The Office of the Comptroller of the Currency (“OCC”) issued its long-anticipated final rule on Oct. 27, to establish a “simple, bright-line test” to determine when a national bank or federal savings association has made a...more
In early August an Assurance of Discontinuance (the “AOD”) was entered into by all parties in the actions brought by the Colorado Attorney General and the Colorado Uniform Consumer Credit Code Commissioner against Avant of...more
Last week, the U.S. District Court for the Northern District of Florida ruled in favor of SBA lenders with respect to the treatment of “agent fees” under the Paycheck Protection Program (PPP)....more
CFPB Director Kathleen L. Kraninger appeared Before the Senate Committee on Banking, Housing, and Urban Affairs on July 29 to deliver the Bureau’s most recent Semi-Annual Report to Congress. This report was particularly...more
The CFPB announced its plan to issue an advance notice of proposed rulemaking (“ANPR”) on consumer-authorized access to financial records. The announcement follows a symposium on the topic, which was hosted by the Bureau this...more
Join Nelson Mullins attorneys Brad Rustin and Craig Nazzaro for a full overview of the developments and best practices within the Payments space. We will cover regulatory issues, solutions and common challenges for both those...more
8/3/2020
/ Banking Sector ,
Banks ,
Best Practices ,
Coronavirus/COVID-19 ,
Crisis Management ,
Financial Institutions ,
Financial Services Industry ,
Payment Processors ,
Payment Systems ,
Regulatory Requirements ,
Webinars
As anticipated, on July 20, 2020, the Office of the Comptroller of the Currency (“OCC”) proposed rulemaking to determine that when a national bank or federal savings association makes a loan it is the “true lender,” when...more
Earlier this week, the CFPB announced a final rule covering small dollar lending which rescinds the mandatory underwriting provisions of the 2017 Payday Lending Rule. ...more
The Consumer Financial Protection Bureau ("CFPB") has published guidance on July 7, 2020 which highlights the potential use of Artificial Intelligence (“AI”) in the delivery of financial services—particularly in credit...more
The impact of the coming election, current pandemic and recent SCOTUS decision all have enormous impacts on the CFPB and the regulation of consumer finance. Join us for a review of the probable direction of the CFPB and what...more
During hearings before the House of Representatives on June 30, 2020, Representative Steve Stivers (R-OH), asked Treasury Secretary Mnuchin about financial institution’s payment of agent fees as part of the Paycheck...more
The Office of the Comptroller of the Currency (“OCC”) adopted a final rule on June 2, 2020 that clarifies that when a bank transfers a loan, the interest permissible before the transfer continues to be permissible after the...more
Join Brad Rustin, Craig Nazzaro, and Mark Miller as they cover the shift in customer needs and experience and the impact this shift has on your BSA/AML/KYC concerns, CRA program, and fintech partnership risks. They will also...more
6/5/2020
/ Banking Sector ,
BSA/AML ,
Coronavirus/COVID-19 ,
CRA ,
Financial Services Industry ,
FinTech ,
Fintech Charter ,
Know Your Customers ,
Risk Management ,
Sandbox ,
Webinars
(For Information on PPP forgiveness that is written specifically for borrowers, please find our borrower’s guide and checklist). After much anticipation, the Small Business Administration (“SBA”) issued a formal Paycheck...more
The federal banking agencies recently issued principles to encourage financial institutions to offer small-dollar loans in a responsible manner (the “Small-Dollar Loan Principles”). This interagency guidance clarifies...more
The Small Business Administration (“SBA”) recently issued a formal Paycheck Protection Program (“PPP”) Loan Forgiveness Application. We will highlight a number of key elements of the application. Additionally, we will review...more
5/22/2020
/ CARES Act ,
Compliance ,
Coronavirus/COVID-19 ,
Financial Services Industry ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
SBA Lending Programs ,
Secretary of the Treasury ,
Small Business ,
Webinars
The SBA issued an additional FAQ #46, providing guidance on how it will review the required good faith certification that current economic uncertainty make the PPP loan necessary to support ongoing operations, which we refer...more
In response to the economic crisis caused by the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), was signed into law and dedicated $349 billion to the Paycheck Protection Program...more
The Office of the Comptroller of the Currency (OCC) released “OCC Bulletin 2020-44” which encourages institutions to “prudently document their implementation and lending decisions” under the Small Business Administration's...more
As all financial institutions are beginning to realize, the rapidly evolving regulatory landscape surrounding the Paycheck Protection Program (“PPP”) is presenting several unintended consequences to both financial...more
As every financial institution likely knows, last week brought the implementation of the Paycheck Protection Program (“PPP”) under the CARES Act. However, with the launch of the program by a number of financial institutions,...more
Coronavirus Disease 2019 (COVID-19) is the new disease currently disrupting travel and businesses across the globe. Its appearance indicates that now is a critical time for your financial institution to consider its readiness...more
Last week the Department of Justice (DOJ) announced criminal charges against U.S. Bancorp “consisting of two felony violations of the Bank Secrecy Act (‘BSA’) by its subsidiary, U.S. Bank National Association (the ‘Bank’),...more
Following nearly three years of litigation, the D.C. Circuit handed down a 7 to 3 ruling in PHH Corp. v. Consumer Financial Protection Bureau. The two hundred fifty page opinion addressed not only the constitutional...more
2/8/2018
/ Administrative Proceedings ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Kickbacks ,
Mortgage Insurance ,
Mortgages ,
PHH Corp. v CFPB ,
Reinsurance ,
Removal For-Cause ,
RESPA ,
Single Director
Seven states have agreed to a multi-state compact standardizing key aspects of money services business (MSB) licensing. As of today, Georgia, Illinois, Kansas, Massachusetts, Tennessee, Texas, and Washington have joined into...more