While credit-related products have long been subject to the anti-discrimination requirements of the Equal Credit Opportunity Act (ECOA), providers of non-credit financial products, such as payments, credit reporting services,...more
3/21/2022
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Agreements ,
Discriminatory Lending Practices ,
Disparate Impact ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agenda ,
UDAAP
On January 20, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it will examine postsecondary schools’ “in-house” lending practices (the Announcement). ...more
Commercial finance providers doing business in New York will have more time to comply with New York’s new law requiring consumer-like disclosures to be made for certain types of commercial financing. ...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
On December 16, 2021, the Consumer Financial Protection Bureau (Bureau, or CFPB) announced a “market monitoring” inquiry into “buy now, pay later” (BNPL) credit offered by five companies. In this alert, we explain the CFPB’s...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 October 19, 2021, the Consumer Financial Protection Bureau (CFPB or the “Bureau”) entered into its first consent order under new Director Rohit Chopra, finding that a service provider to state correctional departments...more
10/27/2021
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debit Cards ,
EFTA ,
Enforcement Actions ,
Financial Services Industry ,
Inmates ,
Prepaid Payment Products ,
Prisoners ,
Processing Fees ,
Statutory Violations ,
Unfair or Deceptive Trade Practices
On September 21, 2021, the New York Department of Financial Services (NYDFS) released its pre-proposed regulations to implement the commercial financing disclosure requirements in S5470-B and S898. The ten-day outreach...more
With Medical Debt Hitting $140 Billion, Hospitals Are Taking Action. How Can You Maximize Collections While Minimizing Risks? Find Out at a New Manatt Webinar...
New research published in the Journal of the American...more
10/5/2021
/ Collection Agencies ,
Consumer Financial Protection Bureau (CFPB) ,
Continuing Legal Education ,
Debt Collection ,
Debt Collectors ,
Debtors ,
Disclosure Requirements ,
FDCPA ,
Fees ,
Health Care Providers ,
Hospitals ,
Medical Bills ,
Payment Plans ,
Regulation F ,
Truth in Lending Act (TILA) ,
Webinars
In the largest fair lending enforcement action in several years, the Department of Justice (DOJ) and the Office of the Comptroller of the Currency (OCC) on August 30 announced simultaneous settlements with a national banking...more
9/9/2021
/ Biden Administration ,
Consumer Financial Products ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
OCC ,
Race Discrimination ,
Redlining ,
Regulatory Violations
For at least the past 20 years, Maine has capped interest rates for most closed-end unsecured loans at 30% for loans of $2,000 or less, and at 18% on loans of $4,000 or more. See, e.g., 9-A M.R.S.A. Sec. 2-401....more
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
On June 25, the Department of Housing and Urban Development (HUD) published in the Federal Register a proposal to rescind its own 2020 disparate impact rule (2020 Rule). In its place, HUD is proposing to recodify and restore...more
6/30/2021
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
Disparate Impact ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Regulatory Reform ,
Financial Services Industry ,
Housing Market ,
HUD ,
Public Comment ,
Regulatory Standards
The Consumer Financial Protection Bureau is finally moving forward with rulemaking under Section 1071 of the Dodd-Frank Act, which will require “financial institutions” to collect, maintain and report to the CFPB data on...more
6/28/2021
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Disparate Impact ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Minority-Owned Businesses ,
Regulatory Requirements ,
Reporting Requirements ,
SBREFA ,
Section 1071 ,
Small Business ,
Women-Owned Businesses
While federal and state regulators have long focused on debt collection practices, new CFPB leadership, increased state regulatory powers, the COVID-19 pandemic and other factors will not only make it harder for third-party...more
5/11/2021
/ Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Continuing Legal Education ,
Debt Collection ,
Debt Collectors ,
Debtors ,
Enforcement ,
Registration Requirement ,
Rulemaking Process ,
UDAAP ,
Webinars
The Supreme Court has just made it significantly more difficult for the Federal Trade Commission (FTC) to obtain monetary relief in enforcement actions, terminating a practice the FTC has engaged in for decades to exact...more
Another day, another major pronouncement from the Consumer Financial Protection Bureau (CFPB or Bureau), which just took two important actions. First, it rescinded seven different policy statements that offered flexibility to...more
Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) just reversed course on the standard for abusive practices established under prior CFPB leadership. In this short report, we refresh you on the prior formal...more
State and federal financial regulators increasingly are focused on protecting small businesses, as illustrated by recent enforcement efforts and new state laws regulating both traditional and innovative small-business finance...more
3/16/2021
/ Consumer Financial Protection Bureau (CFPB) ,
Continuing Legal Education ,
Disclosure Requirements ,
Enforcement Actions ,
Fair Lending ,
Federal Trade Commission (FTC) ,
Financial Products ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Regulatory Authority ,
Regulatory Requirements ,
Small Business ,
Small Business Loans ,
State Regulators ,
UDAAP ,
Webinars
On March 9, 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an Interpretive Rule that the prohibitions against sex discrimination in the Equal Credit Opportunity Act (ECOA) and Regulation B encompass...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
The Consumer Financial Protection Bureau (CFPB) released its long-awaited two-volume Taskforce Report on Consumer Financial Law (the Report) as expected last week, following a yearlong effort. While advisory in nature, it is...more
1/13/2021
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Counsel ,
Credit Reports ,
E-Signatures ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
Federal Agency Taskforce ,
Federal Trade Commission (FTC) ,
Financial Regulatory Agencies ,
Financial Services Industry ,
FinTech
As we prepare to put 2020 in the rearview mirror, many of us will not have fond memories of the year. Quarantines, masks, social distancing, unspeakable tragedy, economic ruin for some industries. But the fintech world proved...more
1/7/2021
/ Banking Sector ,
Blockchain ,
Cryptocurrency ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Lenders ,
Madden v Midland Funding ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securitization