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
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 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
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
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
The CFPB announced yesterday that it has transmitted a proposal to Congress that would give it clear authority to conduct supervisory examinations for compliance with the Military Lending Act (MLA)....more
At the end of last week, the Federal Trade Commission (FTC) and the Department of Veterans Affairs (VA) announced that they have entered into a Memorandum of Agreement (MOA) “to provide mutual assistance in the oversight and...more
12/18/2018
/ Advertising ,
Consumer Financial Products ,
Department of Veterans Affairs ,
Educational Institutions ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Memorandum of Understanding ,
Regulatory Oversight ,
Student Enrollment ,
Unfair or Deceptive Trade Practices ,
Veterans
Twenty-three Democratic members of the House Financial Services Committee have sent a letter to Kathy Kraninger, the CFPB’s new Director, urging the Bureau to resume examining its supervised entities for compliance with the...more
12/17/2018
/ Banking Examinations ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Failure to Comply ,
Financial Services Industry ,
Military Lending Act ,
Military Service Members ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Standards
Virginia’s Attorney General has announced that “he has secured more than $50 million in debt relief and ordered civil penalties” as a result of his lawsuit filed in state court in March 2018 against Future Income Payments...more
U.S. Senators Mark R. Warner (D-VA) and Mike Rounds (R-SD) introduced federal legislation on August 28, 2018, that would expand access to mortgages to the self-employed, gig workers, and other creditworthy individuals with...more
On August 1, 2018, Sen. Bill Nelson (D-Florida) introduced S. 3334 captioned “The Military Lending Improvement Act of 2018” in the United States Senate to “expand and improve” credit protections afforded to service members by...more
The Washington state Senate and House of Representatives have passed a bill (House Bill 1056) that would expand the coverage of the Washington Service Members’ Civil Relief Act (WSCRA) and provide additional protections to...more
The CFPB’s October 2017 complaint report, which the CFPB calls a “special edition” monthly complaint report, departs from the format of the CFPB’s standard monthly reports. (The CFPB’s June and July 2017 complaint reports...more
11/2/2017
/ Bank Accounts ,
Banking Sector ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Credit Reporting Agencies ,
Debt Collection ,
Financial Services Industry ,
Military Service Members ,
Mortgages
The FTC has launched a new page on its website dedicated to its Military Task Force. According to the FTC, it created the Task Force “to focus on identifying the particular needs of military consumers and developing...more
The Department of Defense (DoD) is reported to have rejected the request of the National Association of Federally-Insured Credit Unions (NAFCU) to extend the October 3, 2017 date for credit card compliance with the Military...more
On July 19, the Federal Trade Commission will hold a workshop in San Antonio titled the “2017 Military Consumer Financial Workshop: Protecting Those Who Protect Our Nation.” The FTC has uploaded an agenda and list of...more
6/23/2017
/ Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Federal Trade Commission (FTC) ,
Financial Fraud ,
Financial Literacy ,
Financial Services Industry ,
Military Service Members ,
Student Loans ,
Veterans
We recently reported on a bill introduced in the House of Representatives by Congressman Dan Kildee (D-Michigan) that would amend the Military Lending Act (“MLA”) to require that creditors provide additional disclosures to...more
On May 25, Congressman Dan Kildee (D-Michigan) referred a bill to the House Committee on Armed Services titled the “Transparency in Military Lending Act of 2017.” ...more
The Department of Defense (DoD) has issued an interpretive rule to assist the industry in complying with its July 2015 final rule amending the Military Lending Act’s implementing regulation. The much-anticipated guidance was...more
9/9/2016
/ American Bankers Association ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Defense (DOD) ,
EFTA ,
FDIC ,
Federal Reserve ,
Industry Examinations ,
Interpretive Rule ,
Military Annual Percentage Rates (MAPR) ,
Military Lending Act ,
Military Service Members ,
OCC ,
Regulation E ,
Safe Harbors ,
Truth in Lending Act (TILA)
The American Bankers Association, joined by six other prominent industry trade groups, is seeking a six-month extension of the date by which depository institutions must comply with the Military Lending Act (MLA) final rule...more
9/2/2016
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Defense (DOD) ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Military Lending Act ,
Military Service Members ,
NCUA ,
OCC ,
Time Extensions
The CFPB filed a lawsuit against two law firms, The Mortgage Law Group, LLP (MLG) and Consumer First Legal Group, LLC (CFLG), who provided foreclosure assistance to their clients. See CFPB v. The Mortg. Law Grp., Case No....more