Credit Reporting During the COVID-19 Outbreak: CFPB Issues FAQs for CARES Act RequirementsThe CFPB recently issued its “Consumer Reporting FAQs Related to the CARES Act and COVID-19 Pandemic,” addressing 10 credit reporting issues. While the FAQs provide some much-needed clarity for furnishers of information and credit reporting agencies, the CFPB left some significant questions unanswered.

Below we breakdown highlights of the FAQs:

  • Several of the FAQs —

Paul ComptonBradley’s Banking and Financial Services Practice Group is pleased to announce that President Donald Trump has nominated Paul Compton to serve as General Counsel of the U.S. Department of Housing and Urban Development (HUD). Paul leads the firm’s Affordable Housing and Community Development practice and serves as counsel for the Alabama Bankers Association, Inc., counsel

CFPB Proposed Rule Could Allow Agencies without Jurisdiction to Access CSIThe CFPB issued a proposed rule which significantly affects  third-party access to information obtained by the Bureau. In addition to public requests under the Freedom of Information Act, the Privacy Act of 1974 and in legal proceedings, the proposal would also affect the treatment of confidential information obtained by the CFPB under federal consumer finance

Antideficiency Protection Applies to Both Short Sales and Foreclosure SalesIn January, the Supreme Court of California affirmed the Court of Appeal’s application of Code of Civil Procedure section 580b and held that the statute’s antideficiency protection applies to short sales just as it does to foreclosure sales.

 

In Coker v. JPMorgan Chase Bank, N.A., the lienholder had begun the foreclosure process when the borrower

Duty to Cooperate Ruling Narrows Insurers’ Ability to Foreclose Coverage for Settled Class Action ClaimsIn previous blog postings, we discussed an informal announcement from the Consumer Financial Protection Bureau (CFPB) of its intent to delay the effective date of the new integrated mortgage disclosure rule under Truth In Lending Act and the Real Estate Settlement Procedures Act (commonly referred to as the TILA-RESPA Integrated Disclosure rule or TRID