Recent actions by the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB), with support from the Biden administration, signal that protecting consumers from so-called “junk fees” remains a key...more
10/23/2023
/ Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Excessive Fees ,
Federal Trade Commission (FTC) ,
Fees ,
Hidden Fees ,
Misleading Statements ,
Notice of Proposed Rulemaking (NOPR) ,
Overdraft Fees ,
Price Inflation ,
Unfair or Deceptive Trade Practices
A far-reaching new federal regulation will for the first time require small business lenders to collect detailed data about applications and originations, and report that data to the Consumer Financial Protection Bureau...more
The Consumer Financial Protection Bureau (CFPB), the primary federal regulator charged with enforcing consumer financial protection laws, recently announced a proposed rulemaking that would require the myriad non-banks...more
Lenders will soon be required to collect detailed demographic and financial data on commercial credit applicants and report this data to regulators.
The NYDFS issued a proposed rule that will require New York banks to...more
11/11/2022
/ Commercial Loans ,
Community Reinvestment Act ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Applicants ,
Dodd-Frank ,
ECOA ,
FDIC ,
HMDA ,
Notice of Proposed Rulemaking (NOPR) ,
NYDFS ,
Proposed Rules ,
Small Business Loans
NYDFS is closely evaluating fair lending compliance at the institutions it regulates, and bringing enforcement actions based on statistical analyses of lenders’ loan portfolios.
NYDFS has entered into a series of consent...more
10/19/2022
/ Compliance ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Fair Lending ,
Financial Regulatory Agencies ,
Interest Rates ,
Lenders ,
NYDFS ,
Penalties ,
Protected Class ,
State Banks
As previously discussed, financial services regulators are increasingly focused on how businesses use artificial intelligence (AI) and machine learning (ML) in underwriting and pricing consumer finance products. Although...more
Regulators took a first step toward modernizing CRA regulations with a joint Notice of Proposed Rulemaking.
The proposed rule would add more standardized metrics for regulators’ CRA examinations and more clearly delineate...more
Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, has written to newly confirmed Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, asking him to review...more
As CFPB Director, Rohit Chopra will vigorously apply the CFPB’s authority to promulgate rules, conduct examinations, and bring enforcement actions.
CFPB Acting Director Uejio has laid the groundwork for Director Chopra to...more
10/4/2021
/ Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Enforcement ,
Federal Trade Commission (FTC) ,
Senate Confirmation Hearings ,
Small Business Loans ,
Small Dollar Lenders ,
UDAAP