Given the outcome of the presidential election, the focus is now on President-Elect Trump’s campaign promises to scale back the Dodd-Frank Act and pursue deregulation of financial services. As of now, little is known about specific actions the new administration will pursue after inauguration. There is, however, a template for reform, namely, the Financial Creating… Read More
Tag Archives: TILA
EVENT: Financing FinTech: Prepaid Accounts
Posted in Events, Regulatory DevelopmentsThursday, October 27, 2016 5:00 p.m. – 5:45 p.m. EDT Join us for one of our upcoming monthly telephone briefings led by members of our FinTech team: The CFPB announced final rules on October 5 concerning prepaid accounts under the Electronic Fund Transfer Act (Regulation E) and the Truth In Lending Act (Regulation Z). The… Read More
Senate Legislation to Regulate Small-Dollar Loans and Prepaid Cards
Posted in Payday Lending, Regulatory DevelopmentsOn April 7, 2016, Sen. Jeff Merkley (D-OR) introduced the “Stopping Abuse and Fraud in Electronic Lending Act of 2016,” or “SAFE Lending Act of 2016,” amending the Truth in Lending Act (“TILA”) and the Electronic Fund Transfer Act (“EFTA”) to include new limitations on small-dollar loans and prepaid cards. S. 2760 is cosponsored by… Read More
#ThrowbackThursday: Steps for Lenders to Consider in Connection with Mortgage Modification Programs
Posted in MortgageOriginally published as a Morrison & Foerster client alert in October 2008. Banks are increasingly implementing mortgage modification programs in order both to settle class-action lawsuits and as a way to improve returns on their investments. With housing prices continuing to decline, some lenders have found it increasingly cost-effective to allow borrowers to modify mortgages,… Read More
EVENT: Key Truth in Lending Updates and Recent Changes Webinar
Posted in Events, Mortgage, Regulatory DevelopmentsWednesday, October 28, 2015 1:00 pm – 2:30 pm EDT Morrison & Foerster partner Don Lampe and associate Ashley Hutto-Schultz will speak on the October 28 Lorman webinar “Key Truth in Lending Updates and Recent Changes.” Click here to register.
CFPB Orders Auto Financer to Pay $48.3M for Misleading Borrowers
Posted in CFPB, Enforcement Actions, Indirect Auto Lending, UDAAPOn September 30, 2015, the CFPB ordered an indirect auto lending company and its auto lending subsidiary to pay $48.3 million in fines for alleged FDCPA, TILA, and UDAAP violations. The CFPB alleges that the companies manipulated borrowers by using phony caller ID information and lying about imminent repossession or criminal charges in order to… Read More
Amendments Relating to Small Creditors and Rural or Underserved Areas Under the Truth in Lending Act (Regulation Z)
Posted in CFPB, MortgageThe CFPB is amending certain mortgage rules issued by the Bureau in 2013. This final rule revises the Bureau’s regulatory definitions of small creditor, and rural and underserved areas, for purposes of certain special provisions and exemptions from various requirements provided to certain small creditors under the Bureau’s mortgage rules. Read the rule here.
National Mortgage News Webinar: TRID: It’s Coming – Ready or Not
Posted in CFPB, Events, MortgageThursday, July 9, 2015 2:00 p.m. – 3:00 p.m. EDT Morrison & Foerster Partner Don Lampe will speak on National Mortgage News’ “TRID: It’s Coming – Ready or Not” webinar. With the deadline on the horizon, what can you do now to test your TRID readiness? More importantly, what can you do if you—or your… Read More
#ThrowbackThursday: TILA-RESPA Combined Disclosures: The Executive Perspective
Posted in CFPB, MortgageIn October 2014, Morrison & Foerster partner Donald Lampe presented “TILA-RESPA Combined Disclosures: The Executive Perspective” with the Community Mortgage Lenders of America. The presentation is available here.
CFPB Finalizes Rule Suspending Quarterly Submission of Credit Card Agreements
Posted in CFPB, Credit Cards, Regulatory DevelopmentsOn April 15, 2015, the Consumer Financial Protection Bureau (CFPB) announced a final rule (“Final Rule”) that suspends for one year the requirement under the Truth in Lending Act and implemented by Regulation Z that credit card issuers submit their card agreements to the CFPB on a quarterly basis. The Final Rule adopts the February… Read More
CFPB Keeps its Sights on Military Mortgage Ads
Posted in CFPB, Mortgage, UDAAPThe CFPB has announced another enforcement action targeting alleged deceptive mortgage advertising to veterans. The Bureau claims that the defendant lender targeted veterans with ads that falsely implied an affiliation between the mortgage lender and the Department of Veterans Affairs or the Federal Housing Administration. This allegedly violated the 2011 Mortgage Acts and Practices Advertising… Read More
April Fool’s – Not
Posted in CFPB, Mortgage, Regulatory DevelopmentsOn April 1st, the Bureau issued updated exam procedures on the new TILA and RESPA rules. They cover TILA RESPA Integrated Disclosures (applicable for exams after the August 2015 effective date), Higher-Priced Mortgage Loan Appraisals, Escrow Accounts, and Mortgage Servicing Requirements. For more information on the new rules and their implementation, check out our handy… Read More
When Is “Payment Authorization” the Same as a “Payment”? Seventh Circuit Weighs In
Posted in CFPB, Electronic Payments, MortgageA divided Seventh Circuit found that the Truth in Lending Act (TILA), 15 U.S.C. § 1601 et seq., requires mortgage servicers to credit online electronic payments on the day the customer authorizes the payment, despite not actually receiving the payment at that time. Fridman v. NYCB Mortg. Co., LLC, No. 14-2220 (7th Cir. Mar. 11,… Read More