Category Banking


On February 27, the U.S. House of Representatives passed H.R. 4296, which aims to reduce the operational capital requirements imposed on financial institutions. The bill passed with a vote of 245-169. As is typical with deregulatory legislation, only 19 Democrats supported the bill, while only three Republicans voted against it. Currently, most U.S. financial institutions […]

Meet the New Editor and the New Content

For nearly the last four years, my friend and colleague, R. Scott Adams, a member in Spilman’s Winston-Salem, North Carolina office, has been the editor of the Banking on This blog and its chief contributor, writing monthly on topics of interest in the mortgage and consumer banking arenas. Recently, an opportunity came to Scott to take an […]

Supreme Court Provides TILA Home Loan Rescission Guidance

In a unanimous opinion last week, the Supreme Court of the United States explained that a home loan borrower exercising her right to rescind under the Truth in Lending Act (“TILA”) need only provide written notice to his lender within the three-year period, not file suit within that period. Jesinoski v. Countrywide Home Loans, Inc., No. […]

CFPB Field Hearing on Medical Debt

Next week, the Consumer Financial Protection Bureau (“CFPB”) will hold a field hearing in Oklahoma City on medical debt collection.  Many hospitals, debt collection law firms, and third-party collectors are well aware of consumer claims related to medical debt collection.  For hospitals that have historically collected their own debts, the current regulatory and enforcement climate […]

CFPB Issues Updated Guidance on Loan Servicing Transfers

Recently, the Consumer Financial Protection Bureau (“CFPB”) issued a bulletin regarding the obligations of mortgage companies to protect consumers before, during, and following loan transfers between mortgage servicers. The preface to the bulletin states that the “CFPB’s concern in this area remains heightened due to the continuing high volume of servicing transfers.” Institutions that hold […]

CFPB Proposes Changes to Reg C

The Home Mortgage Disclosure Act (“HMDA”), implemented through Regulation C, is the next target for changes by the Consumer Financial Protection Bureau (“CFPB”).   The CFPB’s proposed rule claims to simplify the reporting process for financial institutions while also updating the reporting requirements.  HMDA, originally enacted in 1975, requires many financial institutions to report information about […]

Community Bankers Propose Additional QM Status

Last week, the Independent Community Bankers of America (“ICBA”) penned a letter to Director Cordray of the Consumer Financial Protection Bureau (“CFPB”) asking it to expand small creditor exemptions.  Specifically, the ICBA asked the CFPB to “revise the current ability-to-repay/qualified mortgage (QM) rules and escrow requirements for higher-priced mortgage loans to allow community bank loans […]

Thoughts From Mortgage Servicing Compliance Seminar in Dallas

Recently I had the privilege to speak in Dallas at the American Conference Institute seminar on mortgage compliance issues. My panel, which included two other mortgage lawyers, addressed updates to ECOA, RESPA and TILA in the mortgage servicing context. Many other interesting panels composed of compliance personnel, in-house lawyers and outside counsel covered a range […]