What Happened? On March 5, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued the Credit Card Penalty Fees Final Rule (“Final Rule”), which reduces the safe harbor for the maximum late fee that large credit card issuers may charge to $8. This rule is effective on May 14, 2024. Why Is It Important? Background The […]
HUD Seeks Comment on Proposed Notice to Change HECM for Purchase Program to Expand Funding Sources and Interested Party Contributions
A&B Abstract: On October 24, 2023, the U.S. Department of Housing and Urban Development (“HUD”) published, for public comment, a Federal Register Notice (“Proposed Notice”) to implement changes to the Federal housing Administration’s (“FHA”) Home Equity Conversion Mortgage (“HECM”) for Purchase program. The Proposed Notice expands the list of acceptable funding sources and permits additional […]
New York Foreclosure Abuse Prevention Act Curtails Servicers’ Options
A&B ABstract: Effective on approval by Governor Kathy Hochul on December 30, 2022, New York Assembly Bill 7737b – the Foreclosure Abuse Prevention Act (the “Act”) became law. The Act is signifcant because it reverses judicial precedent that permitted a lender, after default, to undo the acceleration of a mortgage and stop the running of […]
New York Amends Disclosure Requirements for Telemarketers
A&B Abstract: New York Governor Kathy Hochul signed legislation in December designed to limit unwanted telemarking calls by providing consumers the option to be added to a company’s do-not-call list at the outset of a call. The new law takes effect March 6, 2023. Updated Requirements for New York Telemarketers: The new legislation (S.8450-B/A.8319-C) amends […]