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Supreme Court Holds Class Action Waivers in Arbitration Agreements Are Enforceable

In Epic Systems Corp. v. Lewis the United States Supreme Court reviewed three circuit court cases involving employer-employee arbitration agreements.[1] In each case, the main issue was whether employees and employers should be allowed to agree that any dispute between them will be resolved through arbitration, or whether employees should be permitted to bring class actions no [..]

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Dodd-Frank Reform Highlights for Mortgage Bankers

Congress recently passed the Economic Growth, Regulatory Relief, and Consumer Protection Act (the “Act”), and on May 24, 2018, President Trump signed the Act into law. The Act is not a widespread repeal of Dodd-Frank, but it does provide some welcome regulatory relief to financial institutions and changes to federal law concerning consumer mortgages. Below [..]

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CFPB Finalizes Rule to Eliminate the “Black Hole” Issue

On Thursday, April 26, 2018, the Consumer Financial Protection Bureau (“CFPB”) announced its long-awaited final amendments to the TILA/RESPA Integrated Disclosure Rule (“TRID”) that aim to eliminate the “black hole” issue.[1] Currently, the “black hole” issue limits a creditor’s ability to reset fee tolerances with a revised Closing Disclosure more than four business days before [..]

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Amendments to Texas Home Equity Lending Interpretations

Effective March 29, 2018, the Finance Commission of Texas and the Texas Credit Union Commission (the “Commissions”) adopted amendments to their home equity lending interpretations (the “Amended Interpretations”).[1] As a reminder, Section 50(u) of the Texas Constitution authorizes the legislature to delegate authority to interpret its home equity lending provisions to state agencies, and provides [..]

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Mortgage Legal and Compliance Report—February 2018

The CFPB’s New Mission Statement: No More “Pushing the Envelope,” and Ending “Regulation by Enforcement,” says Mulvaney On January 23, 2018, the acting CFPB Director, Mick Mulvaney, sent an email to staff redirecting the agency’s mission and focus. In the email, Mulvaney emphasized that the law mandates the enforcement of consumer protection laws and that, [..]

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Mortgage Legal and Compliance Report: January 2018

New Year, New Disclosures Texas mortgage lenders have several new, noteworthy disclosures to provide borrowers in the new year. Effective January 7, 2018, the Texas Mortgage Company Disclosure is changing. The revised Texas Mortgage Company Disclosure replaces the current version found in section 80.200(a) of the Texas Administrative Code, and must be provided to loan [..]

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Proposition 2, Home Equity Lending Proposed Constitutional Amendments

The Significant Changes, Issues, and Why the Vote Matters Earlier this year, the Texas Legislature passed Senate Joint Resolution 60 (S.J.R. 60), proposing amendments to the provisions of the Texas Constitution that govern home equity lending (the “Amendments”).[1] On November 7, 2017, the voters must decide whether to approve these Amendments, which appear on the [..]

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