Nonbank Firms

News & Analysis as of

CFPB Continues Stated Intention to Target Large Non-Bank Auto Lenders

In December 2015, the CFPB took action against non-bank auto lender CarHop. In so doing, the CFPB continued to carry out its stated intention of expanding its regulatory oversight to large non-bank auto lenders. ...more

Higher One, Inc. Enforcement Actions Remind Nonbank Service Providers of Their Legal Obligations When Partnering With Banks

On December 23, 2015, the Federal Reserve Board (“Federal Reserve”) and the Federal Deposit Insurance Corp. (“FDIC” and, collectively with the Federal Reserve, the “Agencies”) announced settlements with Higher One, Inc....more

Treasury Discusses Online Marketplace Lending

Why it matters - Regulatory oversight of online marketplace lending is moving forward, with representatives from the Department of the Treasury sharing six "central themes" drawn from comments on the agency's Request...more

Second Circuit: Transfer of Mortgage Servicing Rights Triggers FDCPA Disclosure Requirement

A federal appeals court has ruled that a nonbank mortgage servicer’s notice of servicing rights transfer sent pursuant to RESPA constitutes debt collection and thus triggers mandatory FDCPA disclosures. The Second Circuit...more

Dodd-Frank Turns Five, What Comes Next?

The 2008 credit crisis was the beginning of an era of unprecedented government management of the capital markets. July 21, 2015 marked the fifth anniversary of the hallmark congressional response, the Dodd-Frank Wall Street...more

Special Alert: Second Circuit Will Not Rehear Madden Decision That Threatens to Upset Secondary Credit Markets

Two months ago we issued a Special Alert regarding the decision of the Court of Appeals for the Second Circuit in Madden v. Midland Funding, LLC, which held that a nonbank entity taking assignment of debts originated by a...more

Why Does the CFPB Want to Curb Auto Lenders’ Discretion to Charge Higher or Lower Interest Rates?

On July 14, 2015, the Consumer Financial Protection Bureau (“CFPB”) and Department of Justice (“DOJ”) announced they had reached a “groundbreaking settlement” with American Honda Finance Corporation (“Honda”).(1) The...more

Adjusting to CFPB's Auto Finance Examination Authority

On Aug. 9, the Consumer Financial Protection Bureau rule that enables the CFPB to supervise the biggest nonbank automobile finance companies took effect, subjecting the auto finance industry to new and unprecedented...more

Financial Services Weekly News Roundup - July 2015 #5

Regulatory Developments - New Hampshire Governor Signs Into Law a Bill Recodifying Banking, Credit Union and Trust Company Laws: On July 28, New Hampshire Gov. Maggie Hassan signed into law SB 188, an act...more

Madden v. Midland Funding, LLC

On May 22, the Second Circuit Court of Appeals ruled that when a nonbank entity purchases loans from a national bank, the interest rate the nonbank entity may charge is limited to the rate of interest of the state of...more

CFPB Releases Final Rule for Nonbank Auto Lenders Oversight

Why it matters - The Consumer Financial Protection Bureau (CFPB) released its final rule providing oversight of larger participants in the nonbank auto-financing ecosystem, along with examination procedures for covered...more

AML Risks and Compliance for Non-Financial Institutions

Consider yourself lucky if you work at a company that does not fall within the Title 31 of the US Code definition of a “financial institution.” I am being somewhat dramatic but it is important for every company to have an...more

FTC, Florida AG File Action to Stop Alleged Telemarketing Debt Relief Scam Targeting Seniors

The Federal Trade Commission (FTC) and the Florida Attorney General (AG) have jointly filed a complaint in a Florida federal court against several companies and their individual owners alleging that the defendants engaged in...more

CFPB Drives Action Against Auto-Finance Company

Putting the brakes on what it viewed as aggressive debt-collection tactics, the Consumer Financial Protection Bureau (CFPB) filed suit in Ohio federal court on June 17, 2015, against Security National Automotive Acceptance...more

MBa Compliance Essentials - CFPB EXAMINATIONS: What We Know Now

In This Presentation: - What is “Supervision”? - CFPB’s Examination Principles - Supervision is a Process - Types of Examinations - Preparing for the Examination - EXAM...more

Time for a Tune-up: CFPB Finalizes Rule to Supervise Nonbank Auto Finance Companies and Issues Auto Finance Examination Procedures

On June 10, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) published a final rule that will allow the agency to supervise certain larger nonbank auto finance companies for the first time and released auto...more

CFPB Expands Supervision to Nonbank Auto Finance Companies

The Consumer Financial Protection Bureau (CFPB) has published a rule that expands the CFPB’s supervision to nonbank auto finance companies for the first time. The CFPB currently supervises automobile financing at the largest...more

FinCEN Enforcement and Regulatory Focus—Transparency in Real Estate Transactions, Virtual Currency and More

Why it matters - Transparency in the financial system was underscored as a key focus for the Financial Crimes Enforcement Network (FinCEN) by Director Jennifer Shasky Calvery in a speech before the West Coast AML Forum...more

Special Alert: Second Circuit Decision Threatens To Upset Secondary Credit Markets

The Second Circuit Court of Appeals’ recent decision in Madden v. Midland Funding, LLC held that a nonbank entity taking assignment of debts originated by a national bank is not entitled to protection under the National Bank...more

CFPB Finalizes Rule to Supervise Nonbank Auto Finance Companies, Releases Auto Finance Examination Procedures for Banks, Nonbanks

The Consumer Financial Protection Bureau has issued a final rule allowing it to supervise nonbank companies that qualify as “larger participants of a market for automobile financing.” Relatedly, it adopted simultaneously a...more

Special Alert: CFPB Finalizes Rule to Oversee Nonbank Auto Lenders

On June 10, the CFPB issued its final rule to oversee “larger participant” nonbank auto finance companies. Although the CFPB received significant feedback during the comment period, the final rule is nearly identical to that...more

CFPB finalizes rule to supervise nonbank auto finance companies and releases auto finance examination procedures for banks and...

The CFPB issued a final rule on June 10, 2015 allowing it to supervise nonbank companies that qualify as “larger participants of a market for automobile financing.” Relatedly, it adopted simultaneously a separate rule...more

Focal points for banks and nonbanks in the CFPB’s new auto finance exam procedures

Wednesday, the CFPB finalized its larger participant rule for nonbank auto finance companies, making them subject to supervision after the effective date of the rule. But the Bureau’s press release and newly-released auto...more

CFPB Finalizes Rules to Regulate Nonbank Auto Lenders

The CFPB adopted a final that allows the agency to supervise larger nonbank auto finance companies for the first time. The CFPB also released the examination procedures that its examiners will use. Currently, the Bureau...more

2nd Circuit Reinstates Consumer Class Action Against National Debt Buyer Through Preemption Decision

On May 22, the U.S. Court of Appeals for the Second Circuit ruled against a debt collection firm, holding that “non-national bank entities are not entitled to protections under the National Bank Act (“NBA”) from state-law...more

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