Blog

On February 1, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a rule to curb excessive credit card late fees that cost American families about $12 billion each year. Major credit card issuers continue to profit off late fees that are protected by an expansive immunity provision. Credit card companies have also relied on this provision to hike fees with inflation, even if they face no additional collection costs. The proposed rule would help ensure

In order to better align with how the nation and the banking industry have changed, on May 5th 2022 the federal bank regulatory agencies overhauled the Community Reinvestment Act (CRA) and jointly issued a proposal to strengthen and modernize regulations implementing the CRA. During the comment period on the 619-page proposal, which ended August 5th, 2022, the agencies received 567 responses and the industry’s reactions were both positive and negative. Considering that it has been

The Financial Crimes Enforcement Network (FinCEN) was busy last week issuing two Notices of Proposed Rule Making (NPMR) and an adjustment to Civil Money Penalties (CMP). The purpose of the first NPRM is for interested parties to comment on the application that will be used to collect information from individuals who seek to obtain a FinCEN identifier, consistent with the Beneficial Ownership Information. The second NPRM is requesting comments for the report that will be

Recently the Department of Housing and Urban Development released a draft Mortgagee Letter. The proposed letter establishes a process for mortgagees when a borrower requests a review of the appraisal results associated with their application for an FHA-insured mortgage. On June 1, 2021, President Biden announced the creation of an Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) to combat bias in home appraisals. FHA is committed to strengthening safeguards against unlawful discrimination

On June 15, 2020, the United States Supreme Court in the case of Bostock v Clayton County declared that disparate treatment based on sexual orientation or gender identity is sex discrimination under federal law. It is the law of the land. On March 9, 2021, the Consumer Financial Protection Bureau (CFPB) issued an interpretative rule to amend Regulation B to clarify that disparate treatment based on sexual orientation or gender identity is sex discrimination under