The final version of the National Defense Authorization Act for Fiscal Year 2022 (NDAA) (S. 1605) currently awaiting President Biden’s signature does not contain several proposed provisions that members of the consumer...more
On Monday, the CFPB and DOJ announced that they sent joint letters to landlords/property management companies and mortgage servicers regarding the protections given to servicemembers by the Coronavirus Aid, Relief and...more
In addition to amendments to the Fair Credit Reporting Act dealing with the reporting of adverse information on servicemembers by consumer reporting agencies, the National Defense Authorization Act (NDAA) as passed by the...more
The National Defense Authorization Act as passed by the House and now headed to the Senate includes amendments to the Fair Credit Reporting Act dealing with the reporting of adverse information on servicemembers by consumer...more
A Utah federal district court recently ruled in two cases that the Petition Clause of the First Amendment of the U.S. Constitution provides immunity to debt collectors from FDCPA claims. The two cases are Holmes v. Crown...more
On July 1, Virginia Governor Northam signed Senate Bill 1410 which amended several Virginia anti-discrimination statutes to prohibit discrimination based on “military status.” For purposes of the various amendments, the term...more
The Department of Defense (DoD) has issued a report to the House Committee on Armed Services regarding the impact of a Military Annual Percentage Rate (MAPR) cap lower than 30% on military readiness and servicemember...more
In another action demonstrating that a “new CFPB” is in place under the Biden Administration, the CFPB has issued an interpretive rule setting forth the basis for its determination that it has authority to examine...more
American Banker has reported that Manny Alvarez, Commissioner of the California Department of Financial Protection and Innovation, will be leaving the agency on June 18, 2021. ...more
On December 30, 2020, the CFPB announced a consent order with Omni Financial of Nevada, Inc. based on alleged violations of the Military Lending Act (MLA) and Electronic Funds Transfer Act (EFTA). This is the second consent...more
A federal District Court judge in Nevada has dismissed a case filed by several trade associations against the Commissioner of the Financial Institutions Division (“FID”) of the Nevada Department of Business and Industry and...more
7/9/2020
/ Consumer Financial Products ,
Consumer Privacy Rights ,
Credit Applicants ,
Credit Discrimination ,
Credit History ,
Credit Reports ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Financial Transactions ,
Spouses
Earlier this month, the Office of Servicemember Affairs (OSA) released its annual report covering the Office’s activities during fiscal year 2019, which covers the period of October 1, 2018 to September 30, 2019....more
We recently provided an update in a case we’ve been following involving a lawsuit challenging a Nevada statute, SB 311, that allows an applicant for credit with no credit history to request that a creditor treat an...more
In a new interpretive rule published on February 28, 2020, the Department of Defense (DoD) has announced that it is withdrawing guidance previously issued in its December 14, 2017 Interpretive Rule, Q&A #2, governing motor...more
3/2/2020
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Insurance Products ,
Consumer Lenders ,
Department of Defense (DOD) ,
Financial Transactions ,
Financing ,
Interpretive Rule ,
ITIN ,
Military Lending Act ,
Military Service Members ,
Motor Vehicles ,
Personal Property ,
Regulatory Requirements ,
Residency Status ,
Safe Harbors
The CFPB and Utah AG’s Office have announced that they will hold the first joint office hours as part of the American Consumer Financial Innovation Network (ACFIN). The joint office hours will be held on January 30, 2020 in...more
1/10/2020
/ American Consumer Financial Innovation Network (ACFIN) ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
FinTech ,
Innovation ,
Innovative Technology ,
New Legislation ,
No-Action Letters ,
Regulatory Agenda ,
Regulatory Oversight ,
Sandbox ,
State Attorneys General ,
Trial Disclosure Programs
The Department of Defense announced in its Fall 2019 rulemaking agenda that it is engaged in proposed rulemaking to amend its Military Lending Act (MLA) regulations, apparently in order to allow non-bank creditors to provide...more
12/5/2019
/ Amended Regulation ,
Automotive Industry ,
Automotive Loans ,
Borrowers ,
Consumer Lenders ,
Creditors ,
Department of Defense (DOD) ,
Fair Access to Credit ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financing ,
Lenders ,
Military Lending Act ,
Military Service Members ,
Motor Vehicles ,
Non-Bank Lenders ,
Regulatory Agenda ,
Regulatory Burden ,
Rulemaking Process
The three trade groups challenging an amendment to Nevada law that allows an applicant for credit with no credit history to request that the creditor deem the applicant’s credit history to be identical to that of the...more
11/26/2019
/ Article III ,
Consumer Financial Products ,
Consumer Privacy Rights ,
Credit Applicants ,
Credit Discrimination ,
Credit History ,
Credit Reports ,
Declaratory Judgment Act ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Financial Transactions ,
Marital Status ,
Motion to Dismiss ,
Personally Identifiable Information ,
Preemption ,
Preliminary Injunctions ,
Ripeness ,
Spouses
The Commissioner of the Financial Institutions Division (FID) of the Nevada Department of Business and Industry and the Nevada Attorney General have filed opposition to the preliminary injunction motion filed by three trade...more
11/14/2019
/ Article III ,
Credit ,
Credit Applicants ,
Credit Reports ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
Motion to Dismiss ,
New Legislation ,
Preemption ,
Preliminary Injunctions ,
Regulation B ,
Ripeness ,
Spouses ,
State and Local Government ,
Without Consent
The Commissioner of the Financial Institutions Division of the Nevada Department of Business and Industry and the Nevada Attorney General have filed a motion to dismiss the lawsuit filed last month in Nevada federal court by...more
11/11/2019
/ Article III ,
Credit Access ,
Credit Reports ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
Motion to Dismiss ,
Preemption ,
Preliminary Injunctions ,
Ripeness ,
Spouses ,
State and Local Government ,
State Attorneys General
On October 1, three trade groups filed a lawsuit in Nevada federal court challenging an amendment to Nevada law that allows an applicant for credit with no credit history to request that the creditor deem the applicant’s...more
10/4/2019
/ Consumer Financial Products ,
Consumer Privacy Rights ,
Credit Applicants ,
Credit Discrimination ,
Credit History ,
Credit Reports ,
Data Security ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
Federal v State Law Application ,
Financial Services Industry ,
Financial Transactions ,
Marital Status ,
Personally Identifiable Information ,
Preemption ,
Spouses ,
State and Local Government
Utah Governor Gary Herbert signed H.B. 378, Regulatory Sandbox, into law on March 25, 2019. This bill created the nation’s third regulatory sandbox program for fintechs, after Arizona, which enacted sandbox legislation in...more
6/12/2019
/ Blockchain ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Innovative Technology ,
New Legislation ,
Regulatory Oversight ,
Sandbox ,
State and Local Government
Earlier this year, Wyoming became the second state to create a financial technology (fintech) sandbox by enacting the “Financial Technology Sandbox Act” (Sandbox Act). (Arizona was the first state to create a fintech sandbox...more
Utah Governor Gary Herbert is expected to sign a new privacy law in the coming weeks that will make his state the first to protect private electronic data stored with third-party providers from government access without a...more
3/28/2019
/ Cloud Computing ,
Data Management ,
Electronically Stored Information ,
Government Investigations ,
Legislative Agendas ,
Pending Legislation ,
Privacy Laws ,
Search Engines ,
Search Warrant ,
Social Media ,
State and Local Government ,
Wireless Technology
The CFPB has issued a report, “Mortgages to First-time Homebuying Servicemembers,” that focuses on mortgage loans made from 2006 to 2016 to first-time homebuyers who are serving in the military or are veterans....more
The CFPB’s Office of Servicemember Affairs has released its annual report on complaints submitted to the Bureau by servicemembers....more