Judge Randy Crane (E.D. Tex) ruled on August 26, 2024 that the CFPB did not exceed its authority under Dodd Frank when it issued its final Section 1071 small business lending rule. The court also rejected other Administrative...more
9/26/2024
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Collection ,
Dodd-Frank ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Authority ,
Section 1071 ,
Small Business Loans
On August 26, 2024, Chief Judge Randy Crane in the E.D. Texas granted summary judgment to the CFPB, denied summary judgment to the trade groups and upheld the CFPB’s 1071 Rule (small business loan data collection rule)....more
9/17/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Collection ,
Dodd-Frank ,
Federal Funding ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Preliminary Injunctions ,
Regulatory Agenda ,
Section 1071 ,
Small Business Loans ,
Summary Judgment
The Department of Housing and Urban Development (HUD) recently charged multiple entities with housing discrimination based on an asserted biased appraisal and denial of a mortgage refinance loan application based on the...more
In November 2023, S.B. 668 was introduced in the Wisconsin Senate. S.B. 668 would make sweeping changes to the state laws governing financial service providers. The bill creates a pathway for the Wisconsin Department of...more
1/22/2024
/ Collection Agencies ,
Consumer Lenders ,
Debt Collection ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Legislative Agendas ,
Money Transmitter ,
Mortgage Brokers ,
Mortgages ,
NMLS ,
Proposed Legislation ,
Regulatory Agenda ,
Wisconsin
In November 2023, S.B. 668 was introduced in the Wisconsin Senate. S.B. 668 would make sweeping changes to the state laws governing financial service providers. The bill creates a pathway for the Wisconsin Department of...more
The Ohio Department of Commerce, Division of Financial Institutions is amending the rules that implement the state’s Residential Mortgage Lending Act. The Division is seeking preliminary feedback on the administrative rules,...more
9/11/2023
/ Amended Regulation ,
Consumer Financial Products ,
Consumer Lenders ,
Financial Institutions ,
Financial Services Industry ,
Licensing Rules ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
New Legislation ,
Regulatory Requirements ,
Rulemaking Process ,
State and Local Government
The CFPB’s final rule implementing Section 1071 requires financial institutions to collect and report certain data in connection with credit applications made by small businesses, including women-, minority- or LGBTQI+-owned...more