Bank Law Monitor

Bank Law Monitor

A Legal Blog for the Financial Services Industry

Category Archives: Regulatory Developments

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CFPB Pursuing Mortgage Servicers with UDAAP

Posted in CFPB, Mortgage Servicing, Regulatory Developments, UDAAP
On September 29, 2014, the CFPB took action against Flagstar Bank for violating the CFPB’s new mortgage servicing rules by “illegally blocking borrowers’ attempts to save their homes.” The CFPB focused on the Flagstar’s actions from 2011 to present and found that Flagstar failed to devote sufficient resources to administering loss mitigation programs for distressed… Continue Reading

CFPB: Big Changes to the Mortgage Servicing Rules

Posted in CFPB, Mortgage Servicing, Regulatory Developments, TILA/RESPA
On October 22, 2014, the CFPB finalized amendments granting nonprofit small servicers an exemption from new mortgage servicing rules. These mortgage servicing rules are part of several rules regulating mortgages, including the Ability-to-Repay rules, that went into effect on January 10, 2014.   The servicing related changes impacts nine key areas: Periodic billing statements Interest rate… Continue Reading

Welcome to Bank Law Monitor: A Legal Blog for the Financial Services Industry

Posted in Auto Finance, CFPB, Compliance Resources, Credit Cards, Debt Collection, Marijuana, Mortgage Servicing, Overdrafts, Regulation AB, Regulatory Developments, TILA/RESPA, Trending News, UDAAP
Welcome! Graham & Dunn’s Financial Services team is pleased to announce the launch of Bank Law Monitor, a legal blog for the financial services industry. Bank Law Monitor will analyze regulatory developments, report on significant news and market trends, and monitor upcoming regulatory changes that impact the financial services industry. Our goal is to help… Continue Reading

Department of Defense Coordinates with CFPB to Expand Military Lending Act Protections

Posted in CFPB, Regulatory Developments
On September 29, 2014, the Department of Defense (DOD) published a proposed rule amending the Military Lending Act, which expands the scope of the Military Lending Act Protections. The CFPB appeared to be taking a strong role in developing the DOD’s proposal by issuing a press release of its own supporting the DOD’s actions. The proposal would… Continue Reading

Final Rules relating to Regulation AB II Unanimously Adopted by the SEC

Posted in Regulation AB, Regulatory Developments
On August 27, 2014, the SEC unanimously adopted the final rules under Regulation AB that substantially revises the offering process, disclosure and reporting requirements for registered offerings of asset-backed securities. While the rules implement many key reforms, the SEC deferred taking action on several aspects of its original rule proposals. For a copy of the… Continue Reading