In late October, the Consumer Financial Protection Bureau (CFPB) sent a shot across the bow at Big Tech’s use of consumer payments data. While much of the industry has focused on the impact on Big Tech, some lenders, lead...more
11/5/2021
/ Big Tech ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Information ,
Data Brokers ,
Data Management ,
Data-Sharing ,
Financial Institutions ,
Financial Services Industry ,
Payment Systems ,
Popular ,
Third-Party Service Provider
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
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 First, it rescinded seven different policy statements that offered flexibility to...more
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, or the Bureau) has announced major changes to its organizational structure, placing enforcement operations under the effective control of supervision. If finalized, this will be...more
In a significant action, the Consumer Financial Protection Bureau (CFPB) has abruptly rescinded a 2015 compliance bulletin concerning marketing services agreements (MSAs) while also issuing RESPA Section 8 (referral fee...more
California is poised to enact broad new legislation creating an entirely revamped financial protection regimen, including a powerful new Department of Financial Protection and Innovation (DFPI). In this article, we provide...more
On July 28, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) seeking industry input on the future of the Equal Credit Opportunity Act (ECOA) and Regulation B. While fair lending...more
8/18/2020
/ Artificial Intelligence ,
Bostock v Clayton County Georgia ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
ECOA ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Limited English Proficiency (LEP) ,
Loan Officer ,
Machine Learning ,
Regulation B ,
Request For Information ,
Texas Dept of Housing v Inclusive Communities ,
UDAAP
In response to the COVID-19 pandemic, federal and state governments and regulators have taken hasty actions that are arguably beyond the scope of their authority in order to provide assistance to businesses and consumers...more
Residential mortgage servicers have now received critical new guidance regarding borrowers adversely impacted by COVID-19. In the first guidance, on April 3, the CFPB, the Federal Reserve, the FDIC, the NCUA, the OCC and...more
In a settlement with a consumer advocacy group on a significant fair lending issue, the Consumer Financial Protection Bureau (CFPB) has agreed to restart long-stalled efforts to gather statutorily mandated data on lending to...more
3/10/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Minority-Owned Businesses ,
Reporting Requirements ,
Rulemaking Process ,
Section 1071 ,
Settlement Agreements ,
Small Business ,
Women-Owned Businesses
Twenty-three state regulators have now reached a deal with a prominent online payments processor to address that company’s insufficient disclosures on its platform. We explain why that matters to you....more
The Consumer Financial Protection Bureau (CFPB or Bureau) today issued an important policy statement on how it intends to apply the “abusiveness” standard in supervision and enforcement matters....more
Joining Pennsylvania, California looks to be the next state to create a state version of the federal Consumer Financial Protection Bureau. And with recent pronouncements from New York that may place greater authority with its...more
The Consumer Financial Protection Bureau (CFPB) is moving forward with new enforcement initiatives even as it concedes its structure is unconstitutional. We discuss the latest developments.
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While the battle over the constitutionality of the Consumer Financial Protection Bureau moves to the U.S. Supreme Court, the Bureau continues with its daily work, releasing a final Home Mortgage Disclosure Act (HMDA) rule,...more
The Ninth Circuit refused to allow various defendants to escape liability for a variety of alleged mortgage relief scams, affirming judgments based on violations of the FTC Act and the federal Mortgage Assistance Relief...more
It’s out with the guesswork for those entities regulated or insured by the Federal Deposit Insurance Corporation (FDIC). In an effort to provide greater transparency regarding the internal processes, the agency posted...more
A recent arbitration decision by a federal district court in San Diego highlights the risk posed by the California Supreme Court’s 2017 decision in McGill v. Citibank. McGill held that California public policy precludes the...more
There’s yet another state CFPB, and this one could be significant. Joining Pennsylvania’s earlier effort, the New York Department of Financial Services (DFS) has just created a new office, the Consumer Protection and...more
In Consumer Financial Protection Bureau (CFPB or Bureau) news, the Bureau announced a major change regarding civil investigative demands (CIDs) and Director Kathy Kraninger became the first CFPB director to serve as...more
It has been another eventful news cycle for the Consumer Financial Protection Bureau (CFPB or Bureau), as its new director, Kathy Kraninger, appeared before the House Financial Services Committee, facing tough questions about...more
While the dispute over the constitutionality of the Bureau of Consumer Financial Protection’s (CFPB or Bureau) structure continues to rage, the Bureau continued to make other news, releasing a report on the Ability to Repay...more
It’s official: It’s BCFP no more! When Kathy Kraninger recently took over as director of the Consumer Financial Protection Bureau (CFPB or Bureau), her first significant act was to drop efforts to change the Bureau’s...more
A bank did not engage in age bias when it terminated an employee after learning that he had a prior conviction that disqualified him from employment, the U.S. Court of Appeals, Eighth Circuit has affirmed....more