Creditors and medical services providers should reevaluate their consumer credit agreements and collection practices in light of a recent amendment to Washington, D.C.’s debt collection law, which goes into effect on January...more
Last week, the CFPB released a special edition of its Supervisory Highlights focusing on recent examination findings related to practices by student loan servicers and schools and colleges that directly lend to students. Here...more
In an effort to clarify the regulatory framework applicable to new education financing methods such as Income Share Agreements (“ISAs”), installment payment plans and other alternative financing methods, the California...more
In an effort to reduce allegedly “unnecessary junk products” sometimes included in automobile financing, on September 14, Governor Gavin Newsom signed into law Assembly Bill 2311, further regulating motor vehicle conditional...more
Months after the California Debt Collection Licensing Act (DCLA) took effect and covered persons were required to submit applications to obtain licenses, the Department of Financial Protection and Innovation (DFPI) has...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
The Illinois Department of Financial and Professional Regulation (IDFPR) has adopted a series of regulations pursuant to the Illinois Predatory Loan Prevention Act (PLPA). The new regulations will require certain Illinois...more
4/29/2022
/ Annual Percentage Rate (APR) ,
Consumer Financial Products ,
Consumer Lenders ,
Consumer Loan Companies ,
Financial Regulatory Reform ,
Financial Services Industry ,
Illinois ,
Interest Rates ,
Loans ,
New Regulations ,
Predatory Lending ,
Regulatory Requirements
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
While credit-related products have long been subject to the anti-discrimination requirements of the Equal Credit Opportunity Act (ECOA), providers of non-credit financial products, such as payments, credit reporting services,...more
3/21/2022
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Agreements ,
Discriminatory Lending Practices ,
Disparate Impact ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agenda ,
UDAAP
The Consumer Financial Protection Bureau (CFPB) published its latest semi-annual regulatory agenda in the Federal Register on January 31, 2022. As expected, the CFPB will continue to focus on various statutorily mandated...more
2/3/2022
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Financial Regulatory Reform ,
Financial Services Industry ,
PACE ,
Regulation Z ,
Regulatory Agenda ,
Regulatory Requirements ,
Rulemaking Process ,
Section 1071 ,
Small Business
On January 20, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it will examine postsecondary schools’ “in-house” lending practices (the Announcement). ...more
Illinois adopted a first-of-its-kind law regulating entities that advise consumers about college or career searches, financial aid, or scholarships, or that assist with planning, preparing or submitting applications on behalf...more
On December 15, 2021, the New York State Department of Financial Services published proposed amendments to the state’s debt collection regulations (the Amendments). The Amendments would broaden the scope of the existing rules...more
On December 16, 2021, the Consumer Financial Protection Bureau (Bureau, or CFPB) announced a “market monitoring” inquiry into “buy now, pay later” (BNPL) credit offered by five companies. In this alert, we explain the CFPB’s...more
In late October, the Consumer Financial Protection Bureau (CFPB) sent a shot across the bow at Big Tech’s use of consumer payments data. While much of the industry has focused on the impact on Big Tech, some lenders, lead...more
11/5/2021
/ Big Tech ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Information ,
Data Brokers ,
Data Management ,
Data-Sharing ,
Financial Institutions ,
Financial Services Industry ,
Payment Systems ,
Popular ,
Third-Party Service Provider
On October 19, 2021, the Consumer Financial Protection Bureau (CFPB or the “Bureau”) entered into its first consent order under new Director Rohit Chopra, finding that a service provider to state correctional departments...more
10/27/2021
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debit Cards ,
EFTA ,
Enforcement Actions ,
Financial Services Industry ,
Inmates ,
Prepaid Payment Products ,
Prisoners ,
Processing Fees ,
Statutory Violations ,
Unfair or Deceptive Trade Practices
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
With Medical Debt Hitting $140 Billion, Hospitals Are Taking Action. How Can You Maximize Collections While Minimizing Risks? Find Out at a New Manatt Webinar...
New research published in the Journal of the American...more
10/5/2021
/ Collection Agencies ,
Consumer Financial Protection Bureau (CFPB) ,
Continuing Legal Education ,
Debt Collection ,
Debt Collectors ,
Debtors ,
Disclosure Requirements ,
FDCPA ,
Fees ,
Health Care Providers ,
Hospitals ,
Medical Bills ,
Payment Plans ,
Regulation F ,
Truth in Lending Act (TILA) ,
Webinars
Illinois House Bill 2746, also known as the “Know Before You Owe Private Education Loan Act,” was signed into law by Illinois Governor J.B. Pritzker on August 26, 2021, after unanimous passage in both chambers of the Illinois...more
8/27/2021
/ Annual Percentage Rate (APR) ,
Borrower Protection Programs ,
Consumer Financial Products ,
Disclosure Requirements ,
Financial Regulatory Reform ,
Financial Services Industry ,
Income Share Agreements ,
New Legislation ,
Regulatory Oversight ,
Regulatory Requirements ,
Student Loans
A leading online payments system platform that offers point-of-sale (POS) financing reports it received a Civil Investigative Demand (CID) from the Consumer Financial Protection Bureau (CFPB) for allowing educational...more
8/12/2021
/ Borrowers ,
Civil Investigation Demand ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debit and Credit Card Transactions ,
Educational Institutions ,
Financial Services Industry ,
Financing ,
Lenders ,
Point of Sale Terminals ,
Predatory Lending