Law and regulation

The companies held out hope that they'd get skeptical regulators to sign off on their $286 million deal before determining that canceling it was in their best interests.

Four companies are fighting CFPB enforcement actions by claiming the agency cannot be funded by the Federal Reserve, which has not been profitable since 2022. The consumer bureau calls the new legal theory "meritless."

A summary judgment from a Missouri district court denied the government from seeking federal damages for violations of the False Claims Act following alleged underwriting misconduct by the lender.

A new policy directive aims to fortify critical infrastructure by enhancing collaboration between U.S. intelligence agencies and systemically important financial entities.

The Bluegrass State joins 20 others in passing legislation against the non-title record agreements, which frequently lead senior citizens into granting long-term exclusive sales rights to businesses.

The Old Dominion State has joined 30 others with pending or existing legal protections against the real estate agreements, which affect the right to sell.

The original lawsuit was one of several filed in 2014 in a coordinated effort among federal and state regulators aimed at fraudsters trying to cheat distressed mortgage borrowers.

The American Bankers Association requested that President Joe Biden tell Treasury Secretary Janet Yellen to study the impact of more robust bank regulation.

Regulators will now accept feedback until Jan 16, 2024 — a six-week extension — concurrent with a Federal Reserve effort to gather additional information about the potential implications of the proposed capital changes.

New American Funding's Patty Arvielo found hiring initiatives can help match lending with demographics but says hurdles to recruiting in general are high now.

The class action case, first brought up in 2020, accused Lakeview Loan Servicing and LoanCare of violating the Texas Debt Collection Act by charging "junk" fees.

The high court will hear oral arguments on Oct. 3 on whether the Consumer Financial Protection Bureau's funding violates the Appropriations clause. A key issue is whether parameters can be placed around Congress' authority over the federal purse strings.

The proposal by a regulator overseeing government-related loan buyers could cut companies with small infractions off from a key source of business, groups say.

The U.S. Securities and Exchange Commission is probing the non-QM lender, which pledges to promote homeownership in underserved communities, over its mortgage-backed securities, according to people with direct knowledge of the matter. 

The watchdog accuses the mortgage shop of providing illegal incentives to real estate brokers and agents, such as cash payments, paid subscription services, and catered parties, in return for purchase business.

The accusations build on those previously outlined in a lawsuit filed by former chief operating officer Tamara Richards in 2021.

The implementation plan the Biden administration released on Thursday seeks to shift liability for data breaches onto "the biggest, most capable" entities. Does that mean banks?

The Ninth U.S. Circuit Court of Appeals reversed a prior ruling made in 2021 that dismissed the class action, thereby reinstating the litigation that claims the media giant's advertising platform allowed for redlining practices.

Judge Kenneth Marra granted the servicer a summary judgment, ruling all of the government's claims were previously covered by the National Mortgage Settlement.

The state will introduce new rules in 2024, while North Carolina and Delaware have similar legislation coming into effect this summer.