The Federal Financial Institutions Examination Council, an interagency coordinating body for federal banking industry regulators, has issued two statements in the past month cautioning banks and credit unions about cyber-security risks and emphasizing the importance of effective risk mitigation policies. First-time buyers represented 38 percent of home purchasers in April – up from 34 percent… Read More »

The CFPB has asserted broad RESPA enforcement authority in a recent decision significantly expanding the liability of PHH Corporation for accepting “kickbacks” from mortgage insurers. The CFPB upheld an Administrative Law Judge’s finding that PHH had violated RESPA but increased the number of separate violations involved, increasing the required disgorgement from $6 million to $109… Read More »

Industry analysts have been arguing for some time that a dearth of available homes for sale was a major reason, if not the only one, for the less than robust housing recovery. But there are signs that this inventory log jam may be breaking up. Despite strong objections from financial industry trade groups, the Consumer… Read More »

You don’t often see “pro-consumer” linked to a U.S. Supreme Court decision these days, but that’s an apt description of the court’s unanimous ruling on the right of borrowers to rescind mortgage loans. Lower courts had split on whether consumers can simply notify lenders that they are exercising that right or must actually file suit… Read More »

Federal regulatory agencies regularly interpret their regulations through guidance, letters, and memoranda explaining how the rules will be applied. But just how much interpreting and re-interpreting of those rules are the agencies allowed to do? The U.S. Supreme Court is considering that question and its answer could have sweeping implications for the rule-making process –… Read More »