Credit Union and Community Banks Mortgage Regulatory Update Part III
Please join us for Part III of this series where we will cover the following:
Americans with Disabilities Act (ADA)
As individuals with disabilities increasingly turn to websites and mobile applications during the COVID-19 crisis, it is likely that demand letters, litigation and consumer complaints will grow seeking improved access to digital platforms of mortgage lenders and servicers. Plaintiffs’ attorneys are also beginning to raise novel theories of discrimination under the Fair Housing Act and state antidiscrimination laws in addition to the Americans with Disabilities Act when alleging inaccessible websites.
As enforcement of the California Consumer Privacy Act begins, we will discuss this and other privacy developments, including pending privacy legislation, that may impact the mortgage industry.
The LIBOR Index Transition
As the retirement of the LIBOR index draws nearer, mortgage lenders and servicers need to plan for both practical and regulatory impacts of the transition from LIBOR to SOFR. The CFPB recently published the LIBOR Transition Proposed Rule, along with a new CHARMS Booklet and Transition FAQs to provide guidance to the industry.