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New York Signals the Importance of Technology in Consumer Financial Protection

The New York Department of Financial Services (NYDFS) recently surprised financial services’ compliance and legal professionals by announcing the creation of a “Consumer Protection and Financial Enforcement Division.”...more

Federal Court Clarifies Banks' Obligations Under Appendix Q

The U.S. District Court for the Southern District of Ohio recently issued a landmark decision regarding the reasonableness of a bank’s reliance on Appendix Q regarding nonemployment-related consumer income validation for a...more

FDIC Reminds Small Banks of Need to Oversee Technology Service Providers

The need to control risks associated with using third-party technology service providers was reemphasized by the FDIC for institutions with less than $1 billion in assets in a new financial institutions letter...more

New York Appellate Court Decision Provides Guidance for Lenders in Foreclosure Actions

The New York Appellate Division for the Second Department recently issued a ruling that makes it more difficult for mortgage holders to foreclose on certain properties. ...more

California Requires New Notices Before Attempting to Collect Time-Barred Debt

On September 5, California Governor Jerry Brown signed a bill amending the state’s debt collection law to place additional restrictions on the collection of time-barred debts. ...more

OCC Gives Green Light To Chartering Fintechs As Special Purpose National Banks

The Office of the Comptroller of the Currency announced on July 31 that it will begin accepting applications for special purpose national bank charters from nondepository financial technology companies (fintechs) that are...more

Connecticut Places Additional Requirements on Judgement Lienholders

Connecticut Governor Dannel Malloy recently signed a new bill into law that helps Connecticut consumers understand how much they would need to pay in order to satisfy a judgement lien....more

Federal Reserve Proposes Rulemaking to Simplify the Volcker Rule

The Federal Reserve Board (FRB) has taken the first step toward providing banks meaningful relief from the Volcker Rule by soliciting public comment on a proposed rule that would simplify and streamline compliance....more

New FTC Lawsuit Against Lending Club Provides Helpful Insights

On April 25, the FTC filed a complaint against Lending Club in the district court for the Northern District of California. The complaint alleges that Lending Club’s online advertising “lures prospective borrowers by promising...more

CLO Managers No Longer Need to Abide by Dodd-Frank Risk Retention Requirements

In a case of first impression, the D.C. Circuit Court struck down the Dodd-Frank-mandated risk retention requirements for managers of open market collateralized loan obligations (CLOs). ...more

Recent Congressional Review Act Developments Could Have Far-Reaching Effects

On December 5, the Government Accountability Office (GAO) essentially invalidated the CFPB’s auto lending guidance by finding that it constitutes a “rule” for purposes of the Congressional Review Act (CRA)....more

Texas' Proposition 2 Expands Home Equity Loan Market for Lenders and Consumers

On November 7, Texans approved Proposition 2 by a more than 2-1 majority. The measure amends section 50(a) of Article 16 of the Texas Constitution, making changes to the home equity loan (HEL) market in the state. Notably,...more

OCC's High-LTV Bulletin Is a Win for Banks and Consumers

Since the financial crisis, it has been difficult for consumers and developers to obtain mortgages to buy and build in the areas most hurt by the recession. The Office of the Comptroller of the Currency (OCC) has...more

Cordray's Departure Will Mean Big Changes at the CFPB

One of two scenarios will likely occur in the near future at the CFPB. Either Director Richard Cordray will be fired by President Trump (for cause), or Cordray will resign to enter the 2018 Ohio gubernatorial race. If either...more

New York Case Is a Win for the Merchant Cash Advance Industry

Providers of cash advances repaid by sales of future receivables in New York can have greater confidence that these advances are not loans and are not subject to usury laws. On March 16, the Supreme Court of New York,...more

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