FTC and CFPB Take Action to Ensure Compliance with Mortgage Acts and Practices Advertising Rule
This posting was written by Travis P. Nelson.
Our Advertising, Technology & Media colleagues, Keri S. Bruce and Douglas J. Wood, recently wrote about an announcement made by The Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) regarding warning letters sent to more than 30 companies, including lenders, mortgage brokers, real estate agents, home builders and lead generators, notifying them that their advertisements may have violated the Mortgage Acts and Practices Rules ("MAP Rule"). The MAP Rule prohibits material misrepresentations in any commercial communication (including advertising) regarding any mortgage credit product, and contains record-keeping requirements for persons subject to the rule. For more information, please read the entire posting.
Travis P. Nelson is a senior associate in the Financial Services Regulatory Group at Reed Smith LLP, resident in the Princeton and Washington, D.C. offices, and a co-leader of the firm’s Financial Institutions Enforcement & Investigations Task Force. Prior to joining Reed Smith, Travis was an Enforcement Counsel with the Office of the Comptroller of the Currency, U.S. Treasury Department, in Washington, D.C. Travis is also adjunct faculty at Villanova University School of Law, and a frequent lecturer at national and regional banking conferences.