When following supervisory scrutiny of fees charged to bank customers, the activities of the Consumer Financial Protection Bureau, or CFPB, are often the focus.
The Minnesota Bankers Association and Lake Central Bank of...more
9/25/2023
/ Banking Sector ,
Class Action ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Fees ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Insufficient Funds ,
Unfair or Deceptive Trade Practices
On June 6, 2023, the Board of Governors of the Federal Reserve System (the Federal Reserve), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC, and collectively with the...more
When following supervisory scrutiny of fees charged to bank customers, the Consumer Financial Protection Bureau’s (CFPB) activities are often the focus. The Minnesota Bankers Association and Lake Central Bank of Minnesota,...more
7/28/2023
/ Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
FTC Act ,
New Guidance ,
Overdraft Fees ,
Unfair or Deceptive Trade Practices
On June 28, the CFBP released a set of FAQ’s on the CFPB’s recently finalized Small Business Lending Rule (“Section 1071”). There are twenty-one questions covering matters under “Institutional Coverage” and “Covered Credit...more
On June 1, six Federal financial regulatory agencies (Agencies) jointly issued a Notice of Proposed Rulemaking (the Proposed Rule) requiring the implementation of quality control standards for the use of automated valuation...more
7/5/2023
/ Automated Systems ,
Consumer Protection Act ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Notice of Proposed Rulemaking (NOPR) ,
Property Valuation ,
Proposed Rules ,
Real Estate Market ,
Regulatory Standards
The Consumer Financial Protection Bureau (the “CFPB”) has published a final rule implementing the requirements of Section 1071 of the Dodd-Frank Act (the “Final Rule”), which mandated data collection on certain credit...more
4/19/2023
/ Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Enforcement ,
Final Rules ,
Financial Institutions ,
LGBTQ ,
Minority-Owned Businesses ,
Small Business ,
Small Business Loans ,
Women-Owned Businesses
In December 2021, the Bureau of Consumer Financial Protection (or the “CFPB”) issued a notice and request for comment (the “Notice”) on its intention to make a preemption determination regarding the Truth in Lending Act...more
On August 11, 2022, the Consumer Financial Protection Bureau (“CFPB”) issued a circular (Circular 2022-04 or, the “Circular”) addressing whether insufficient data and information security practices can violate the prohibition...more
For those tracking developments impacting the crypto-asset space, the summer has been far from slow and leisurely. Multiple industry alerts flow daily with news of new legislative proposals, enforcement actions, and other...more
On June 8, 2022, the New York State Department of Financial Services (“NYDFS”) released industry guidance applicable to U.S. dollar-backed stablecoins issued by NYDFS-regulated entities (the “Guidance”)...more
In the fourteen years since the 2008 financial crisis, significant actions have been taken by Federal banking agencies to make the largest financial institutions more resilient and less likely to fail and to require planning...more
Late last year, news services reported on the results of the efforts of a black couple living in Northern California to challenge what they believed was an initial, discriminatory low-ball appraisal of their home. To test...more
President Biden signed an executive order today setting forth an agenda across the U.S. government to address risks related to cryptocurrencies while encouraging continued innovation around digital assets and funds transfer...more
Congress has voted to overturn the Office of the Comptroller of the Currency’s (“OCC’s”) “true lender” rule under the Congressional Review Act (“CRA”), and the President has signed the resolution. Repeal of the “true lender”...more
7/22/2021
/ Appeals ,
Banks ,
Congressional Review Act ,
FDIC ,
FinTech ,
Interest Rates ,
Loans ,
OCC ,
Predatory Lending ,
Preemption ,
True Lender