Members of Mayer Brown’s Financial Services team summarize the main takeaways of the CFPB’s proposal to amend the Regulation X mortgage servicing rules. We focus on the proposal to amend the requirements for mortgage servicers to assist borrowers in default who seek payment assistance, the proposed amendments to foreclosure safeguards during that process, and the CFPB’s proposal regarding providing certain communications in languages other than English.

On July 8, 2024, the Financial Crimes Enforcement Network (“FinCEN”) issued interpretive guidance that requires certain legal entities that have been dissolved or otherwise ceased to exist to file beneficial ownership information reports under the Corporate Transparency Act. Please join Mayer Brown partners Adam Kanter and Matt Bisanz to understand what that means and how it may impact your organization.

On March 5, the Consumer Financial Protection Bureau issued a Final Rule that would significantly restrict late fees that consumer credit card issuers may charge to a mere $8—representing approximately a 75% reduction from current levels. Within two days, the Final Rule faced a challenge in the Northern District of Texas by a coalition of trade groups including the United States Chamber of Commerce, the American Bankers Association, and the Consumer Bankers Association. The challenge seeks to invalidate the Final Rule on several constitutional, procedural, and substantive bases, as well as a temporary stay of the rule’s enforcement while the suit is litigated. Please join Mayer Brown attorneys Eric Mitzenmacher, Jan Stewart, and Joy Tsai as they discuss the rulemaking, the challenges it faces in litigation, and implications for card issuers and secondary market participants.