial services community was stunned by the $3.1 billion settlement between the federal government and TD Bank over Bank Secrecy Act (BSA) and anti-money laundering…
Tennessee Supreme Court Clarifies Standing Law and Eliminates Wrongful Foreclosure as a Cause of Action in a Big Win for Mortgage Industry
Bradley scored a significant victory in the Tennessee Supreme Court on November 14, 2024. In a long-awaited decision, the Tennessee Supreme Court clarified a long-standing inconsistency in Tennessee law…
On Thursday, November 21, 2024, the Consumer Financial Protection Bureau (CFPB) published a final rule that will soon provide it with supervisory authority over large companies in the general-use digital…
On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) finalized its long-anticipated rule implementing Section 1033 of the Dodd-Frank Act. The 594-page final rule arrives nearly one year after…
On October 10, 2024, Attorney General Merrick Garland announced that TD Bank agreed to pay over $1.8 billion in penalties to resolve the U.S. Department of Justice’s (DOJ) investigation into…
CFPB Submits Proposed Order Banning Navient from Federal Student Loan Servicing and Orders the Company to Pay $120 Million for Wide-Ranging Student Lending Failures
On September 12, 2024, the Consumer Financial Protection Bureau (CFPB) filed a stipulated proposed order in its suit against the student loan servicer Navient, formerly known as Sallie Mae. If…