A new Colorado law required all banks and credit unions chartered in any state to charge only Colorado’s maximum interest rate, not the interest rates allowed by the lender’s state. In an opinion published on June 18, the US...more
On April 2, 2024, HUD published a new rule in the Federal Register regarding the Federal Flood Risk Management Standard (FFRMS). The new rule updates the HUD regulations on Floodplain Management and Protection of Wetlands and...more
In an effort to promote “open banking” and reduce “sticky banking”, make it easier for consumers to compare their current financial institution to competitors, and to generally increase competition among financial...more
The Financial Crimes Enforcement Network (“FinCEN”) has published a new Small Entity Compliance Guide (“Guide”) for compliance with the Beneficial Ownership Information Reporting Rule (“Reporting Rule”), 31 CFR 1010.380. The...more
9/21/2023
/ Beneficial Owner ,
Business Ownership ,
Domestic Corporations ,
FinCEN ,
Foreign Corporations ,
Noncompliance ,
Ownership Interest ,
Penalties ,
Reporting Requirements ,
Small Business ,
Small Entity Compliance Guide
Florida has enacted its own Commercial Financing Disclosure Law (“CFDL”) that is similar to California and New York’s disclosure laws. The Florida CFDL applies to covered “Commercial Financing Transactions” consummated on or...more
As a part of Federal agencies’ issuance of their semi-annual Spring 2023 Regulatory Agenda, the CFPB has published its Spring 2023 Agency Rule List (“2023 List”). In that List, the CFPB has set forth the status of its...more
6/20/2023
/ Clean Energy ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Fair Credit Reporting Act (FCRA) ,
Fees ,
FIRREA ,
Interim Final Rules (IFR) ,
Libor ,
Notice of Proposed Rulemaking (NOPR) ,
Overdraft Fees ,
Quality Control Plan ,
Regulatory Agenda ,
Rulemaking Process ,
Small Business ,
Small Business Loans
On June 8, the CFPB announced that it has ordered a medical debt collector to pay a $1.7 million fine and provide refunds for alleged violations of debt collection rules. This action stands as a reminder to those dealing with...more
On May 30, 2023, the Federal Housing Finance Agency (FHFA) issued a Request for Input (RFI) from the public focusing on “issues faced by tenants in multifamily properties, and on any opportunities and potential impacts...more
June 8, 2023 By: Stephanie Shea and Michael Flynn On June 6, 2023, the FDIC, FRB and OCC collectively issued a document entitled, “Interagency Guidance on Third-Party Relationships: Risk Management” (“2023 Guidance”). Prior...more
On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued the long-awaited final version of its rules on Small Business Lending under the Equal Credit Opportunity Act. The new rule imposes significant burdens...more
According to a Chicago federal district court, the Equal Credit Opportunity Act’s loan discrimination provisions to not extend to alleged discrimination against prospective applicants. Relying on the express language of the...more
On February 1, the CFPB issued a proposed rule to cut the “safe harbor” amount that banks and credit card companies can charge for late fees. If finalized, the proposed rule would reduce the maximum safe harbor limit for...more
The Office of Information and Regulatory Affairs in the Office of Management and Budget has released the Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions (Agenda) reports on the actions administrative agencies...more
1/11/2023
/ Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Dodd-Frank ,
Excessive Fees ,
Fair Credit Reporting Act (FCRA) ,
FDIC ,
Finance Charges ,
Insufficient Funds ,
Mortgages ,
Notice of Proposed Rulemaking (NOPR) ,
OMB ,
Overdraft Fees ,
PACE ,
Proposed Regulation ,
Regulatory Agenda ,
Small Business Loans ,
Truth in Lending Act (TILA) ,
Valuation
Registration of Regulator Orders and Court Judgments -
On December 12, 2022, the CFPB issued a proposed rule regarding non-bank consumer finance firms registration of all settlements and enforcement orders. The proposed...more
Recent pronouncements by Vice President Harris and by an SBA public affairs specialist indicate that SBA will soon publish a Notice of Proposed Rulemaking (NPRM) that will propose an expansion of the number of non-depository...more
On September 27, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information Regarding Mortgage Refinances and Forbearances. The Request indicates that the CFPB is considering making the COVID...more
Continuing a recent trend, the CFPB has asserted that its oversight authority regarding unfair, deceptive, and abusive practices (UDAAP) to assert that certain digital marketers, including what it refers to as “Big Tech,”...more
Amidst its increased activity in many different areas, the CFPB recently focused on credit reporting responsibilities under the Fair Credit Reporting Act (FCRA) by issuing an advisory opinion. The CFPB highlighted and set out...more
In its recent Semiannual Risk Perspective, the Office of the Comptroller of the Currency (OCC) has highlighted the difficulties banks face finding adequate numbers and quality of hires for compliance oversight. While there...more
According to statements by a Department of Justice official, corporate Chief Compliance Officers will in the future have to take a more exposed position by providing certifications in settlements with DOJ. Further,...more
On April 25, the CFPB announced that it is invoking an aspect of its oversight authority to enable it to supervise and examine certain nonbank lenders when it determines the company’s activities and products pose a risk to...more
In a March 28 speech, CFPB Director Rohit Chopra announced that the CFPB intends to enforce aggressively against large financial institutions that are repeat offenders, and will ask other federal regulators to take a similar...more
On March 16, 2022, the CFPB announced it will expand the scope of its enforcement activities regarding discrimination beyond the specific areas covered by ECOA, by applying the UDAAP unfair practices standard to...more
Under the long-recognized valid when made doctrine, if a loan was not subject to a state usury law when it was made, it does not subsequently become even if it is subsequently sold or assigned to another party. The doctrine...more
On August 12, in a 6-3 decision, the U.S. Supreme Court issued an order enjoining the portion of a New York State statute which provided that tenants could establish that they had suffered COVID-related economic hardship by...more