A&B Abstract: We wanted to apprise you of a significant development impacting the commercial non-real estate secured lending arena which until recently has been lightly regulated by the states. On March 24, 2022, Utah Governor Spence Cox … [Continue reading] about Utah to regulate smaller commercial non-real estate secured financings
PAVE Task Force Issues Action Plan to Address Appraisal Bias
A&B Abstract: As part of the Biden Administration’s stated focus on narrowing the racial gap in wealth and homeownership, federal agencies launched an Interagency Task Force on Property Appraisal and Valuation Equity (PAVE), with the goal of … [Continue reading] about PAVE Task Force Issues Action Plan to Address Appraisal Bias
CFPB Issues Bulletin About Auto Repossession, Congressional Republicans Respond
A&B Abstract: The Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) recently released a Bulletin addressing the repossession of vehicles and alerting market participants to what it views as those market participants’ legal obligations … [Continue reading] about CFPB Issues Bulletin About Auto Repossession, Congressional Republicans Respond
New York Amends Contact Requirements for Certain Delinquent Borrowers
A&B ABstract: On February 24, Governor Kathy Hochul signed into law Assembly Bill 8771 (2022 N.Y. Laws 48), amending single point of contact requirements for certain delinquent borrowers. What changes does the measure require for servicer … [Continue reading] about New York Amends Contact Requirements for Certain Delinquent Borrowers
CFPB’s SBREFA Outline on Automated Valuation Models Rekindles Debate over Disparate Impact Liability under the ECOA
Section 1473(q) of the Dodd-Frank Act (now codified at 12 U.S.C. § 3354(q)) amended the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (“FIRREA”) to instruct the CFPB, Fed, OCC, FDIC, NCUA, and FHFA (collectively, the … [Continue reading] about CFPB’s SBREFA Outline on Automated Valuation Models Rekindles Debate over Disparate Impact Liability under the ECOA