Category Archives: Compliance

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Dodd Frank 1071 Update: CFPB Status Report Sheds Light on Implementation

In January, we discussed the upcoming implementation of Section 1071 of the Dodd-Frank Act, which amends the Equal Credit Opportunity Act to require certain reporting requirements for specific categories of business loans. The implementation of Section 1071, which contains reporting and disclosure requirements that are comparable to the Home Mortgage Disclosure Act (HMDA), through an … Continue Reading

Joint Statement Issued by Federal Banking Regulators to Encourage (Yes, Encourage) Responsible Small-Dollar Lending in Response to COVID-19

Following previous guidance issued by (and in some cases withdrawn by) the OCC, CFPB, Federal Reserve, FDIC, and NCUA, the federal financial institution regulatory agencies published a joint statement on March 26, 2020, in response to COVID-19 “to specifically encourage financial institutions to offer responsible small-dollar loans to both consumers and small businesses.” The statement … Continue Reading

CFPB Eases Reporting Requirements

On March 26, the CFPB announced an easing of certain reporting requirements in order to allow financial services companies to focus on responding to consumers during the COVID-19 pandemic. The CFPB postponed several different reporting requirements relating to the Home Mortgage Disclosure Act (HMDA), credit cards, and prepaid accounts. In an unusual step for the … Continue Reading

Federal Regulatory Agencies Offer Interagency Statement Regarding COVID-19-Related Loan Modifications and Status Reporting

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau, and the Conference of State Bank Supervisors issued an Interagency Statement on March 22 urging regulated financial institutions to work with borrowers affected … Continue Reading

HUD, Fannie Mae, and Freddie Mac Suspend Foreclosures and Evictions for 60 Days

During a COVID-19 press briefing at the White House on March 18, 2020, President Donald Trump announced that the Department of Housing and Urban Development (HUD) will temporarily suspend “all foreclosures and evictions.” The president made this announcement to provide “immediate relief” to homeowners and renters struggling to make rent and mortgage payments. The president’s … Continue Reading

Update March, 18 2020: Financial Services Licensing and Compliance Obligations and COVID-19

As members of the financial industry prepare to meet the challenges associated with COVID-19, key government agencies have begun to offer guidance with respect to how their regulated financial institutions, including non-depositories, can meet their compliance obligations while balancing the realities of a pandemic event due to COVID-19. This blog summarizes the updates that we … Continue Reading

What You Need to Know About Address Confidentiality Programs

The High-Stakes Compliance Risk You Probably Haven’t Heard Of This is the first installment in Bradley’s series on Address Confidentiality Programs. While many businesses have been focused on CCPA compliance, there is another set of state privacy laws that may be flying under your organization’s radar. These lesser known statutes are often referred to as … Continue Reading

Think Finance Settlement: Final Resolution Leaves More Questions than It Answers as to Future of CFPB Enforcement

The CFPB announced that it settled with Think Finance, LLC and six subsidiaries on February 5. The settlement follows protracted litigation beginning in November 2017 involving the CFPB’s allegations that Think Finance “engaged in unfair, deceptive, and abusive acts and practices in violation of the Consumer Financial Protection Act in connection with the illegal collection … Continue Reading

Department of Defense Withdraws Troublesome Military Lending Act Guidance

In a significant victory for servicemembers and their families, who will again have access to products designed to protect them in the event of a total vehicle loss, the Department of Defense has revised its guidance that previously prevented auto lenders from offering service members Guaranteed Asset Protection (GAP) waivers in connection with a vehicle … Continue Reading

Eleventh Circuit Endorses Narrow Definition of TCPA Autodialer Creating Circuit Split

On January 27, 2020, a federal court of appeals issued a significant decision interpreting the Telephone Consumer Protection Act (commonly referred to as the “TCPA”) in a way that limits the expansive potential liability companies face under the statute. In Glasser v. Hilton Grand Vacations Company, the U.S. Court of Appeals for the Eleventh Circuit … Continue Reading

CFPB’s New Policy on Abusive Practices Promises a “Common Sense” Approach to Enforcement

Last week, the CFPB released a long-anticipated policy statement clarifying the agency’s enforcement standard for “abusive acts or practices.” According to an agency press release, the CFPB’s new standard offers a “common-sense” approach that director Kathleen Kraninger says will “provide[] a solid framework to prevent consumer harm while promoting the clarity needed to foster consumer … Continue Reading

Supreme Court Holds That an Order on a Motion for Relief from Stay Is a Final, Appealable Order

In a unanimous opinion released last week, the Supreme Court provided guidance as to how to determine the finality of an order in a bankruptcy case for purposes of an appeal under 28 U.S.C. § 158(a). The Court held that the adjudication of a creditor’s motion for relief from stay is properly considered a discrete … Continue Reading

Ready or Not, Section 1071 is Coming: The Upcoming Implementation of Dodd-Frank’s Women and Minority-Owned and Small Business Reporting Requirements

As part of the 2010 Dodd-Frank Act, Congress enacted Section 1071, which amended the Equal Credit Opportunity Act to mandate certain reporting requirements for lenders making business loans. The act aims to “facilitate enforcement of fair lending laws and enable communities, governmental entities, and creditors to identify business and community development needs and opportunities of … Continue Reading

The Top 5 Reasons Your CCPA Work Is Far from Over

So, you managed to get your California Consumer Privacy Act disclosures and privacy policy up on your website and you can finally take some much-needed rest, right? Think again. And no, it’s not because of the “CCPA-like” statutes coming to a state near you that you’re undoubtedly reading about (and yes, they are coming). It’s because … Continue Reading

HUD and DOJ Release Memorandum on the Application and Enforcement of FHA Violations Involving the False Claims Act

In an effort to provide clarity and certainty to Federal Housing Administration (FHA) approved lenders, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Justice (DOJ) jointly issued a memorandum of understanding (MOU) on October 28, 2019, describing broad guidelines about how HUD and DOJ will coordinate using the False … Continue Reading

Navigating ADA Compliance Issues in an Online World

The landscape remains murky as to whether and how Title III of the Americans with Disabilities Act (ADA) applies to websites. As the financial services industry moves increasingly and inexorably from a “bricks and mortar” presence to a virtual environment, these issues are likely to only become more prominent. With differing authority from courts across … Continue Reading

CFPB Issues Final HMDA Rule Offering Relief to Smaller Institutions and Credit Unions

The Consumer Financial Protection Bureau (CFPB) issued its long-awaited final rule amending the Home Mortgage Disclosure Act (HMDA) on Thursday, October 10. These changes promise to bring some measure of relief to smaller financial institutions and credit unions. Prior to this new rule, the CFPB did not require the collection and reporting of HMDA data … Continue Reading

Regulators Release Updated Examination Procedures for Acceptance of Private Flood Insurance

The final rule promulgated by the Board of Governors of the Federal Reserve (Federal Reserve), the Farm Credit Administration, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration, and the Office of the Comptroller of the Currency (OCC) went into effect on July 1, 2019, to implement the portion of the Biggert-Waters Flood … Continue Reading

House Financial Services Committee Meets to Discuss Improvements to FHA HECM Program

The U.S. House of Representatives Financial Services Subcommittee on Housing, Community Development, and Insurance convened a hearing on September 25, 2019, to discuss the federal Home Equity Conversion Mortgage (HECM) program, including recently proposed HECM legislation. The subcommittee hearing, titled “Protecting Seniors: A Review of the FHA’s Home Equity Conversion Mortgage Program,” included testimony from … Continue Reading

The CFPB (Yes, the CFPB!) Offers New Compliance Tools for Innovation

Companies that offer innovative consumer financial products and services have new tools to help them stay in compliance with federal consumer financial laws. In a refreshing twist from prior policy, the Consumer Financial Protection Bureau (CFPB) announced last week that it had revamped its No-Action Letter Policy and released a Compliance Assistance Sandbox and a … Continue Reading

National Credit Union Administration Encourages Banking Hemp Businesses — With Some Caveats

In December 2018, Congress gave the hemp industry a significant boost by passing the 2018 Farm Bill, which legalized the cultivation and sale of hemp (i.e., cannabis with a THC content of less than .3%).  The 2018 Farm Bill tasked the United States Department of Agriculture (USDA) with formulating the regulations to govern this burgeoning … Continue Reading

FHA Rule Reduces Barriers to Reverse Mortgages for Condominium Owners

After a nearly three-year delay, the U.S. Department of Housing and Urban Development (HUD) has finally released an update to its FHA condominium rules. The new rules, which take effect October 15, 2019, allow for FHA insurance approval on individual condominium units and ease burdensome FHA-insured reverse mortgage application requirements on condos, expanding access to … Continue Reading

The Family Farmer Relief Act of 2019: Will the Increased Debt Limit Lead to an Uptick in Chapter 12 Filings?

The United States Senate passed the “Family Farmer Relief Act of 2019” (H.R. 2336), which substantially increases the debt limit for agricultural producers seeking to file for relief under Chapter 12 of the United States Bankruptcy Code. The bipartisan legislation, which passed the U.S. House of Representatives in June and is expected to be signed … Continue Reading

HUD Proposed Rule Demands More Disparate and More Impact to Establish Disparate Impact Liability

The United States Department of Housing and Urban Development (HUD) released a sweeping proposed rule on August 1 seeking to amend HUD’s interpretation of the Fair Housing Act’s disparate impact standard. According to HUD, the proposed rule is designed to better reflect the U.S. Supreme Court’s 2015 ruling in Texas Department of Housing and Community … Continue Reading
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