CFPB issues HMDA warning letters

Last week, the CFPB announced that it is issuing HMDA warning letters to 44 mortgage lenders and mortgage brokers stating that the Bureau has information that appears to show those entities “may not be in compliance with certain provisions of the Home Mortgage Disclosure Act (HMDA) and its implementing regulation, Regulation C.” You can view sample CFPB HMDA warning letters here.

Five TCPA Compliance Tips

The Telephone Consumer Protection Act (TCPA) is a federal statute that places restrictions on telephone solicitations (i.e., telemarketing) and the use of automated telephone equipment. The TCPA limits the use of automatic telephone dialing systems (ATDS), artificial-voice and prerecorded-voice messages, SMS text messages, and fax machines. The TCPA has been a significant source of class action activity in recent years as businesses seek to navigate and plaintiffs’ attorneys seek to exploit the uncertainties surrounding the law. If your business has taken anything less than a rigorous approach to the TCPA, now is as good a time as any to tighten up your compliance practices. Here are five TCPA compliance tips to help ensure that your business operations and practices are fully compliant.

New Military Lending Act Requirements

Last July, the Department of Defense published a final rule to amend and dramatically expand the scope of the Military Lending Act (MLA). First enacted in 2007, the MLA was designed to provide specific protections for active duty service members and their dependents in consumer credit transactions. The MLA initially applied to three specific “consumer credit” products: payday loans, vehicle title loans, and tax refund anticipation loans.