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.
Mortgage Fraud Blog--Rachel Dollar
Lee Ann Benninghoff, owner and operator of Complete Escrow and Bella Casa Realty pleaded guilty in federal court to charges of bank fraud and conspiracy for conspiring with others in the industry, to submit fraudulent gift letters in support of mortgage loan applications, misrepresenting the source of the funds and their purported purpose.
DS News--Kyle G. Horst
Ahead of an expected U.S. Supreme Court ruling, a three-judge panel for the U.S. Court of Appeals for the Second Circuit has ruled that the CPFB's independent funding through the Federal Reserve is constitutional.
Search our Compliance Calendar for current regulatory changes & updates.
RMK Financial Corporation (dba Majestic Home Loans) was permanently banned from the mortgage lending industry for advertising using logos implying that the company was affiliated with the government.
Ballard Spahr--Richard J. Andreano, Jr.
The US District Court for the Northern District of Illinois has dismissed with prejudice, the first ever redlining complaint against a nonbank mortgage company filed by the CFPB in the summer of 2020 under the Equal Credit Opportunity Act and Consumer Financial Protection Act.
Buckley--InfoBytes Blog
Last month the FTC and CFPB filed a joint amicus brief with the U.S. Court of Appeals for the Eleventh Circuit seeking the reversal of a district court’s decision that denied servicemembers the right to sue to invalidate a contract that allegedly violated the Military Lending Act.
Mortgage Fraud Blog – Stephanie Abbott
Victor Santos and Fausto Simoes, a real estate developer and attorney of New Jersey, admitted to a mortgage fraud scheme that led to over $3.5 million in losses.
ACES allows Planet Home Lending to:
Ballard Spahr Consumer Finance Monitor - Alan S. Kaplinsky & Michael Gordon
The Consumer Financial Protection Bureau (CFPB) has gone directly to the Supreme Court in regards to the ruling of the constitutionality of the agency's funding mechanism.
The Department of Justice (DOJ) announced that a man in Illinois was sentenced to 24 months in prison, 2 years of supervised release and ordered to pay $210,000 in restitution to the victim of the offense, the Small Business Administration (SBA) in regard to 44 fraudulent applications for $10,000 grants from the SBA pursuant to the COVID-19 Economic Injury Disaster Loan (EIDL) Program, of which 21 were approved.
The Office of the Comptroller of the Currency (OCC) has planned a symposium on bank mergers at its Washington, DC headquarters for February 10, 2023, with the intent of seeking public input on the need for an updated framework for analyzing potential mergers.
Ballard Spahr--Alan S. Kaplinsky, Michael Gordon & John L. Culhane, Jr.
In a unanimous decision, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit ruled that the funding mechanism for the CFPB violates the U.S. Constitution’s Appropriations Clause and the separation of powers principles on which it is based that will have a huge impact on CFPB issued rules, guidance, and existing enforcement orders.
ACES QC Now webinar, “AI, Compliance, and State Enforcement: What Lenders and Servicers Need to Know in 2026" presented by ACES' General Counsel and EVP of Compliance, Amanda Phillips, AVP of Compliance, Savannah Prout, and Reid Herlihy, Partner at Mitchell Sandler, discusses the key developments shaping mortgage compliance in 2026
FTC Business Blog- by Lesley Fair
An automotive group recently settled an FTC complaint alleging multiple areas of discrimination against Black and Latino customers throughout the purchase and financing of vehicles.
The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced that the 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $28,500 to $31,000.
The CFPB filed a complaint against MoneyLion Technologies, Inc. and the MoneyLion lending subsidiaries for allegedly violating the Military Lending Act and the Consumer Financial Protection Act by imposing excessive charges on loans to servicemembers and their dependents.
Weiner Brodsky PC- Financial Services Update
A punitive class action suit has been allowed to continue in the U.S. District Court for the Northern District of New York (NDNY) related to an accountholder’s allegation that multiple overdraft fees were assessed and collected for the same item.
