Missouri has enacted the nation’s ninth state commercial finance disclosure law, regulating the providers and brokers of certain commercial financing transactions. Signed by Governor Mike Parson on July 11, 2024, Missouri...more
Join us for the latest episode of Financial Services Focus for a discussion of Federal Reserve Chair Jerome Powell’s recent Humphrey-Hawkins testimony before the House Financial Services Committee and Senate Banking...more
On May 16, 2024, the US Supreme Court upheld the constitutionality of the Consumer Financial Protection Bureau’s (“CFPB”) funding structure in a decision that will have significant ramifications on both the CFPB’s rulemaking...more
Join us for the first episode of Mayer Brown’s Financial Services Focus series. Financial Services Focus will provide updates on the key legal issues affecting financial products across legal disciplines. This podcast series...more
On March 5, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a Final Rule that would significantly restrict late fees that consumer credit card issuers may charge from $30 or $41, in most cases, to a mere...more
On December 21, 2023, the New York Department of Financial Services (“NYDFS”) finalized guidance on how the banks and mortgage institutions it regulates (“New York Institutions”) should manage climate-related financial and...more
1/4/2024
/ Climate Action Plan ,
Climate Change ,
Consumer Financial Products ,
Corporate Governance ,
Environmental Social & Governance (ESG) ,
Financial Institutions ,
Financial Services Industry ,
Internal Controls ,
Mortgages ,
NYDFS ,
Risk Management
The US Consumer Financial Protection Bureau (CFPB) has finalized its December 2022 preliminary determination that commercial finance disclosure laws recently enacted in California, New York, Utah and Virginia are not...more
In December, the State of Iowa and the Iowa Division of Banking entered into an Assurance of Discontinuance (“AOD”) with Transportation Alliance Bank, Inc. (the “Bank”) settling claims that the Bank charged usurious rates of...more
1/13/2023
/ Assurance of Discontinuation (AOD) ,
Banks ,
Consumer Financial Products ,
Consumer Lenders ,
DIDMCA ,
Financial Services Industry ,
Interest Rates ,
Internet Lenders ,
Opt-Outs ,
Settlement Agreements ,
True Lender ,
Usury
Small business lenders hoping for federal intervention will be disappointed to learn that the Consumer Financial Protection Bureau (CFPB) has reached a preliminary determination that New York’s new commercial financing...more
1/6/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financing ,
Lenders ,
Preemption ,
Small Business ,
Small Business Loans ,
Truth in Lending Act (TILA)
Utah has followed California and New York by enacting its own Truth in Lending-like commercial financing disclosure law, but with an additional twist—Utah’s new law has a registration requirement. On March 24, Utah Governor...more
On March 23, 2021, Illinois Governor JB Pritzker signed into law Senate Bill 1792, enacting the Predatory Loan Prevention Act (PLPA) and capping interest at an “all-in” 36% APR (similar to the Military Lending Act’s MAPR) for...more
On Thursday (March 26, 2021), Senator Chris Van Hollen (D-MD) introduced a Congressional Review Act (CRA) resolution of disapproval to invalidate the Office of the Comptroller of the Currency’s (OCC) true lender rule....more
Since its adoption in 2010, the Federal Deposit Insurance Corporation’s (the “FDIC”) securitization safe harbor rule, 12 C.F.R. § 360.6 (the “Rule”), which relates to the treatment of financial assets transferred in...more
2/3/2020
/ Consumer Financial Products ,
Disclosure Requirements ,
FDIC ,
Financial Regulatory Reform ,
Financial Transactions ,
Investment ,
Regulation AB ,
Regulatory Requirements ,
RMBS ,
Rule 144A ,
Rulemaking Process ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
Securitization ,
Securitization Standards ,
Transfer of Assets