The Illinois Department of Financial and Professional Regulation (IDFPR) has adopted a series of regulations pursuant to the Illinois Predatory Loan Prevention Act (PLPA). The new regulations will require certain Illinois...more
4/29/2022
/ Annual Percentage Rate (APR) ,
Consumer Financial Products ,
Consumer Lenders ,
Consumer Loan Companies ,
Financial Regulatory Reform ,
Financial Services Industry ,
Illinois ,
Interest Rates ,
Loans ,
New Regulations ,
Predatory Lending ,
Regulatory Requirements
Continuing its recent trend of cracking down on robocalls, the Federal Communications Commission (FCC) issued another three cease and desist letters to voice service providers.
AireSpring, Hello Hello Miami and thinQ...more
While credit-related products have long been subject to the anti-discrimination requirements of the Equal Credit Opportunity Act (ECOA), providers of non-credit financial products, such as payments, credit reporting services,...more
3/21/2022
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Agreements ,
Discriminatory Lending Practices ,
Disparate Impact ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agenda ,
UDAAP
Illinois adopted a first-of-its-kind law regulating entities that advise consumers about college or career searches, financial aid, or scholarships, or that assist with planning, preparing or submitting applications on behalf...more
In late October, the Consumer Financial Protection Bureau (CFPB) sent a shot across the bow at Big Tech’s use of consumer payments data. While much of the industry has focused on the impact on Big Tech, some lenders, lead...more
11/5/2021
/ Big Tech ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Information ,
Data Brokers ,
Data Management ,
Data-Sharing ,
Financial Institutions ,
Financial Services Industry ,
Payment Systems ,
Popular ,
Third-Party Service Provider
In a surprise to many, an arguably rogue panel of the U.S. Court of Appeals for the Eleventh Circuit has now reaffirmed its earlier decision from Hunstein v. Preferred Collection, 994 F.3d 1341, holding that (1) a plaintiff...more
11/1/2021
/ Article III ,
Data-Sharing ,
Debt Collection ,
Debt Collectors ,
FDCPA ,
Financial Services Industry ,
Invasion of Privacy ,
Personal Information ,
Standing ,
Statutory Violations ,
Third-Party Service Provider ,
TransUnion LLC v Ramirez ,
Unauthorized Disclosure
In the largest fair lending enforcement action in several years, the Department of Justice (DOJ) and the Office of the Comptroller of the Currency (OCC) on August 30 announced simultaneous settlements with a national banking...more
9/9/2021
/ Biden Administration ,
Consumer Financial Products ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
OCC ,
Race Discrimination ,
Redlining ,
Regulatory Violations
For at least the past 20 years, Maine has capped interest rates for most closed-end unsecured loans at 30% for loans of $2,000 or less, and at 18% on loans of $4,000 or more. See, e.g., 9-A M.R.S.A. Sec. 2-401....more
As proposed back in March, the Consumer Financial Protection Bureau (CFPB or Bureau) has now formally delayed the mandatory compliance date for the new general qualified mortgage (QM) rule to October 1, 2022, effective June...more
In one of many last-minute actions likely to be challenged by Democrats, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule “codifying” the September 2018 Interagency Statement (2018 Statement)....more
The Illinois legislature has passed a new law setting an interest rate cap of 36% on most consumer loans.
What Happened -
Under the new bill, “a lender shall not contract for or receive charges exceeding a 36% annual...more
The Consumer Financial Protection Bureau (CFPB) released its long-awaited two-volume Taskforce Report on Consumer Financial Law (the Report) as expected last week, following a yearlong effort. While advisory in nature, it is...more
1/13/2021
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Counsel ,
Credit Reports ,
E-Signatures ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
Federal Agency Taskforce ,
Federal Trade Commission (FTC) ,
Financial Regulatory Agencies ,
Financial Services Industry ,
FinTech
On October 30, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) released the first part of its long-awaited final Debt Collection Rule, which substantially updates and modernizes Regulation F, the implementing...more
A recent ruling by the Michigan Supreme Court nullifying hundreds of emergency orders by Michigan Governor Gretchen Whitmer may have profound implications for those mortgage loans closed in reliance on the expanded remote...more
10/16/2020
/ Coronavirus/COVID-19 ,
Emergency Powers ,
Executive Orders ,
Financial Services Industry ,
Governor Whitmer ,
MI Supreme Court ,
Mortgages ,
Notarization ,
Public Gatherings ,
Remote Notarization ,
State and Local Government
In a significant action, the Consumer Financial Protection Bureau (CFPB) has abruptly rescinded a 2015 compliance bulletin concerning marketing services agreements (MSAs) while also issuing RESPA Section 8 (referral fee...more
In response to the COVID-19 pandemic, federal and state governments and regulators have taken hasty actions that are arguably beyond the scope of their authority in order to provide assistance to businesses and consumers...more
Affirming a California district court, the U.S. Court of Appeals for the Ninth Circuit held that a debt collector is entitled to collect a lawful, outstanding debt even if the statute of limitations has run, so long as the...more
In the latest student lending happenings, a group of state attorneys general wrote to the Department of Education seeking confirmation of student loan discharge relief to thousands of borrowers, while a consumer group filed...more
In recent Consumer Financial Protection Bureau (CFPB) news, the CFPB notched a $59 million victory in Wisconsin federal court, settled an enforcement action on employment background screening and published an interpretive...more
Oversight of student loan servicing remains top of mind for state regulators, with new regulations taking effect in New York, California, Colorado and Maine, and with several other states considering similar measures.
...more
In a pair of new reports, the 12 Federal Reserve Banks provided data on the financing needs, decisions and outcomes of (i) small businesses (fewer than 500 employees) and (ii) nonemployer firms....more
It has been an unusually busy rule-making stretch for the consumer mortgage markets at the Consumer Financial Protection Bureau (CFPB or Bureau), marked by its issuance of an advanced notice of proposed rule-making (ANPR)...more
Improper overdraft fees and prohibited kickbacks were just two of many concerns identified by the Federal Deposit Insurance Corporation (FDIC) in its first-ever publication of “Consumer Compliance Supervisory...more
Continuing to fill in gaps at the federal level, state attorneys general are keeping busy with enforcement actions, and on issues that might have received more CFPB attention under the old Cordray regime....more
Think again before you simplify your message to sell more cars. A $3 million fine levied in a case from the New York Department of Consumer Affairs (DCA) tells us why....more