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This topic consolidates everything you need to know to stay informed including prominent industry advocacy movements, current regulatory enforcement actions, and judicial rulings impacting mortgage banking.

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January 21, 2022

CFPB Acting General Counsel addresses “confusion” caused by CFPB advisory opinion on earned wage access program

Ballard Spahr Consumer Finance Monitor - Mark J. Furletti

CFPB Acting General Counsel Seth Frotman wrote in a letter to three consumer advocacy groups that he plans to recommend to Director Chopra “that the CFPB consider how to provide greater clarity on these types of issues" due to "confusion" caused by November 2020's advisory opinion on earned wage access (EWA) programs.

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January 18, 2022

Justice Department and Federal Trade Commission Seek to Strengthen Enforcement Against Illegal Mergers

As recent evidence indicates that many industries across the economy are becoming more concentrated and less competitive, the Justice Department’s Antitrust Division and Federal Trade Commission (FTC) launched a joint public inquiry aimed at strengthening enforcement against illegal mergers

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January 18, 2022

CFPB Announces Settlement Regarding the 2019 Taskforce on Federal Consumer Financial Law

The CFPB has settled a lawsuit filed by the National Association of Consumer Advocates, U.S. Public Interest Research Group, and Professor Kathleen Engel that alleged the Taskforce on Federal Consumer Financial Law did not comply with the Federal Advisory Committee Act.

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January 14, 2022

Former Acting Inspector General for the U.S. Department of Homeland Security Pleads Guilty to Scheme to Defraud the U.S. Government

The United States Depart of Justice

A former Acting Inspector General for the U.S. Department of Homeland Security, Office of Inspector General (DHS-OIG) pleaded guilty to federal charges involving theft of proprietary software from the U.S.goverment.

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January 14, 2022

High Profile Prosecutor Indicted Over False Mortgage Applications

Mortgage Professional America--The Associated Press

A federal grand jury indicted Baltimore State Attorney, Marilyn Mosby, on charges of perjury and making false mortgage applications in the purchase of two Florida vacation homes and lying about meeting qualifications for coronavirus related distributions from a city retirement plan in 2020.

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January 07, 2022

Fed updates legal interpretations related to several regulations

Buckley InfoBytes Blog

On December 30, the Federal Reserve Board added several new frequently asked questions related to legal interpretations of the Board’s regulations, including Regulations H, O, W, and Y, as well as questions concerning covered savings associations.

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December 20, 2021

Agencies urge the court to adopt a reading of the Equal Credit Reporting Act addressing the definition of “applicant”

The Federal Trade Commission joined the Consumer Financial Protection Bureau, the U.S. Department of Justice and the Board of the Federal Reserve in filing an amicus brief with the United States Court of Appeals for the Seventh Circuit in the case John Fralish v. Bank of America, arguing that the term “applicant” as used in the Equal Credit Opportunity Act is best read to protect existing holders of credit as well as persons who have sought but not yet been granted credit from unlawful discrimination.

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December 16, 2021

OCC Assesses $1 Million Civil Money Penalty Against CommunityBank of Texas For Violations of the Bank Secrecy Act

The Office of the Comptroller of the Currency (OCC) assesses a $1 million civil money penalty against CommunityBank of Texas, N.A., Beaumont, Texas, for violations of the OCC’s Bank Secrecy Act regulations.

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December 15, 2021

Loan Officer Admits Participation in Large-Scale Mortgage Fraud Scheme

Mortgage Fraud Blog--Rachel Dollar

Isaac DePaula has admitted his role in a long-running, large-scale mortgage fraud scheme through a mortgage company called Premier Mortgage Services (PMS).

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December 13, 2021

New Jersey attorney disbarred for mortgage fraud

The Legal Description

The Supreme Court of New Jersey disbarred Stephanie Hand for her mortgage fraud scheme.

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December 09, 2021

Texas Woman Convicted of COVID-19 Relief Fraud

The United States Department of Justice

Lola Shalewa Barbara Kasali, 24, of Houston, was convicted by a federal jury for defrauding the Paycheck Protection Program (PPP) of over $1.9 million in loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

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December 09, 2021

CFPB Report Highlights Supervisory Findings of Wide-Ranging Violations of Law in 2021

The CFPB issued a Supervisory Highlights report, which shines a light on legal violations identified by the CFPB’s examinations in the first half of 2021.

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December 01, 2021

SEC Updates List of Firms Using Inaccurate Information to Solicit Investors

The SEC today announced that it updated its list of unregistered entities that use misleading information to solicit primarily non-U.S. investors, adding 82 soliciting entities, eight (8) impersonators of genuine firms, and one (1) bogus regulator.

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December 01, 2021

Former President of First Mortgage Company Sentenced for Fraudulent Schemes

Mortgage Fraud Blog -- Stephanie Abbott

Former President of First Mortgage Company Ronald J. McCord of Oklahoma City was sentenced to 104 months in prison for defrauding locally-based banks, Fannie Mae, homeowners, and others through a broad range of fraudulent conduct.

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