On May 10, 2017, the Consumer Financial Protection Bureau (CFPB) began gathering information regarding small business financing needs in an effort to encourage small businesses—especially ones owned by minorities and women. The Bureau began this […]View More
On December 16, 2016, the fair lending team at the Consumer Financial Protection Bureau (CFPB) announced the markets that it would closely monitor in 2017. These new monitoring priorities are part of the general priority goals announced by […]View More
On December 21, 2016, the ranking member of the U.S. Senate Banking, Housing and Urban Affairs Committee, Senator Sherrod Brown (D-OH), sent a pointed letter to President-elect Trump’s nominee for Treasury Secretary, Steven Mnuchin. The letter […]View More
On June 22, 2016, the CFPB issued a Mortgage Servicing Supervisory Highlights Special Edition Report, and concluded that mortgage servicers may be violating the servicing rules that the CFPB enacted in January 2014, as a […]View More
Goodwin Procter’s Financial Institutions Group partner Mike Flynn will speak at the MBA’s HMDA Implementation Workshop on June 10 in Austin, Texas. The MBA program will focus on the new Home Mortgage Disclosure Act (HMDA) rule, […]View More
On May 10, 2016, the U.S. Treasury Department released a white paper entitled, “Opportunities and Challenges in Online Marketplace Lending.” The white paper is the result of a request for information that elicited more than […]View More
The U.S. Department of Housing and Urban Development (HUD) reached a settlement agreement with Associated Bank concerning allegations that the Bank violated Section 804(b) of the Fair Housing Act. According to the conciliation agreement, HUD […]View More
On September 18, CFPB Director Richard Cordray delivered remarks at a Field Hearing about CFPB’s latest proposed rule, which would allow it to begin regulating “captive” finance companies – those entities owned by automotive manufacturers “for […]View More
The Federal Reserve Board recently made headlines when it repealed its Regulation AA to comply with the Dodd-Frank Act, leading some to wonder how, and to what extent, regulation of financial institutions might change going forward. But the federal agencies charged with regulating […]View More
Synchrony Bank (formerly known as GE Capital Retail Bank) made two direct mail offers to its credit card holders, but it did not send the offers to Spanish-speaking customers. The Bank self-reported its actions, resulting […]View More
“Fair lending requirements apply throughout the life of the loan!” That was the message delivered by federal regulators in October 2013, reminding loan servicers that they are subject to fair lending liability and must manage […]View More
On January 28, 2014, a federal judge indicated that home loan borrowers in California may bring breach of contract claims against their loan servicer if the servicer offers a permanent loan modification agreement that differs […]View More
