The SEC is set to challenge the old adage — “the more things change, the more they stay the same” — with the establishment of FinHub as a standalone office.
On December 3, the Securities and Exchange Commission (SEC)...more
On November 20, the Office of the Comptroller of Currency (OCC) proposed a rule aimed at ensuring fair access to bank services, capital, and credit. Citing pushes from across the political spectrum to “de-bank” industries...more
On November 17, President Trump nominated current Acting Director of the Office of the Comptroller of the Currency Brian Brooks to a full five-year term as the comptroller of the currency. Though the nomination occurs during...more
Why It Matters -
On November 9, the Office of the Comptroller of the Currency’s (OCC) National Risk Committee issued its Semiannual Risk Perspective for fall 2020 (Report), providing a review of issues facing banks and...more
On April 23, the Small Business Administration (SBA) informed borrowers, via Question #31 in the Paycheck Protection Program (PPP) Frequently Asked Questions (FAQ), that “all borrowers must assess their economic need for a...more
On October 20, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Consumer...more
On October 27, the Office of the Comptroller of the Currency (OCC) issued its final rule on how to determine when a national bank or federal savings association (referred to collectively as a national bank) is the “true...more
New Rule Effective as of September 30 - The Federal Reserve’s revised control framework under the Bank Holding Company Act (BHCA) and Home Owners’ Loan Act (HOLA) issued on January 30, 2020 became effective on September 30...more
On September 15, the Conference of State Bank Supervisors (CSBS) announced that money transmitters operating in 40 or more states will be able to take advantage of a new, comprehensive exam designed to satisfy all state money...more
In the first case decided on the issue of whether Madden v. Midland Funding, LLC is applicable to a credit card securitization, the United States District Court for the Western District of New York, on September 21, 2020,...more
On September 15, the Conference of State Bank Supervisors (CSBS) announced that money transmitters operating in 40 or more states will be able to take advantage of a new, comprehensive exam designed to satisfy all state money...more
On September 15, 2020, after considerable delay and pursuant to a court settlement, the Consumer Financial Protection Bureau (CFPB) released its Outline of Proposals Under Consideration and Alternatives Considered for small...more
9/18/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Minority-Owned Businesses ,
Regulatory Requirements ,
Rulemaking Process ,
SBREFA ,
Section 1071 ,
Small Business ,
Women-Owned Businesses
On September 11, the U.S. Securities and Exchange Commission (SEC) announced the adoption of rules to update and expand the disclosures that banking registrants provide to investors. The new rule has been long in the making....more
In January 2017, the Attorney General of Colorado filed two lawsuits against Marlette Funding LLC and Avant of Colorado LLC. Among other things, the lawsuits claimed that these two companies, as the online platforms for loans...more
8/25/2020
/ Amended Complaints ,
Closed-End Loans ,
Consumer Financial Products ,
Financial Services Industry ,
Interest Rates ,
Online Platforms ,
Preemption ,
Safe Harbors ,
Securitization ,
State Attorneys General ,
True Lender ,
Usury
On July 20, 2020, the Office of the Comptroller of the Currency (OCC) issued its anticipated notice of proposed rulemaking on how to determine when a national bank or federal savings association (referred to collectively as a...more
The Consumer Financial Protection Bureau (CFPB) issued a final rule on July 7, 2020 rescinding the mandatory ability to repay underwriting provisions on small dollar loans that it had previously announced under 12 C.F.R. §...more
The Paycheck Protection Program (PPP), which was established in Section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), is set to be extended by five weeks after the U.S. House of Representatives...more