On February 7, 2023, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion (Opinion) regarding online mortgage shopping platforms and mobile apps. It clarifies that digital mortgage comparison-shopping...more
On August 31, 2020, the California legislature passed the California Consumer Financial Protection Law (CCFPL). The law reflects Governor Newsom’s vision of a much more powerful banking agency with new registration authority,...more
9/2/2020
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Corporate Counsel ,
Dodd-Frank ,
Enforcement Authority ,
Financial Services Industry ,
Registration Requirement ,
Remedies ,
Reporting Requirements ,
Statute of Limitations ,
Transparency ,
UDAAP
As consumers and businesses face ever-worsening financial conditions in the wake of the COVID-19 pandemic, federal agencies and some states and localities have stepped in to provide foreclosure and eviction relief. Not...more
The California Department of Business Oversight (DBO) has issued a Release that summarizes the provisions of California Assembly Bill 539 and addresses some implementation issues. This bill was chaptered as Chapter 708 of the...more
As expected, California has enacted legislation imposing interest rate caps on larger consumer loans. The new law, AB 539, imposes other requirements relating to credit reporting, consumer education, maximum loan repayment...more
On August 20, 2019, the U.S. Department of Housing and Urban Development (HUD) published a notice of proposed rulemaking (“Proposed Rule”) seeking public comment on amendments to its regulation implementing the disparate...more
On August 16, the Federal Housing Finance Agency (“FHFA”) issued a final rule on validation and approval of third-party credit score models (“Final Rule”) that Fannie Mae and Freddie Mac (“GSEs”) use in deciding whether to...more
On July 25, 2019, the CFPB issued an Advance Notice of Proposed Rulemaking (“ANPR”) on the definition of a “qualified mortgage” under its ability-to-repay/qualified mortgage rule (“ATR/QM rule”). The ATR/QM rule requires a...more
On July 11, Fannie Mae and Freddie Mac (the GSEs) announced their plans to develop new adjustable rate mortgage products that would rely on the Secured Overnight Financing Rate (SOFR) instead of LIBOR. Given the GSEs’...more
The California legislature is poised to cap rates on larger consumer installment loans. Assembly Bill 539 has passed the state Assembly and the state Senate Committee on Banking and Financial Institutions. Although directed...more
The California Department of Business Oversight (the “CDBO”) has issued a new regulation that will eliminate a statutory licensing exemption under the California Finance Lenders Law (the “CFLL”) for nonbank operating...more
The California Department of Business Oversight (“CDBO”) has proposed to narrow a long-standing interpretation of a statutory licensing exemption for certain lenders under the California Finance Lenders Law (“CFLL”)1. The...more
Editor’s Note -
This is a dignified law firm newsletter, not like the “Brand X” versions. You won’t find pandering, attention-grabbing stories about Justin Bieber, Kim Kardashian, Ashton Kutcher, Prince William, or...more
3/13/2013
/ Arbitration ,
Barack Obama ,
China ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Cybersecurity ,
Data Protection ,
Debt Collection ,
Dodd-Frank ,
Dukes v Wal-Mart ,
Fair Housing Act (FHA) ,
FDCPA ,
FDIA ,
FDIC ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Foreclosure ,
Mobile Apps ,
Recess Appointments ,
Richard Cordray ,
Social Media ,
Telemarketing
On January 10, 2013, the Consumer Financial Protection Bureau issued much-anticipated revisions to Regulation Z to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that require lenders to...more