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 … [Continue reading] about New York Foreclosure Abuse Prevention Act Curtails Servicers’ Options
A&B ABstract: Last week, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion to address the applicability of the Real Estate Settlement Procedures Act (RESPA)’s Section 8 – the anti-kickback provision – to operators of … [Continue reading] about CFPB Issues Advisory Opinion Warning Against Kickbacks for Mortgage Rate Shopping Platforms
A&B ABstract: A year and a half after President Biden’s announcement of the Interagency Task Force on Property Appraisal and Valuation Equity (“PAVE”), the past weeks have seen a flurry of activity from federal agencies and the Appraisal … [Continue reading] about Moving to Address Appraisal Bias, Agencies and the Appraisal Foundation Issue Updates
A&B ABstract: On Friday, in the CFPB v. Townstone Financial fair lending case, the U.S. District Court for the Northern District of Illinois dismissed with prejudice the complaint filed by the Consumer Financial Protection Bureau (CFPB), … [Continue reading] about District Court Dismisses CFPB’s Redlining Case Against Townstone Financial
A&B ABstract: On January 11, 2023, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) announced a proposed rule to establish a public registry and require nonbanks supervised by the agency to register their use of certain terms … [Continue reading] about CFPB Issues Proposed Rule to Establish Public Registry of Supervised Nonbank Form Contract Provisions that Waive or Limit Consumers’ Legal Protections