California is continuing to lead the way on student lending regulation. Its latest enactment further complicates the efforts of financial entities to collect on defaulted private student loans. ...more
10/13/2021
/ California ,
Consumer Financial Products ,
Consumer Lenders ,
Debt Collection ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
New Legislation ,
Private Right of Action ,
Private Student Loans ,
Regulatory Requirements
In the largest fair lending enforcement action in several years, the Department of Justice (DOJ) and the Office of the Comptroller of the Currency (OCC) on August 30 announced simultaneous settlements with a national banking...more
9/9/2021
/ Biden Administration ,
Consumer Financial Products ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
OCC ,
Race Discrimination ,
Redlining ,
Regulatory Violations
For at least the past 20 years, Maine has capped interest rates for most closed-end unsecured loans at 30% for loans of $2,000 or less, and at 18% on loans of $4,000 or more. See, e.g., 9-A M.R.S.A. Sec. 2-401....more
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
Another day, another major pronouncement from the Consumer Financial Protection Bureau (CFPB or Bureau), which just took two important actions. First, it rescinded seven different policy statements that offered flexibility to...more
More than ever before, banks are relying on third-party vendors for important services such as marketing, underwriting assistance, technology, collections, settlement services and even outsourcing of product lines. These...more
9/3/2020
/ Banking Sector ,
Due Diligence ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
OCC ,
RESPA ,
Risk Management ,
Third-Party Service Provider ,
Vendors
On August 20, the Consumer Financial Protection Bureau (CFPB) entered a consent order with a national bank over the sales and marketing practices for its optional overdraft service called Debit Card Advance (DCA). DCA...more
On August 13, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Office of the Comptroller of the Currency (collectively, the...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
On May 20, the OCC issued its final rule intended to modernize and clarify the Community Reinvestment Act (CRA). The rule included the surprising footnote that the FDIC, which had joined as a partner in the Notice of Proposed...more
6/12/2020
/ Banks ,
Community Development ,
Community Reinvestment Act ,
Coronavirus/COVID-19 ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lending ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Rulemaking Process
In response to the COVID-19 pandemic, federal and state governments and regulators have taken hasty actions that are arguably beyond the scope of their authority in order to provide assistance to businesses and consumers...more
Residential mortgage servicers have now received critical new guidance regarding borrowers adversely impacted by COVID-19. In the first guidance, on April 3, the CFPB, the Federal Reserve, the FDIC, the NCUA, the OCC and...more