On April 26th, the FTC gathered private sector representatives, regulators, and academics for a workshop to discuss the state of the mobile payment industry. Some commentary has interpreted regulators’ comments at the workshop to be a signal that regulators intend to use a “light touch” as the industry matures, but the phrase only partially hits the mark.
Category Archives: Other Federal Agencies & GSEs
Subscribe to Other Federal Agencies & GSEs RSS FeedTenants’ Rights under the Global Foreclosure Settlement Agreement
Posted in Litigation & Enforcement Actions, Mortgage Servicing, Other Federal Agencies & GSEsBy: Nanci L. Weissgold, Morey E. Barnes Yost
Buried deep in the 40-plus pages of “Servicing Standards” that are part of the recently announced global foreclosure settlement agreement (the “Agreement”) are two bullets on a topic that could impact thousands: tenants’ rights.
National Mortgage Foreclosure Settlement Tackles “Dual Tracking” of Foreclosure and Loan Modification
Posted in Litigation & Enforcement Actions, Mortgage Servicing, Other Federal Agencies & GSEsBy: Stephanie C. Robinson, Kerri M. Smith
At what point is it appropriate after a borrower defaults to initiate foreclosure proceedings? As soon as the borrower defaults?
Protecting the Protectors – the Global Settlement Agreements’ SCRA Provisions
Posted in Bureau of Consumer Financial Protection (CFPB), Litigation & Enforcement Actions, Mortgage Servicing, Other Federal Agencies & GSEs, Servicemember ProtectionsGiven the reported violations of the provisions of the Servicemembers Civil Relief Act (“SCRA”) by some servicers, and the attendant enforcement and civil actions against those servicers, state and federal regulators clearly felt compelled to impose significant SCRA-related requirements on the nation’s five largest residential mortgage loan servicers (the “Servicers”) in the recent global settlement agreements (the “Agreements”) entered into between those regulators and Servicers, described here.
Global Servicing Settlement Requires Single Points of Contact (“SPOCs”)
Posted in Bureau of Consumer Financial Protection (CFPB), Litigation & Enforcement Actions, Mortgage Servicing, Other Federal Agencies & GSEsBy: Kristie D. Kully
The servicing standards imposed on the five largest mortgage loan servicers by the recent global settlement agreement with state and federal regulators, described here, continue to pile on the “SPOC” requirements.
FDIC Issues a Quick Guide for Consumers on Credit, Debit, and Prepaid Cards
Posted in Credit Cards, Other Federal Agencies & GSEs, Payment SystemsBy: Andrew L. Caplan*
*Mr. Caplan is not yet admitted to practice; admission to the NY Bar pending.
As Gertrude Stein once wrote, “a rose is a rose is a rose.” However, as indicated in a recent Federal Deposit Insurance Corporation (“FDIC”) consumer guide, a card is not a card is not a card.
Refinancing Rural Housing Loans: Rural Housing Service Announces Pilot Program
Posted in FHA/VA, Other Federal Agencies & GSEsOn the heels of President Obama’s State of the Union address, the U.S. Department of Agriculture this month announced a two-year pilot program to help borrowers with USDA-guaranteed loans refinance their mortgages at lower rates without obtaining a new credit report, appraisal, or property inspection.
Supreme Court Case on Disparate Impact Voluntarily Dismissed – Parties in Magner v. Gallagher Say Never Mind
Posted in Fair Lending/Anti-Discrimination, Mortgage Lending, Other Federal Agencies & GSEsIn a rare and unexpected move, the City of St. Paul last Friday agreed to dismiss its appeal to the U.S. Supreme Court challenging whether a violation under the Fair Housing Act may be proved under a disparate impact legal theory, or whether proof of intentional discrimination is required.
Administration’s Proposed Refinancing Plan for Non-GSE Loans Is Illusory
Posted in FHA/VA, Mortgage Servicing, Other Federal Agencies & GSEsThe Administration’s newly announced plan to provide low cost refinancings to underwater, current borrowers whose residential mortgage loans are not owned or securitized by the GSEs is high on hope and low on likelihood of success.
Mortgage Industry Submits Comments on HUD’s Proposed Disparate-Impact Rule under the Fair Housing Act
Posted in Fair Lending/Anti-Discrimination, Mortgage Lending, Other Federal Agencies & GSEsBy: Paul F. Hancock, Andrew C. Glass, Melanie Hibbs Brody, Roger L. Smerage, Melissa S. Malpass, Gregory N. Blase
On January 17, 2012, K&L Gates LLP submitted the comments of six financial services trade associations to the United States Department of Housing and Urban Development (HUD) on the proposed rule to implement a disparate-impact legal standard under the Fair Housing Act.
Freddie Mac’s Refinancing Policy
Posted in Mortgage Lending, Other Federal Agencies & GSEsBy: Kerri M. Smith
NPR and ProPublica charged Freddie Mac with investing in securities that would lose value if homeowners refinanced their mortgages.
CFPB and FTC Memorandum of Understanding Aims to Coordinate Non-Bank Enforcement and Allow Information-Sharing
Posted in Bureau of Consumer Financial Protection (CFPB), Other Federal Agencies & GSEsOver the weekend, the CFPB and the FTC executed a Memorandum of Understanding (“MOU”) between the two agencies that clarifies how they will share information and coordinate efforts with respect to companies and issues that fall under both agencies’ jurisdiction.
CFPB Releases “Mortgage Origination Examination Procedures” Governing Banks and Nonbanks – Not a Prelude to a Kiss
Posted in Bureau of Consumer Financial Protection (CFPB), Fair Lending/Anti-Discrimination, Mortgage Lending, Other Federal Agencies & GSEs, Privacy & Information Security, UDAAPThe CFPB wants to get to know you – well. But it’s not a prelude to a kiss.
On January 12, 2012, the CFPB released its new Mortgage Origination Examination Procedures Governing Banks and Nonbanks (the “Procedures”).
GSE Loan Repurchase Policies Impede Economic Recovery
Posted in Mortgage Lending, Mortgage Servicing, Other Federal Agencies & GSEsThe loan repurchase policies of Fannie Mae and Freddie Mac are one of the factors that have exacerbated the U.S. housing crisis and impeded economic recovery, according to two recent releases by notable federal government actors.
RESPA Investigations Initiated at HUD May Have Been Reassigned to the CFPB
Posted in Bureau of Consumer Financial Protection (CFPB), Litigation & Enforcement Actions, Other Federal Agencies & GSEsWhen HUD transferred RESPA enforcement authority to the CFPB, some RESPA investigations that had been initiated at HUD may have been assigned to the new agency. As a result, some companies may not be out of the woods just yet.
FHA: HUD Uses FAQs to Communicate Policy Changes
Posted in FHA/VA, Other Federal Agencies & GSEsMortgagee Letters released by the Federal Housing Administration (“FHA”) appear to no longer be the final word on policy changes made by FHA and HUD related to FHA lending. Although FHA has maintained “FHA Frequently Asked Questions” on its website for some time, it only recently began to publish targeted Frequently Asked Questions in response to specific Mortgagee Letters and questions submitted by industry participants.
HUD’s Proposed Fair Lending Rule: Deadline for Comments
Posted in Fair Lending/Anti-Discrimination, Other Federal Agencies & GSEsOn November 16, 2011 the United States Department of Housing and Urban Development (“HUD”) released a proposed rule to establish that proof of intentional discrimination is not necessary to establish a violation of the Fair Housing Act, and that a violation may be established under a disparate impact approach.
CFPB and Other Federal Banking Agencies Issue Joint Supervisory Statement Clarifying $10 Billion Asset Determination: Regulatory Uncertainty Remains
Posted in Bureau of Consumer Financial Protection (CFPB), Other Federal Agencies & GSEsBy: Andrew Caplan and Stephanie C. Robinson
The Dodd-Frank Act gives the CFPB exclusive supervisory authority and primary enforcement authority of federal consumer financial protection laws over depository institutions with total assets greater than $10 billion and their affiliates (“Large Institutions”). Under Dodd-Frank, the federal banking agencies maintain supervisory and enforcement authority over other institutions with respect to federal consumer financial protection laws.