She also assists clients in navigating the complex state and federal licensing and approval process in connection with, among others, new business lines, legal entity conversions, restructuring and change of control transactions. In this role, Krista advises clients on compliance with the requirements of federal and state laws governing the licensing, approvals and practices of brokers, lenders, purchasers and servicers of mortgages and other consumer loan products, as well as sales finance companies, money service businesses and collection agencies. Krista is an experienced Consumer Financial Services attorney with over 19 years of experience. Mayer Brown is pleased to announce that Krista Cooley, a partner in our Financial Services Regulatory and Enforcement group, has recently expanded her existing practice to take the lead in managing our state licensing practice. …Ĭontinue Reading More Uncertainty around the Future of the Disparate Impact Theory of Liability Mayer Brown Announces Consumer Finance Licensing Team Transition The court found that the changes HUD had made constituted a “massive overhaul” of HUD’s disparate impact standards, by introducing onerous pleading requirements on plaintiffs while simultaneously easing the burden on defendants and arming them with broad new defenses. But as the court noted, the 2020 Rule significantly altered the 2013 Rule’s standards. Both versions of the rule state the general premise that liability may be established under the Fair Housing Act based on a practice’s discriminatory effect, if the practice was not motivated by a discriminatory intent. The court compared the disparate impact rule HUD had issued in 2013 (“ 2013 Rule”) to the 2020 Rule. The court only addressed the plaintiffs’ second argument-that the 2020 Rule is arbitrary and capricious-which it found was likely meritorious. District Court for the District of Massachusetts seeking to vacate HUD’s 2020 Rule under the Administrative Procedure Act (APA), on the grounds that it is “contrary to law,” “arbitrary and capricious,” and that certain of its provisions violate the APA’s notice and comment requirements.
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Plaintiffs Massachusetts Fair Housing Center and Housing Works, Inc.
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Last week, a pair of fair housing organizations got their wish when a federal judge in Massachusetts granted their request for a preliminary injunction and stay of the effective date of the Department of Housing and Urban Development’s (HUD) new disparate impact rule (the “ 2020 Rule”), discussed in our recent fair lending newsletter.
![payday 2 huds august 2017 payday 2 huds august 2017](https://static.wikia.nocookie.net/payday/images/1/19/Untitled-1.png)
…Ĭontinue Reading Agencies Still Pondering QRM FHA Issues Guidance on Eligibility of DACA Recipients
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Of course, the CFPB’s QM definition has been a moving target itself. If it were that easy, though, the Agencies probably would have done that by now. It seems likely those Agencies will continue to define those exempt mortgage loans (called “qualified residential mortgages,” or “QRMs”) in a manner that is fully aligned with the “qualified mortgage” (“QM”) definition of the Consumer Financial Protection Bureau (“CFPB”) (which interestingly is not among the Agencies tasked with the QRM/risk retention rules). Late last month, the Securities and Exchange Commission, Comptroller of the Currency, Federal Deposit Insurance Corporation, Federal Reserve Board, Federal Housing Finance Agency (“FHFA”), and the Department of Housing and Urban Development (together, the “Agencies”) announced that they hope to have more answers by the end of this year. The set of federal agencies tasked with determining which residential mortgage loans may be exempt from credit risk retention in securitizations are continuing to think about it.