After being the first state to impose disclosure requirements on small business finance transactions, California has now added an annual reporting requirement and subjected commercial finance companies to UDAAP claims. On...more
8/22/2023
/ Annual Percentage Rate (APR) ,
Annual Reports ,
California ,
Department of Financial Protection and Innovation (DFPI) ,
Disclosure Requirements ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financial Transactions ,
UDAAP ,
Unfair or Deceptive Trade Practices
On March 30, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require lenders to...more
On August 19, the California Department of Financial Protection and Innovation (DFPI) announced the adoption of final rules transitioning the application form and certain other submissions relating to the “catchall”...more
8/23/2021
/ Bright-Line Rule ,
Department of Financial Protection and Innovation (DFPI) ,
Electronic Filing ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lenders ,
License Applications ,
Licensing Rules ,
NMLS ,
Regulatory Requirements
In one of many last-minute actions likely to be challenged by Democrats, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule “codifying” the September 2018 Interagency Statement (2018 Statement)....more
On October 30, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) released the first part of its long-awaited final Debt Collection Rule, which substantially updates and modernizes Regulation F, the implementing...more
On July 7, the CFPB issued its long-awaited final rule (the 2020 Final Rule) amending the regulations that govern payday loans, vehicle title loans and certain high-cost installment loans. As expected, the CFPB revoked the...more
On May 29, 2020, the Office of the Comptroller of the Currency (OCC) issued its final rule affirming the “valid when made” doctrine for national banks and federal savings associations. Adopted as proposed, the final rule...more
Why it matters
Reporting requirements for financial institutions under the Home Mortgage Disclosure Act (HMDA) regulations were finalized by the Consumer Financial Protection Bureau (CFPB), with most provisions of the...more
11/3/2015
/ Consumer Financial Protection Bureau (CFPB) ,
Covered Entities ,
Data Collection ,
Dodd-Frank ,
Fair Lending ,
FFIEC ,
Final Rules ,
Financial Institutions ,
HMDA ,
HUD ,
Mortgages ,
Personal Data ,
Public Disclosure ,
Reporting Requirements ,
Training
Why it matters -
Continuing its focus on the auto lending industry, the Consumer Financial Protection Bureau (CFPB) ordered Westlake Services LLC and subsidiary Wilshire Consumer Credit LLC to pay roughly $48 million for...more
10/21/2015
/ Attorney General ,
Automotive Loans ,
Borrowers ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Dodd-Frank ,
Enforcement Actions ,
False Advertising ,
FDCPA ,
Federal Trade Commission (FTC) ,
Final Rules ,
Material Disclosures ,
Non-Bank Lenders ,
Redress Payments ,
Restitution ,
Third-Party ,
Truth in Lending Act (TILA) ,
Unfair or Deceptive Trade Practices
The Department of Defense (DoD) released its final rule amending the implementing regulations of the Military Lending Act (MLA), incorporating a broader range of credit products under its coverage and potentially implicating...more
After completing most of its required rulemaking under the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) is now looking at a wide array of consumer financial products and services for additional regulation....more