Archive

In 2016 the Second Circuit Court of Appeals’(NY, Connecticut, and Vermont) recent decision in Madden v. Midland Funding, LLC held that a nonbank entity taking assignment of debts originated by a national bank is not entitled to protection under the National Bank Act (“NBA”) from state-law usury claims. Apparently, the Court did not considered the “Valid-When-Made Doctrine”—a longstanding principle of usury law that if a loan is not usurious when made, then it does not […]

On February 23, 2018 the Consumer Financial Protection Bureau (CFPB) published the February 2018 Quarterly Consumer Report Trends, entitled Public Records. The CFPB also published an article summarizing the significant conclusion of the report. The report concludes that the lack of public records information has had minimal effect on credit scores. Effective July 1, 2017 The three nationwide credit reporting companies—Equifax, Experian, and TransUnion – removed civic public records that did not meet stricter standards for […]

The Federal Financial Institutions Examination Council (FFIEC) has released an updated and expanded version of the publication A Guide to HMDA Reporting – Getting it Right (aka the HMDA bible). The publication had not been updated since 2013. The 327-page 2018 Guide is updated for the revisions to the Consumer Financial Protection Bureau’s (CFPB) Regulation C, which implements the Home Mortgage Disclosure Act (HMDA) that were effective January 1, 2018. The Guide includes the  revised […]

Last week Comptroller of the Currency Joseph M. Otting issued a statement after meeting with Mick Mulvaney, Acting Director of the Consumer Financial Protection Bureau. According to the news release (NR 2018-14) from the Office of the Comptroller of the Currency (OCC)  Comptroller Otting stated “Acting Director Mulvaney has helped reduce the burden on the banking system by delaying implementation of his agency’s Home Mortgage Disclosure Act rule, committing to reconsider its payday lending rule, and […]

In a recent wide-ranging memo to the staff of the Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney clarified the status of the agency. “When I arrived at CFPB, I told folks that despite what they might have heard, I had no intention of shutting down the Bureau. Indeed, the law doesn’t allow that, and as members of the Executive Branch we are charged with faithfully executing the laws. So let’s be clear: the […]