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Federal District Court on September 23, 2024, entered final judgement in favor of the CFPB in lawsuit challenging its small...

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

Plaintiffs free to appeal CFPB 1071 Rule after some plaintiffs drop their CFPB unlawful funding claim

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

CFPB Appeals District Court’s Decision to Vacate Changes to UDAAP Exam Manual

On August 8, 2024, the CFPB filed its Appellant Brief with the Fifth Circuit, appealing the September 2023 decision by the Federal District Court for the Eastern District of Texas that vacated the March 2022 changes to the...more

CFPB Issues RFI on Mortgage Closing Costs

The Consumer Financial Protection Bureau (CFPB), recently issued a Request for Information (RFI) related to fees charged by providers of mortgages and related settlement services. In his statement, Director Chopra discussed...more

CA DFPI Issues Notice of Proposed Rulemaking under the Debt Collection Licensing Act

On February 9, 2024, the Commissioner of the California Department of Financial Protection and Innovation (“DFPI” or “Department”) announced a proposed rulemaking limited to certain requirements related to reporting and...more

DOJ Settles with Patriot Bank for Redlining in Memphis

The Department of Justice (DOJ) announced that Patriot Bank (Patriot or Bank) has agreed to pay $1.9 million to resolve allegations that the Bank engaged in a pattern or practice of redlining majority-Black and Hispanic...more

Wisconsin Senate Proposes New Bill to Revise Money Transmission, Consumer Lenders, Collection Agency, and Other Financial Services...

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

OCC to Host Public Hearing on Appraisal Bias

The Federal Financial Institutions Examination Council’s Appraisal Subcommittee (ASC) will host a public hearing on appraisal bias on February 13, 2024. This will be the fourth public hearing on appraisal bias, and like the...more

Wisconsin Senate proposes new bill to revise money transmission, consumer lenders, collection agency and other financial services...

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

CFPB Publishes Language Access Plan for Consumers With Limited English Proficiency

Throughout the past few years, the CFPB has sought input from a range of stakeholders, including community-based organizations and financial institutions, for feedback about how it can improve consumer financial products and...more

CFPB Language Access Plan for Consumers with Limited English Proficiency

Throughout the past few years, the CFPB has sought input from a range of stakeholders, including community-based organizations and financial institutions, for feedback about how it can improve consumer financial products and...more

California Reconsidering the “Digital Financial Assets Law”

As readers may recall, California previously attempted to enact a “Digital Financial Assets Law” with the introduction of AB 2269 in February 2022. In relevant part, AB 2269 proposed (1) a stringent licensing requirement for...more

Nevada passes law to regulate earned wage access providers

On June 13, Nevada’s governor signed into law Senate Bill 290 creating the nation’s first statutory framework for earned wage access (EWA) providers operating in the state.  The law appoints the state’s Commissioner of...more

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