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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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Bills that Mortgage Bankers Should Follow This Session

The 85th Session of the Texas Legislature is well underway, and several bills have been filed with the potential to dramatically impact Texas mortgage bankers. Below is a synopsis of three noteworthy bills to follow.[1] Home Equity Lending Reform—HJR 99 and SJR 60 If passed, House Joint Resolution 99 and its senate companion, Senate Joint Resolution [..]

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The Future of the CFPB and its Rulemaking Authority in 2017

By Steven J. Kubik Last Friday, you may have seen some variation of the following headlines: “Trump to Take Steps Rolling Back Financial Regulations” or “Trump Moves to Undo Dodd-Frank Law.” Whether you are excited or terrified by these headlines, you likely have questions regarding the changes that this new year and new Presidential administration [..]

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The CFPB’s Evolving “Meaningful Attorney Involvement” Standard

By Steven J. Kubik The CFPB recently entered a consent order (the “Order”) targeting consumer debt collection law firms and challenging an alleged lack of “meaningful attorney involvement” necessary in consumer debt collection actions. Takeaway While the Order sheds light on the CFPB’s expectations concerning what constitutes “meaningful involvement,” the standard remains an evolving one. [..]

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D.C. Circuit Limits the CFPB’s Power—Part II

This is Part II of a two-part blog series examining the D.C. Circuit Court’s opinion in PHH Corp. v. Consumer Financial Protection Bureau,[1] issued on October 11, 2016. Part I provided background information and examined one holding from the Court’s decision—that the single-director structure of the CFPB[2] was unconstitutional. The Court addressed this constitutional issue [..]

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D.C. Circuit Limits the CFPB’s Power—Part I

This is Part I of a two-part series of blog posts that will examine the D.C. Circuit’s recent opinion in PHH Corp. v. Consumer Financial Protection Bureau[1]. In PHH, the Court vacated the CFPB’s $109 million order against PHH for alleged violations of Section 8 of the Real Estate Settlement Procedures Act (“RESPA”) involving captive [..]

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