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Illinois Proposes Rules Implementing Its Community Reinvestment Act for Banks, Mortgage Lenders, and Credit Unions

January 26, 2023 By Caroline Eisner

A&B ABstract: The Illinois Department of Financial and Professional Regulation (“IDFPR”) has issued a notice of proposed rules to implement the newly passed Illinois Community Reinvestment Act (“ILCRA”), aimed at serving the credit needs of low- and moderate-income communities and individuals.  The proposal includes a separate set of rules applicable to state-chartered banks, non-depository mortgage […]

Filed Under: Community Reinvestment Act, Mortgage Loans, State Law Tagged With: Community Reinvestment Act, CRA, Illinois, mortgage lending

New York Amends Disclosure Requirements for Telemarketers

January 11, 2023 By Aldys London and Gloria Han

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 […]

Filed Under: State Law, Uncategorized Tagged With: #New York, telemarketing

HELOCs On the Rise: Is Your Servicing CMS Ready?

December 8, 2022 By Nanci Weissgold and Anoush Garakani

A&B ABstract: The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) has moved to clarify its regulatory authority at a time when the economic climate is ripe for a resurgence in HELOC lending. In an amicus brief filed by the CFPB on November 30, 2022 (the “Amicus Brief”), the Bureau acknowledged that its Mortgage Servicing Rules, […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Dodd-Frank Act, Fair Credit Reporting Act (FCRA), Licensing, Mortgage Loans, Mortgage Servicing, Real Estate Settlement Procedures Act (RESPA), State Law, Truth in Lending Act (TILA), Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #CFPB, #FCRA, #mortgageservicing, #redlining, licensing, mortgage lending, Mortgage Servicing, Servicing, UDAAP

CSBS Releases Cybersecurity Programs to Help Nonbank Financial Services Institutions Improve Cybersecurity Posture

October 4, 2022 By Ross Speier, Lance Taubin, Kimberly Peretti and Nanci Weissgold

A&B ABstract On August 9, 2022, the Conference of State Bank Supervisors (CSBS) released two cybersecurity tools for nonbank financial services institutions to help them prepare for state cybersecurity examinations and, ultimately, improve cybersecurity maturity and protect financial institution infrastructure. These tools are designed to address key aspects of the Uniform Rating System for Information […]

Filed Under: Federal Trade Commission (FTC), Online Privacy, Privacy and Cybersecurity, State Law Tagged With: CSBS, Cybersecurity

State Community Reinvestment Acts Reaching Beyond Banks

September 23, 2022 By Caroline Eisner

A&B ABstract: When Congress passed the federal Community Reinvestment Act (“CRA”) in 1977 to address redlining, it imposed affirmative requirements on insured depository institutions to serve the credit needs of the communities where they receive deposits. At that time, banks were extending the vast majority of mortgages nationally. However, non-banks have become the dominant mortgage […]

Filed Under: Mortgage Loans, State Law, Uncategorized Tagged With: #Massachusetts, #New York, Community Reinvestment Act, Connecticut, CRA, DC, District of Columbia, Illinois, mortgage lending

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  • Illinois Proposes Rules Implementing Its Community Reinvestment Act for Banks, Mortgage Lenders, and Credit Unions
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  • New York Amends Disclosure Requirements for Telemarketers
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