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AB 2424 Introduces New Borrower Foreclosure Protections and Notice Requirements
In September, Governor Newsom signed AB 2424, “Mortgages: foreclosure” (AB 2424), into law. AB 2424 establishes significant new foreclosure notice and sale requirements, which take effect on January 1, 2025. AB 2424 requires that a notice be provided to the borrower that a third party – such as a family member, HUD-certified housing counselor, or attorney – may record a request to receive copies of any notice of default and notice of sale at specified times in the loan and foreclosure process.
OCC Issues UDAP/UDAAP Handbook, Version 1.1
On December 3, 2024, the Office of the Comptroller of the Currency (OCC) issued Version 1.1 of the “Unfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or Practices” section of the Comptroller’s Handbook (“UDAP/UDAAP Handbook”).
Senior Loan Officer Opinion Survey Reports Majority of Lending Standards Unchanged
On November 12, 2024, the October 2024 Federal Reserve’s Senior Loan Officer Opinion Survey on Banking Lending Practices (“SLOOS”) was released, addressing changes in standards and demand for bank loans to businesses and households over the third quarter of 2024.
CFPB Cites Navy Federal Credit Union for Overdraft-related UDAAPs
In early November, the CFPB announced that it had entered into a consent order with Navy Federal Credit Union (Navy Federal) following allegations that the credit union engaged in UDAAPs related to its overdraft fee practices. In addition to paying an $80 million restitution order as a result of its alleged UDAAPs, Navy Federal also agreed to pay a $15 million civil money penalty as part of the consent order.
Table of Contents
CONSUMER FINANCE
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Litigation Update: CFPB’s $8 Credit Card Late Fee Rule
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CFPB Finalizes Medical Debt Rule and Proposes New Rule for Data Brokers and FCRA Permissible Purposes
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CFPB Final Rule Applies Regulation Z to PACE Transactions
BANKING OPERATIONS & FINTECH
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CFPB Publishes Overdraft Fee Final Rule, Amends Regulation E and Regulation Z
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Agencies Release Guidance on Identifying Elder Financial Exploitation
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CFPB Sues Comerica Bank for Alleged UDAAP and Regulation E Violations
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FBI Issues Warning Regarding Generative AI Financial Fraud
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NCUA Publishes Letter Warning Credit Unions About UDAP Risks of Certain Overdraft and NSF Fee Practices
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CPPA Issues Proposed Regulations on Cybersecurity Audits, Risk Assessment, and ADMT
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Credit Union’s Failed Conversion of Online Banking Platform Results in CFPB Consent Order
CREDIT UNIONS
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AB 2062 Revises California State Credit Union Law
CORPORATE GOVERNANCE
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Banking Agencies Issue Interagency Statement Extending Relief from Regulation O for Investment Funds
CRA/HMDA CORNER
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FRB and FDIC Publish CRA Asset-size Threshold Adjustments for Small and Intermediate Small Banks
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CFPB Adjusts HMDA Exemption Asset-size Threshold
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