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Consumer Financial Services Review Blog

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CFPB to Rethink QMs Again

USA - June 21 2022 Apparently time flies when you’re Director Chopra of the Consumer Financial Protection Bureau (“CFPB”). On June 17, Director Chopra issued a blog…

Vindication for the CFPB But Lack of Guidance on True Lender Issues

USA - May 26 2022 In a ruling with important implications for the Consumer Financial Protection Bureau (Bureau or CFPB), the Ninth Circuit has revived the CFPB's…

CFPB Reiterates ECOA Applies After Loan Origination

USA - May 12 2022 On May 9, 2022, the CFPB issued an Advisory Opinion outlining its position that the Equal Credit Opportunity Act (ECOA) and its implementing…

Latest CFPB Supervisory Highlights Cites Violations in Auto Servicing, Consumer Reporting, Debt Collection, and Other Areas

USA - May 6 2022 On May 2, 2022, the Consumer Financial Protection Bureau released the Spring 2022 edition of its Supervisory Highlights (“Supervisory Highlights” or…

This Time It’s Forever: California Poised to Reinstate One-Loan Exemption

USA - April 22 2022 The California State Legislature provided commercial lenders with welcome news this week when the California Senate passed Senate Bill 577 (“SB 577”)…

Recent Student Loan Licensing Developments: Kentucky to License Student Loan Servicers, Virginia Narrows Scope of Existing Law

USA - April 20 2022 Earlier this month, both Kentucky and Virginia enacted significant legislation related to student loan servicing. Kentucky joined the ever-growing…

FHFA Suspends Foreclosure for Borrowers Applying for HAF Assistance

USA - April 10 2022 On April 6, 2022, the Federal Housing Finance Agency (“FHFA”) announced that Fannie Mae and Freddie Mac will require servicers to suspend foreclosure…

California DFPI Affirms Employer-Integrated Earned Wage Access Is Not a Loan

USA - March 22 2022 In February 2022, a legal opinion issued by the California Department of Financial Protection and Innovation (“DFPI”) concluded that employer-provided…

FHFA’s Strategic Plan Reflects the Agency’s Increased Focus on Fair Lending

USA - March 18 2022 The U.S. Federal Housing Finance Agency’s (“FHFA”) draft strategic plan, which we discussed in an earlier post, sets forth FHFA’s goals and objectives…

FHFA’s Strategic Plan Adds Focus on Climate Change

USA - March 17 2022 On February 9, 2022, the U.S. Federal Housing Finance Agency (“FHFA”) released its Draft FHFA Strategic Plan: Fiscal Years 2022-2026 (the “2022…