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
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
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
11/21/2017
/ Ballot Measures ,
Banking Sector ,
Consumer Financial Products ,
Financial Services Industry ,
HELOC ,
Home Equity ,
Home Equity Line of Credit ,
Homestead Exemption ,
Mortgage Lenders ,
Mortgages ,
New Legislation
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
9/21/2017
/ Banking Sector ,
Banks ,
Consumer Financial Products ,
Consumer Lenders ,
Distressed Properties ,
Financial Institutions ,
Loans ,
Mortgages ,
OCC ,
Policies and Procedures ,
Risk Mitigation
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
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