Consumer Protection

The London Interbank Offered Rate (LIBOR) has been the benchmark for setting interest rates between banks since the 1970s. It has served as a common standard by which the interest rate of adjustable-rate mortgages is set, often through specific contractual terms. With LIBOR set to end as the benchmark index in June, John Levonick, regulatory compliance attorney and CEO of Canopy Financial Technology Partners, spoke with Dodd Frank Update about the transition and some things mortgage servicers should expect. Read on for more details. Read on »

The Consumer Financial Protection Bureau and the Department of Justice filed a joint statement of interest in a lawsuit alleging an appraiser and a lender violated federal law by lowering the valuation of a home because the owners were Black and by denying a mortgage refinancing application based on that low appraisal. Read on for more details. Read on »

The Federal Trade Commission announced it is taking administrative action to block the proposed acquisition of Black Knight by Intercontinental Exchange. The commission believes the deal between two major competitors in the mortgage technology industry would lead to increases in costs for consumers and reductions in innovation and competition in the market. Read on for more details. Read on »

The Consumer Financial Protection Bureau released a special edition of its supervisory highlights report which looks specifically at “unlawful junk fees” in different areas of the consumer financial services sector. Specifically, the bureau looks at the role fees place in deposit accounts and multiple loan servicing markets. Read on for more details. Read on »

The Consumer Financial Protection Bureau (CFPB) published a new report analyzing the financial profiles of Buy Now, Pay Later (BNPL) borrowers. The research found BNPL borrowers are more likely to exhibit financial distress than non-users and are more likely to be active users of other forms of credit. This is the latest in the CFPB’s efforts to understand and better regulate the BNPL market. Read on for more details. Read on »

A Cincinnati man filed a complaint with the U.S. Department of Housing and Urban Development over what he claims is racial discrimination in property appraisal. At the center of his complaint are a series of alleged errors that lowered the value of his property and which the appraiser reportedly refused to correct. Read on for more details. Read on »

The Federal Reserve, Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency issued a joint warning about the risks of using and holding crypto assets. The International Monetary Fund also issued a new paper encouraging member countries to not move too quickly in matters of law and policy surrounding crypto assets. Read on for more details. Read on »

The Consumer Financial Protection Bureau is seeking public input regarding the consumer disclosures of a loan that finances both the construction and permanent purchase of a home. The request for input comes following an application to the bureau’s trial disclosure program from the Independent Community Bankers of America. Read on for more details. Read on »

The House Financial Services Committee passed the Data Privacy Act of 2023 during its first markup of the new congressional term. The legislation, introduced by committee Chair Patrick McHenry (R-N.C.), seeks to modernize financial data privacy laws and provide consumers with greater control over how their personal information is collected and used. Read on for more details. Read on »

The U.S. Department of Justice announced a settlement agreement with Newark, Ohio-based Park National Bank as part of the department’s Combatting Redlining Initiative. Read on for more details. Read on »