While the Trump administration looks to pass legislation aimed at Dodd-Frank and the Consumer Financial Protection Bureau (“CFPB”), a lawsuit involving the extent of the CFPB’s authority and whether it can impose a $109 million penalty on a group of companies is continuing to be fought in a D.C. courtroom. In June 2015, PHH Corporation […]

If you haven’t been paying any attention for the last two weeks, you may have missed that on February 3, 2017 President Trump signed an Executive Order setting forth his administration’s core principles for regulating the United States’ financial system. The order seems to be the first step in fulfilling his campaign promise to change […]

In an earlier post, we started discussing the IRS’ “John Doe” summons to Coinbase, a virtual currency exchange, to obtain information about every Coinbase user, who, at any time during the period of January 1, 2013 through December 31, 2015, conducted transactions in a convertible virtual currency as defined in IRS Notice 2014-21. One such […]

Dispute is heating up over IRS’s attempts to get personal information about users of Bitcoin and other virtual currencies. Last November, the Internal Revenue Service (“IRS”) filed a petition in the United States District Court for the Northern District of California. It sought the court’s permission to serve a “John Doe” summons on Coinbase, Inc., […]

Federal appeals court gives effect to mortgage servicer’s disclaimers in monthly statements and letters and holds that homeowner is charged with carefully reading them and a basic level of understanding in what they say. Recently, the United States Court of Appeals for the Fourth Circuit affirmed a trial court’s ruling that granted a mortgage servicer […]

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 […]

In 2012, the Consumer Financial Protection Bureau (“CFPB”) launched its Project Catalyst initiative, which is dedicated to promoting consumer-friendly innovation in the financial services marketplace. The CFPB explains the initiative’s work as outreach and collaboration with a variety of institutions to develop new programs, perform research, and conduct disclosure testing, among other projects. On October […]

As financial institutions grapple with data security and risk management issues, the Federal Financial Institutions Examinations Council’s (“FFIEC”) Cybersecuity Assessment Tool (“CAT”) has become an important component of monitoring cybersecurity risk. However, the CAT is largely presented as a series of tables, risk levels, and statements that understandably give rise to questions. Now, the FFIEC […]

Today, the Independent Community Bankers Association (“ICBA”), a trade group representing the community banking industry, filed a lawsuit challenging new rules permitting credit unions to make additional types of commercial loans. The ICBA asserts that the National Credit Union Administration, which regulates credit unions and recently issued the federal regulation in dispute, violated its rule-making […]

Last week, the Consumer Financial Protection Bureau (“CFPB”) published an informational guide to help settlement professionals navigating the changes that are a part of the Know Before You Owe mortgage initiative. After months of preparation, the TRID Rule became effective last fall, with the promise to help consumers make informed decisions about mortgage choices. Since […]