Increased regulation of commercial financing shows no signs of stopping. California SB 1482, which would require commercial financing providers and brokers to register with the California Department of Financial Protection...more
6/6/2024
/ California ,
Consumer Financial Products ,
Department of Financial Protection and Innovation (DFPI) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financing ,
Lenders ,
Loans ,
NMLS ,
Proposed Legislation ,
Registration Requirement ,
Regulatory Agenda
The increase in interest rates, and the contraction of the money supply, which are intended to tame inflation, have also had significant negative consequences. Those consequences include adverse impacts on the banking...more
July 5 is the deadline for submitting comments on the California Department of Financial Protection and Innovation’s (DFPI) proposed regulations on complaint handling and reporting, which would impose significant obligations...more
6/14/2022
/ Banking Sector ,
California ,
California Consumer Financial Protection Law (CCFPL) ,
Comment Period ,
Consumer Complaint Management ,
Consumer Complaint System ,
Department of Financial Protection and Innovation (DFPI) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Proposed Regulation ,
Regulatory Agenda ,
Regulatory Burden
Merchant Cash Advance providers, commercial litigation funders, online SMB lending platforms and other nonbank small-business lenders, take note: Following the lead of California and New York, Utah is now the third state to...more
On August 19, the California Department of Financial Protection and Innovation (DFPI) announced the adoption of final rules transitioning the application form and certain other submissions relating to the “catchall”...more
8/23/2021
/ Bright-Line Rule ,
Department of Financial Protection and Innovation (DFPI) ,
Electronic Filing ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lenders ,
License Applications ,
Licensing Rules ,
NMLS ,
Regulatory Requirements
The Consumer Financial Protection Bureau is finally moving forward with rulemaking under Section 1071 of the Dodd-Frank Act, which will require “financial institutions” to collect, maintain and report to the CFPB data on...more
6/28/2021
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Disparate Impact ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Minority-Owned Businesses ,
Regulatory Requirements ,
Reporting Requirements ,
SBREFA ,
Section 1071 ,
Small Business ,
Women-Owned Businesses
The Consumer Financial Protection Bureau (CFPB, or the Bureau) has announced major changes to its organizational structure, placing enforcement operations under the effective control of supervision. If finalized, this will be...more
In a significant action, the Consumer Financial Protection Bureau (CFPB) has abruptly rescinded a 2015 compliance bulletin concerning marketing services agreements (MSAs) while also issuing RESPA Section 8 (referral fee...more
California is poised to enact broad new legislation creating an entirely revamped financial protection regimen, including a powerful new Department of Financial Protection and Innovation (DFPI). In this article, we provide...more
On July 28, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) seeking industry input on the future of the Equal Credit Opportunity Act (ECOA) and Regulation B. While fair lending...more
8/18/2020
/ Artificial Intelligence ,
Bostock v Clayton County Georgia ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
ECOA ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Limited English Proficiency (LEP) ,
Loan Officer ,
Machine Learning ,
Regulation B ,
Request For Information ,
Texas Dept of Housing v Inclusive Communities ,
UDAAP
New York may soon be joining California in requiring consumer-like disclosures on commercial financing transactions. On July 23, 2020, the New York State legislature passed SB 5470 (S.5470/A.10118-A), which closely follows...more
Aiming to encourage financial institutions to accommodate borrowers affected by COVID-19, federal and state regulators issued an interagency statement on loan modifications.
The statement recognized the “unique and...more
Twenty-three state regulators have now reached a deal with a prominent online payments processor to address that company’s insufficient disclosures on its platform. We explain why that matters to you....more
The Consumer Financial Protection Bureau (CFPB or Bureau) today issued an important policy statement on how it intends to apply the “abusiveness” standard in supervision and enforcement matters....more
Joining Pennsylvania, California looks to be the next state to create a state version of the federal Consumer Financial Protection Bureau. And with recent pronouncements from New York that may place greater authority with its...more
In addition to providing for the establishment of public banks, the recent California legislative session resulted in the passage of a significant bill capping interest rates on certain types of loans....more
The Consumer Financial Protection Bureau (CFPB) is moving forward with new enforcement initiatives even as it concedes its structure is unconstitutional. We discuss the latest developments.
...more
The Conference of State Bank Supervisors (CSBS) has proposed legislation for adoption by the states in an effort to streamline and make uniform requirements for money service businesses (MSBs)....more
While the battle over the constitutionality of the Consumer Financial Protection Bureau moves to the U.S. Supreme Court, the Bureau continues with its daily work, releasing a final Home Mortgage Disclosure Act (HMDA) rule,...more
A closely watched bill that would have a significant impact on the financial services industry continues to advance through the California Legislature, although a second measure that would regulate lead generators has...more
Reminding financial institutions that a multitude of enforcers are at their doorstep, the Securities and Exchange Commission (SEC) announced a $3 million deal with an online lender....more
Student loan servicers should prepare for heightened regulation with the passage of a new law in New York and new regulations in effect in California.
In addition, the California legislature is considering a new bill that...more
In Consumer Financial Protection Bureau (CFPB or Bureau) news, the Bureau announced a major change regarding civil investigative demands (CIDs) and Director Kathy Kraninger became the first CFPB director to serve as...more
It has been another eventful news cycle for the Consumer Financial Protection Bureau (CFPB or Bureau), as its new director, Kathy Kraninger, appeared before the House Financial Services Committee, facing tough questions about...more
A New York federal judge granted preliminary approval of the second attempt at a settlement between a class of more than 12 million merchants and two card networks, potentially putting an end to the long-running litigation...more