For the first time in more than 20 years, FEMA has announced plans to make changes to its Standard Flood Insurance Policy (SFIP). Under the proposal, FEMA would introduce a new Homeowner Flood Form, to be published at 44 C.F.R. 61 appendix A(4), that would provide flood coverage for one-to-four residential properties. FEMA has
The Future of the National Flood Insurance Program – A Legislative Update
Congress has reauthorized the National Flood Insurance Program (NFIP) through February 18, 2022. Prior to this most recent temporary reauthorization, the NFIP had been set to expire on December 3, 2021. Since 2017, there have been 18 temporary reauthorizations as more comprehensive and permanent legislative solutions to the program have failed to gain traction in
CFPB Issues a Request for Information Seeking Public Comment on Detecting Discrimination in Mortgage Lending
On Tuesday, November 16, 2021, the Consumer Financial Protection Bureau (“CFPB”) issued a request for information seeking input on rules implementing the Home Mortgage Disclosure Act (“HMDA”), to evaluate whether the rules currently meet HMDA’s stated goals. HMDA, originally enacted in 1975, requires qualifying lenders to collect, report, and disclose data about originations and purchases
The CFPB Director Expresses Concern About Section 1071 Regulatory Burdens on Small Banks
After the Consumer Financial Protection Bureau (CFPB) issued their Notice of Proposed Rulemaking (NPRM) related to Dodd-Frank 1071, Rohit Chopra, the new CFPB director, expressed his concern regarding the regulatory burden that the proposed rule would have on small banks. Director Chopra stated that he hoped the CFPB could move towards bright-lined rules that are
Second Circuit Broadly Interprets Exception to Immunity for Foreign Entities Under the Foreign Sovereign Immunities Act
The Second Circuit last week in United States v. Halkbank significantly limited the immunity granted under the Foreign
Sovereign Immunities Act (FSIA) by giving a broad interpretation to the act’s “commercial activity” exception. Entities that could otherwise claim FSIA immunity should be aware that the commercial activity exception is likely to present a significant obstacle
U.S. House Passes the SAFE Banking Act as Part of Defense Bill
The SAFE Banking Act passed in the U.S. House of Representatives for the fifth time on September 23, 2021. This
landmark legislation would pave the way for more financial institutions to serve the state-legal cannabis industry by removing some of the attendant legal and regulatory risks, as we have previously explained.
In a tactical
CFPB Issues NPRM on Dodd-Frank 1071; Bradley to Host Initial Webinar on September 8
Yesterday, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited Notice of Proposed Rulemaking (NPRM) related to Dodd-Frank 1071. As we have discussed in this space, Section 1071 amends the Equal Credit Opportunity Act to mandate certain reporting requirements for financial services companies making business loans. The act aims to “facilitate enforcement of fair
District Court Ruling Clears Way for Small Dollar Rule Compliance Date in June 2022
Yesterday, in Community Financial Services Association of America, Ltd. v. Consumer Financial Protection Bureau, a lawsuit involving implementation of the payment provisions of the Payday, Vehicle Title, and Certain High-Cost Installment Loans Regulation (the “Small Dollar Rule”), the district court ruled on the Consumer Financial Protection Bureau’s (CFPB) and the Community Financial Services Association’s
Cannabis Banking: An Update on the SAFE Banking Act
Despite the cannabis industry’s explosive growth, many financial institutions have been hesitant to transact with cannabis-related businesses given the ambiguity created by divergent state and federal cannabis laws. The SAFE Banking Act seeks to remove these ambiguities at the federal level and pave the way for more financial institutions to serve the cannabis industry. But
HUD Acts to Revive Two Fair Housing Policies
Roughly three months ago, President Biden signed an executive order that, among other things, directed HUD to reevaluate earlier agency decisions perceived to weaken the Fair Housing Act. In response to this directive, HUD has submitted draft rules to the Office of Management and Budget that would roll back two significant changes made by the