Archive

DODD-FRANK CHANGES TO REGULATION O

The Dodd-Frank Act contains over 2,000 pages of law. One page buried deep within the massive law has made two changes that impact Regulation O, the regulation that limits lending to insiders. The laws upon which Regulation O is based have been changed; the regulation itself has not been changed yet. The first change expands the definition of “extension of credit,” to include extending credit to a person and having credit exposure to the person […]

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HUGE UDAAP CASE

On Thursday July 19, 2012, the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB) each published releases announcing action against Capital One for Unfair, Deceptive and Abusive Acts or Practices (UDAAP) in violation of Section 5 of the Federal Trade Commission Act. This is the CFPBs first public enforcement action. The bank will pay $150 million in damages to 2.5 million affected consumers. This includes $140 million to […]

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CFPB – SEMIANNUAL REGULATORY AGENDA

Recently the CFPB published its agenda as part of the Spring 2012 Unified Agenda of Federal Regulatory and Deregulatory Actions.  The CFPB reasonably anticipates having the regulatory matters identified below under consideration during the period from June 1, 2012 to May 31, 2013.  The next agenda will be published in fall 2012 and will update this agenda through October 1, 2013. Law/Regulation:  Home Mortgage Disclosure Act/Regulation C Summary:  The amendments made by the Dodd-Frank Act […]

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ANOTHER DOJ DISCRIMINATION SETTLEMENT

On July 12, 2012, Wells Fargo, the nation’s largest mortgage lender, agreed to settle with the Justice Department to resolve allegations that it steered black and Hispanic borrowers into subprime loans when similarly qualified white borrowers received mortgages with lower rates. The settlement requires Wells Fargo to provide $125 million to borrowers, $50 million in down-payment assistance in hard-hit regions where Justice found evidence of discrimination, and additional compensation to blacks and Hispanics who were […]

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MORE REGULATION Z (TIL) AND REGULATION X (RESPA)

The biggest big news on Monday July 9, 2013 was the 1,099 page proposal to combine TIL and RESPA forms. The other big news on Monday was the 293 page proposal to amend the Truth in Lending Act by expanding the types of mortgage loans that are subject to the protections of the Home Ownership and Equity Protection Act of 1994 (HOEPA), by revising and expanding the triggers for coverage under HOEPA, and by imposing […]

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