On March 26, the CFPB announced that it is considering proposing a rule to “end payday debt traps” and released several related documents, including a fact sheet and an outline of the proposal that will be presented to a...more
The Real Estate Settlement Procedures Act has gone the "UDAAPified" way of debt collection — this time, through enforcement rather than guidance.
In July 2013, Consumer Financial Protection Bureau Bulletin 2013-07...more
On March 6, 2015, the OCC issued its revised “Deposit-Related Credit” booklet (“DRC booklet”) of the Comptroller’s Handbook, which replaced the “Deposit-Related Consumer Credit” booklet issued on February 11, 2015 (previously...more
On February 11, 2015, the OCC issued the “Deposit-Related Consumer Credit” booklet of the Comptroller’s Handbook, which replaced the “Check Credit” booklet. The booklet provides updated guidance and examination procedures...more
On January 27, the CFPB issued Compliance Bulletin 2015-01 to remind supervised financial institutions of their obligations concerning the disclosure of confidential supervisory information (CSI) to the CFPB and to third...more
For more than 40 years, the Equal Credit Opportunity Act (‘‘ECOA’’) has prohibited lenders from discriminating against applicants for credit on various prohibited bases, including marital status. The policy reasons for such...more
Banks and non-bank lenders face a variety of fair lending disparate impact claims, which allege unintentional and unfavorable disparate impacts of otherwise neutral policies or practices on minority borrowers. Regulators,...more
Regulation of financial products and services in the U.S. historically has relied on rules-based regulatory policy, governing business processes including disclosures relating to terms, pricing, structure and marketing. The...more
The Consumer Financial Protection Bureau’s (CFPB) latest enforcement action brings the total count relating to ancillary credit products to five. A common theme in the resulting consent orders is service provider management —...more
On October 30, the OCC issued Bulletin 2013-29 to update guidance relating to third-party risk management. The Bulletin, which rescinds OCC Bulletin 2001-47 and OCC Advisory Letter 2000-9, requires banks and federal savings...more
Short-term lending is under a new round of attacks, and this time some banks are feeling the heat. The New York State Department of Financial Services recently issued a letter to 117 banks requesting that they “choke off"...more
Prudential regulators have advised supervised banks for nearly 30 years about the need for careful diligence of their service providers, but the expectations of the Consumer Financial Protection Bureau (“CFPB” or the...more
The Fair Housing Act requires agencies to administer their programs and activities relating to housing and urban development “affirmatively to further” fair housing. Recipients of U.S. Department of Housing and Urban...more
On June 17, the U.S. Department of Defense issued advance notice of proposed rulemaking (ANPR) related to installment loans used by members of the armed forces and their families.
The rule, which would revise 32 C.F.R....more
On July 10, the Consumer Financial Protection Bureau issued new debt collection guidance and announced broad application of the Fair Debt Collection Practices Act under Sections 1031 and 1036 of the Dodd-Frank Act. The...more
On Tuesday, the Consumer Financial Protection Bureau issued CFPB Bulletin 2013-6, titled "Responsible Business Conduct: Self-Policing, Self-Reporting, Remediation and Cooperation."
The bulletin identified four pillars of...more
Mortgage loan servicers are under growing pressure from regulators to adhere to traditional fair lending principles in default servicing operations. Among other things, regulators have suggested that servicers proactively...more
It was a not unexpected result at the motion to dismiss stage: On June 30, 2011, the Northern District of Illinois permitted borrowers in a multi-district litigation putative class action to go forward with claims that...more
Outsourcing by U.S. financial institutions is rapidly increasing, as flexibility and cost savings drive information technology, accounting, audit, electronic funds transfer, investment management and human resources into...more