A&B ABstract: On January 13, 2021, the Consumer Financial Protection Bureau (“CFPB”) issued a Statement encouraging financial institutions to expand access to financial products and services for consumers with limited English proficiency (“LEP”). The CFPB considers a consumer to have LEP if the person has a limited ability to read, write, speak, or understand English. […]
About Consumer Finance Team
Massachusetts AG Announces Division Focused on Data Privacy and Security
On August 13, Massachusetts Attorney General Maura Healey announced the creation of a Data Privacy and Security Division with the AG’s office, and named Sara Cable as Chief of the new division. The new division is intended to protect Massachusetts consumers from increased threats to the privacy and security of their data.
A&B Attorneys Address “The Impact of COVID-19 on Mortgage Servicing Rights and Servicing Advances”
On August 11, a multidisciplinary group of Alston & Bird lawyers hosted the webinar “The Impact of COVID-19 on Mortgage Servicing Rights and Servicing Advances.” Participants were Karen Gelernt and Katrina Llanes, Finance practice partners; Matthew Mamak, Corporate Transactions and Securities practice partner; and Nanci Weissgold, Financial Services & Products practice partner. The webinar addressed […]
CFPB Institutes Redlining Action Against Non-Bank Mortgage Lender
A&B ABstract: Recently, the Consumer Financial Protection Bureau (“CFPB”) brought its first ever redlining case against a non-depository institution. While the CFPB has yet to issue guidance regarding how it would evaluate a non-bank lender’s activities for potential redlining, the CFPB’s allegations in this case provide some insight to mortgage lenders regarding compliance expectations. Discussion […]
Fannie Mae Updates COVID-19 FAQ’s Related to Servicing
A&B ABstract: On June 30, Fannie Mae updated its “COVID-19 Frequently Asked Questions” as part of an ongoing effort to provide guidance to lenders and servicers in connection with the ongoing COVID-19 national emergency. The updates address retention workout options and incentive fees, among other topics. Foreclosure Suspension Fannie Mae has updated Question 3 to […]