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Financial Services Perspectives Blog

Articles: 1-10 of 294

FHA Clarifies That DACA Classified Residents Are Permitted to Apply for FHA-Insured Mortgages

USA - January 22 2021 On January 20, 2021, the U.S. Department of Housing and Urban Development (HUD) released guidance clarifying its definition of the term “lawful…

CFPB Publishes Supervisory Highlights Special Edition Focusing on COVID-19 Prioritized Assessments; Mortgage Servicing Issues Are Front and Center

USA - January 21 2021 On January 21, 2021, the Consumer Financial Protection Bureau (CFPB) released the 23rd issue of its Supervisory Highlights report, a special edition…

Continued Payments by the VA Won’t Stop Qui Tam When It Comes to Purported Fraud on Veterans

USA - January 19 2021 In the latest instance of courts interpreting the Supreme Court’s landmark False Claims Act ruling in Universal Health Services, Inc. v. Escobar, the…

Supreme Court Holds Mere Retention of Bankruptcy Debtor’s Property Is Not a Violation of the Automatic Stay but More Questions Remain

USA - January 15 2021 For the past few years, the Federal Circuit courts have struggled with the issue of whether a creditor retaining possession of bankruptcy estate…

FTC’s Comment on ECOA and Regulation B Signals Continued Focus on Small Business Lending

USA - January 14 2021 Last year, the CFPB issued a notice and request for information on the Equal Credit Opportunity Act (ECOA) and Regulation B. Specifically, the CFPB…

Bankruptcy Court Upholds Foreclosure Sale That Occurred Between Bankruptcy Case Dismissal and Subsequent Reinstatement

USA - January 14 2021 Frequently, borrowers file for bankruptcy at the 11th hour to halt foreclosure sales. Once a petition for bankruptcy relief has been filed, secured…

Florida Court Affirms That Merchant Cash Advance Product Not Subject to Usury Statute

USA - January 13 2021 This month, a Florida appellate court held that a merchant cash advance (MCA) purchase and sale agreement was not a “disguised loan” and, therefore…

CFPB Approves Synchrony’s “Dual-Feature Credit Card”

USA - January 8 2021 On December 30, 2020, the CFPB approved Synchrony Bank’s application to offer a “dual-feature credit card” (DFCC) under the CFPB’s Compliance…

Four Significant Changes to Consumer Bankruptcy Included in the Consolidated Appropriations Act, 2021

USA - January 8 2021 On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA 2021). Similar to the March 2020 CARES Act, several temporary…

New York Enacts Small Business Truth in Lending Disclosure Requirement Affecting Small Business Loans, MCAs, and Other Forms of Business Finance

USA - January 6 2021 A New Year brings new compliance requirements for non-banks and FinTechs conducting business in New York, including Merchant Cash Advance (MCA)…