Earlier this month, the Consumer Financial Protection Bureau (CFPB) resolved its long-running lawsuit against Navient Corporation. The enforcement action culminated in a $120 million settlement of which $100 million was in...more
On December 12, 2023, the Federal Trade Commission (FTC) announced it has finalized the Combating Auto Retail Scams Rule (CARS Rule), which imposes various obligations affecting dealers’ sales practices and will also impact...more
1/23/2024
/ Add-ons ,
Car Dealerships ,
CARS Rule ,
Dealers ,
Disclosure Requirements ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Lenders ,
Military Service Members ,
Misrepresentation ,
Recordkeeping Requirements ,
Scams
One of the primary challenges with working in U.S. financial services is keeping up with the ever-changing federal and state regulatory landscape. Juggling the day-to-day fire drills while staying atop of regulatory changes...more
1/4/2024
/ Annual Percentage Rate (APR) ,
Anti-Discrimination Policies ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Data Security ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
Late Fees ,
Loans ,
Regulatory Agenda ,
Small Business
Key Point: The Federal Trade Commission (FTC) has amended the Safeguards Rule to require non-banking financial institutions to inform the FTC within 30 days of discovering any unauthorized acquisition of unencrypted customer...more
10/31/2023
/ Amended Rules ,
Board of Governors ,
Breach Notification Rule ,
Cyber Incident Reporting ,
Data Breach ,
Data Security ,
Dodd-Frank ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
GLBA Privacy ,
Gramm-Leach-Blilely Act ,
Non-Public Information ,
NYDFS ,
OCC ,
Safeguards Rule ,
Securities and Exchange Commission (SEC)
On September 19, 2023, the Consumer Financial Protection Bureau (CFPB) issued new guidance outlining lenders’ obligations under the Equal Credit Opportunity Act (ECOA) and Regulation B when using artificial intelligence (AI)...more
The Consumer Financial Protection Bureau (CFPB) has been at the forefront of discussions surrounding the evolving role of data brokers in today’s digital economy. In particular, Director Rohit Chopra recently announced that...more
Minnesota has expanded its fair lending statute to prohibit discriminating against a person in the extension of credit or in the requirements of obtaining credit because of gender identity. Prior to this amendment, the...more
On February 1, 2023, the Consumer Financial Protection Bureau (CFPB) published a proposed rule that, if implemented, would require most nonbanks subject to the CFPB’s supervisory authority, with limited exceptions, to submit...more
Without its typical fanfare, the CFPB has revealed a plan to propose a rule titled “Nonbank Registration – Terms and Conditions” in its “Agency Rule List - Fall 2022.” The description of the proposed rule is scant, a mere...more
Update: On September 29, 2022, the Consumer Financial Protection Bureau issued Supervisory Highlights Student Loan Servicing Special Edition, finding that blanket college and university policies of withholding transcripts...more
On January 20, 2022, the Consumer Financial Protection Bureau (CFPB) announced new efforts to examine postsecondary schools’ institutional lending programs. Many colleges and universities offer in-house student loans,...more
On March 27, 2020, President Trump signed into law an updated version of a congressional response to the COVID-19 pandemic, entitled the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The $2 trillion stimulus...more
On March 27, 2020, President Trump signed into law an updated version of a congressional response to the COVID-19 pandemic, entitled the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The $2 trillion stimulus...more
In light of the quickly changing economic situation presented by COVID-19, consumer lenders should be quickly preparing for the impact of COVID-19 on their customers. In addition, because lenders are also businesses...more