In a significant development for state nonmember banks with assets of at least $10 billion (Covered Institutions), the Federal Deposit Insurance Corporation (FDIC) has recently proposed comprehensive corporate governance and...more
On March 17, the California Department of Financial Protection and Innovation (DFPI) proposed its long-awaited registration requirements for certain covered persons under the California Consumer Financial Protection Law...more
Months after the California Debt Collection Licensing Act (DCLA) took effect and covered persons were required to submit applications to obtain licenses, the Department of Financial Protection and Innovation (DFPI) has...more
Since the beginning of the Biden Administration, the Consumer Financial Protection Bureau (CFPB) has announced its intention to significantly increase its enforcement activity and expand its reach through aggressive...more
4/8/2022
/ Antitrust Provisions ,
Board Members ,
Board of Directors ,
Competition ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Executives ,
Enforcement Actions ,
Financial Services Industry ,
Regulatory Authority ,
Risk Mitigation ,
Unfair or Deceptive Trade Practices ,
Webinars
Merchant Cash Advance providers, commercial litigation funders, online SMB lending platforms and other nonbank small-business lenders, take note: Following the lead of California and New York, Utah is now the third state to...more
An exemption from the California lender licensing law for a person making a single commercial-purpose loan in a rolling 12-month period is about to “sunset” in California, impacting persons who have relied upon the exemption,...more
On December 15, 2021, the New York State Department of Financial Services published proposed amendments to the state’s debt collection regulations (the Amendments). The Amendments would broaden the scope of the existing rules...more
Earlier this month, the California Department of Financial Protection and Innovation (DFPI) sent an email with the attention-grabbing subject line “Want to continue operating in California? You need to apply for a license...more
On August 19, the California Department of Financial Protection and Innovation (DFPI) announced the adoption of final rules transitioning the application form and certain other submissions relating to the “catchall”...more
8/23/2021
/ Bright-Line Rule ,
Department of Financial Protection and Innovation (DFPI) ,
Electronic Filing ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lenders ,
License Applications ,
Licensing Rules ,
NMLS ,
Regulatory Requirements
As its name suggests, California’s new Department of Financial Protection and Innovation (“DFPI”) isn’t just about protecting consumers—it also has an important mission to foster responsible innovation. What exactly is DFPI...more
With an ever-evolving enforcement regime at the federal and state levels, the financial services industry faces complex regulatory issues. Join Manatt’s team of consumer financial services professionals for a complimentary...more
Rohit Chopra will be nominated as the next Director of the Consumer Financial Protection Bureau (CFPB or Bureau). We break down below some of the more immediate impacts of a Chopra-helmed CFPB....more
As we previously reported, the newly established California Department of Financial Protection and Innovation (DFPI) starts the new year with greatly enhanced powers, and it is making sure consumers, industry and the general...more
What Happened -
On December 15, 2020, the Federal Deposit Insurance Corporation (FDIC) adopted a final rule, effective April 1, 2021, setting forth conditions, commitments, and requirements for the approval of deposit...more
On November 12, 2020, the California Department of Financial Protection and Innovation (DFPI) (until recently called the Department of Business Oversight) entered into a consent order with Allup Finance LLC (Allup) finding...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
More than ever before, banks are relying on third-party vendors for important services such as marketing, underwriting assistance, technology, collections, settlement services and even outsourcing of product lines. These...more
9/3/2020
/ Banking Sector ,
Due Diligence ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
OCC ,
RESPA ,
Risk Management ,
Third-Party Service Provider ,
Vendors
On August 3, 2020, the Federal Financial Institutions Examination Council1 (FFIEC) issued a new joint statement of principles for banks to consider while working with their loan customers as the end of COVID-19 initial loan...more
8/25/2020
/ Board of Governors ,
Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
FDIC ,
FFIEC ,
Financial Institutions ,
Financial Services Industry ,
Joint Statements ,
Loans ,
Risk Management
On May 20, the OCC issued its final rule intended to modernize and clarify the Community Reinvestment Act (CRA). The rule included the surprising footnote that the FDIC, which had joined as a partner in the Notice of Proposed...more
6/12/2020
/ Banks ,
Community Development ,
Community Reinvestment Act ,
Coronavirus/COVID-19 ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lending ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Rulemaking Process
Through an amendment to Assembly Bill 2501, California Assembly Banking and Finance Chair Monique Limon has introduced sweeping forbearance legislation that would impact single-family and multifamily mortgages, auto-secured...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 California Department of Business Oversight and the Business, Consumer Services and Housing Agency released two new guidance documents—one for financial institutions and a second for escrow agents, finance lenders and...more
In a settlement with a consumer advocacy group on a significant fair lending issue, the Consumer Financial Protection Bureau (CFPB) has agreed to restart long-stalled efforts to gather statutorily mandated data on lending to...more
3/10/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Minority-Owned Businesses ,
Reporting Requirements ,
Rulemaking Process ,
Section 1071 ,
Settlement Agreements ,
Small Business ,
Women-Owned Businesses
Bank transaction activity has picked up as small and midsize banks look to adjust their business models to the digital economy. Some fintech companies have chosen to acquire or form their own banks. The clash between the new...more
2/24/2020
/ Acquisitions ,
Banking Sector ,
Blockchain ,
Continuing Legal Education ,
Cryptocurrency ,
Financial Services Industry ,
FinTech ,
Fintech Charter ,
Investment Funds ,
Investors ,
Lenders ,
Libor ,
Mergers ,
Online Marketplace Lending ,
Opportunity Zones ,
Partnerships ,
Popular ,
Regulatory Requirements ,
Syndicated Loans ,
Tax Credits ,
Webinars
What progress has the Conference of State Bank Supervisors (CSBS) made in implementing the 2019 recommendations of the Fintech Industry Advisory Panel (the “Advisory Panel”) related to Vision 2020, its bold approach to...more