As more Americans install photovoltaic power generation and storage systems on their homes, journalists have reported incidents of alleged fraud and other forms of misconduct by solar system installers, finance…
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Amidst record-level interest rates, on February 21, 2024, the Federal Housing Administration (FHA) announced a new loss mitigation option, the Payment Supplement, to aid struggling borrowers. The Payment Supplement will…
CFPB Invokes “Dormant” Authority and Unveils First Public Supervisory Designation of a High-Risk Nonbank Installment Lender
Nearly two years ago, in April 2022, the CFPB issued a press release announcing its intent to start exercising its authority to examine non-bank financial services institutions that the CFPB…
The False Claims Act in 2023: A Government Enforcement Update
This past year, the False Claims Act (FCA) continued to be a key tool for the Justice Department and whistleblowers to bring suits against companies, including those in the financial…
On February 16, 2024, the Consumer Financial Protection Bureau (CFPB) announced what it heralded as a significant update to its Supervisory Appeals Process. The first of its kind since 2015…
FHA Makes Rule Changes for Branch Registration
Based upon “the mortgage industry’s evolution over time, the advancement of technology, and due to no longer needing to maintain several branch offices to conduct FHA business nationwide,” the FHA…
In an October 2023 advisory opinion, the Consumer Financial Protection Bureau (CFPB) put large banks and credit unions on notice that the use of chatbots and other technologies could…
The Alabama Supreme Court recently issued a major published decision on circumstances in which a residential borrower can challenge a mortgage foreclosure sale. In Littlefield v. Smith, the court…
Connecticut Banking Commissioner Order Highlights Risks Associated with Call Center Mortgage Loan Origination and Employee Social Media Use
On January 4, 2024, Connecticut Banking Commissioner Jorge L. Perez issued a temporary order to cease and desist against LoanSnap, Inc., ordering LoanSnap to cease and desist certain activities and notifying…
In October 2023, the CFPB issued an advisory opinion titled, “Consumer Information Requests to Large Banks and Credit Unions.” The upshot of the advisory opinion is that covered financial institutions…