Will consumers gain better-defined insights into their own financial records? Yes, says the Consumer Financial Protection Bureau (CFPB or Bureau), which issued an advance notice of proposed rulemaking (ANPR) concerning...more
In a significant action, the Consumer Financial Protection Bureau (CFPB) has abruptly rescinded a 2015 compliance bulletin concerning marketing services agreements (MSAs) while also issuing RESPA Section 8 (referral fee...more
California is poised to enact broad new legislation creating an entirely revamped financial protection regimen, including a powerful new Department of Financial Protection and Innovation (DFPI). In this article, we provide...more
In a potentially critical new development, the Consumer Financial Protection Bureau (CFPB or Bureau) will now impose what it characterizes as independent “peer review” on certain of its more important internal research. Will...more
On July 28, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) seeking industry input on the future of the Equal Credit Opportunity Act (ECOA) and Regulation B. While fair lending...more
8/18/2020
/ Artificial Intelligence ,
Bostock v Clayton County Georgia ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
ECOA ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Limited English Proficiency (LEP) ,
Loan Officer ,
Machine Learning ,
Regulation B ,
Request For Information ,
Texas Dept of Housing v Inclusive Communities ,
UDAAP
New York may soon be joining California in requiring consumer-like disclosures on commercial financing transactions. On July 23, 2020, the New York State legislature passed SB 5470 (S.5470/A.10118-A), which closely follows...more
On July 7, the CFPB issued its long-awaited final rule (the 2020 Final Rule) amending the regulations that govern payday loans, vehicle title loans and certain high-cost installment loans. As expected, the CFPB revoked the...more
What happened -
On June 16, 2020, the Bureau of Consumer Financial Protection (CFPB) released a Compliance Aid in the form of ten FAQs (FAQs) on consumer reporting related to the CARES Act and the COVID-19 pandemic. The...more
On May 29, 2020, the Office of the Comptroller of the Currency (OCC) issued its final rule affirming the “valid when made” doctrine for national banks and federal savings associations. Adopted as proposed, the final rule...more
As the profound impacts of COVID-19 become ever clearer, the Consumer Financial Protection Bureau (CFPB) continues its recent increase in activity in this space with a new statement and set of frequently asked questions...more
While predicting the enforcement priorities of the financial regulators has always been more of an art than a science, the current circumstances—including a pandemic, a presidential election and a Supreme Court case hanging...more
Aiming to encourage financial institutions to accommodate borrowers affected by COVID-19, federal and state regulators issued an interagency statement on loan modifications.
The statement recognized the “unique and...more
The House Financial Services Committee held the first of a two-part hearing titled, “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps.”
For the first...more
Comments on the Office of the Comptroller of the Currency’s (OCC) proposed “Madden fix” regulation are in.
What Happened -
There were 61 comments filed by the usual suspects: trade and consumer groups, state agencies,...more
2/10/2020
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Lenders ,
Dodd-Frank ,
FDIC ,
Financial Services Industry ,
Litigation Strategies ,
Madden v Midland Funding ,
National Bank Act ,
Non-Bank Lenders ,
OCC
Twenty-three state regulators have now reached a deal with a prominent online payments processor to address that company’s insufficient disclosures on its platform. We explain why that matters to you....more
Or perhaps savant? As the Consumer Financial Protection Bureau (CFPB or Bureau) prepares for the most significant challenge to its existence, Director Kathy Kraninger maintained her independent streak this past week, refusing...more
The Consumer Financial Protection Bureau (CFPB or Bureau) today issued an important policy statement on how it intends to apply the “abusiveness” standard in supervision and enforcement matters....more
Potentially redefining the nature of a “loan,” the California Department of Business Oversight (DBO) is pursuing multiple enforcement efforts against certain financing vehicles that have long been recognized as exempt from...more
Joining Pennsylvania, California looks to be the next state to create a state version of the federal Consumer Financial Protection Bureau. And with recent pronouncements from New York that may place greater authority with its...more
To close out a busier-than-expected 2019, the Consumer Financial Protection Bureau (CFPB or Bureau) held a workshop in conjunction with the Federal Trade Commission (FTC); published additional guidance under the TILA-RESPA...more
As 2019 nears an end, the Consumer Financial Protection Bureau (CFPB or Bureau) has remained busy, challenging a class action settlement in Maryland, seeking public comment on the TRID disclosure rule, releasing its latest...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
A new bill introduced in both houses of Congress would extend the Military Lending Act’s (MLA’s) 36 percent per annum interest rate cap to all consumer borrowers, not just military service members. The change would affect all...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