Appellate courts are rejecting older interpretations of the Fair Credit Reporting Act and Fair Debt Collection Practices Act, while the CFPB is pushing its own readings of them through guidance.
Across the 47 state assemblies in session, there are about 500 pieces of legislation under consideration that would directly impact mortgage servicers.
The Appraisal Foundation plans to revise ethics rule draft; CashCall faces $169 million in restitution and fines; companies not reporting credit card payment data; public benefits programs subject to fees; CFPB, FTC seek input on tenant background checks; DOJ redlining settlement.
The New York Foreclosure Abuse Prevention Act reverses a court ruling that said the voluntary discontinuance of a foreclosure revoked the acceleration of a mortgage loan and its six-year statute of limitations.
The bureau and the New York Office of the Attorney General are suing Michigan-based auto lender Credit Acceptance Corp. over violations of federal and state consumer protection laws.
The CFPB wants to track agency and court orders against nonbanks across all levels of government. One attorney said such a registry would add a substantial compliance burden, especially for smaller companies, and demonstrates a cynical view of financial institutions.
In a preliminary determination, the CFPB said the Truth in Lending Act doesn’t preempt a New York law requiring lenders to provide commercial borrowers with financial disclosures similar to those provided to consumers. The agency said the laws cover distinct sectors.
State and federal regulations on assumable mortgages differ in some respects from those for new originations. And agency and investor guidelines have to be factored in too.
RSS