A federal court in Texas recently refused for the second time to delay the compliance date of the CFPB’s payday lending rule, which generally leaves the agency only one option to delay the date: through notice-and-comment rulemaking procedures. “There is a significant likelihood that the bureau might extend the compliance deadline” through rulemaking, said Quyen Truong, a partner at Stroock & Stroock & Lavan. Two payday lending trade groups earlier this year ...
The CFPB recently imposed a $69 million judgement against two individuals and a group of payday lending entities controlled by them for cash-grab scams, although most of it will be waived. This is the seventh enforcement action brought by the CFPB so far this year, and also the third involving payday lenders. The U.S. District Court for the Western District of Missouri Western Division recently entered an order effectuating a settlement between the CFPB ...
Fannie Mae and Freddie Mac appear to be on track for a June 2019 launch of the new uniform MBS, but the Securities Industry and Financial Markets Association has yet to issue a formal declaration on to-be-announced eligibility for UMBS.
The Department of Justice this week announced a $4.9 billion settlement with the Royal Bank of Scotland to resolve legacy-related claims that the bank misled investors on the quality of residential MBS they purchased from RBS between 2005 and 2008.
There are fewer structural protections in today’s speculative-grade securities backed by subprime auto loans compared to below-investment grade issuances in the 1990s, according to an S&P Global analysis of the subprime auto loan ABS sector.
There’s a perception the CFPB will take fewer enforcement actions under the leadership of Mick Mulvaney, but industry attorneys question whether there has been any pullback…
Some states are gearing up to tighten their regulation of mortgage servicers to pick up the slack from a perceived pullback by federal regulators, although attorneys said the Consumer Financial Protection Bureau is still enforcing its servicing regulation.
RSS