Last month, the Texas legislature introduced two companion bills, S.B. No. 2677 and H.B. No. 700, to regulate sales-based commercial financing. For purposes of the proposed legislation, sales-based financing is a transaction...more
4/14/2025
/ Banks ,
Broker-Dealer ,
Disclosure Requirements ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financing ,
Lenders ,
Loans ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Texas ,
Usury
On January 7, the National Credit Union Administration (NCUA) released its supervisory priorities for 2025, outlining the key areas of focus for federally insured credit unions. This guidance is crucial for credit unions as...more
1/21/2025
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Credit Cards ,
Credit Unions ,
Cybersecurity ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Loans ,
NCUA ,
Overdraft Fees ,
Risk Management ,
Supervisory Guidance
On October 10, the U.S. Department of Justice (DOJ) announced a landmark redlining settlement with Citadel Federal Credit Union (Citadel), marking the first such agreement with a credit union in the DOJ’s history. This...more
10/14/2024
/ Consumer Financial Products ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Equal Access to Credit ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Loans ,
Mortgages ,
Race Discrimination ,
Redlining ,
Statutory Violations
This week, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advisory opinion and a research report addressing contract-for-deed home financing, also known as a “land contract,” “land installment contract,”...more
8/16/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loans ,
Mortgages ,
Regulation Z ,
Regulatory Agenda ,
Truth in Lending Act (TILA)
On May 30, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a request for information (Request) regarding alleged “junk fees” in closing costs charged by mortgage lenders and related settlement service...more
6/4/2024
/ Closing Costs ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Fees ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loans ,
Mortgage Lenders ,
Mortgages ,
Public Comment ,
Real Estate Transactions ,
Request For Information
As discussed, in a recent letter, the Chairman of the National Credit Union Administration (NCUA) outlined the agency’s supervisory priorities for 2024. In this post, we delve deeper into the area of consumer protection...more
2/7/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
ECOA ,
Fair Lending ,
Financial Services Industry ,
Loans ,
NCUA ,
Popular ,
Regulation Z ,
Supervisory Guidance ,
Truth in Lending Act (TILA)
Late last month, Councilmember Kenyan R. McDuffie introduced B 25-0609, entitled the Protecting Affordable Loans Amendment Act of 2023, that proposes to opt the District of Columbia out of sections 521-523 of the Depository...more
12/29/2023
/ Banks ,
Consumer Financial Products ,
Consumer Lenders ,
DIDMCA ,
Financial Services Industry ,
FinTech ,
Loans ,
Opt-Outs ,
Proposed Regulation ,
Regulatory Agenda ,
True Lender ,
Usury
On October 9, a Florida state senator introduced SB 146, which would add a new section to the Florida Consumer Finance Act (CFA), attempting to curb evasion of the CFA. SB 146 would treat all payments incident to the loan as...more
A California state court recently denied a preliminary injunction sought by the California Department of Financial Protection and Innovation (the DFPI) in its long-running litigation against Opportunity Financial (OppFi)...more
11/14/2023
/ California ,
Consumer Financial Products ,
Department of Financial Protection and Innovation (DFPI) ,
Enforcement Actions ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interest Rates ,
Loans ,
Preliminary Injunctions ,
True Lender ,
Usury
On June 6, Nebraska Governor Jim Pillen signed into law Legislative Bill 92, which, among many other subjects, amends the Nebraska Installment Loan Act (the NILA). Previously, a license was required for a lender seeking to...more
On April 26, the Texas Bankers Association and Rio Bank, McAllen, Texas filed a complaint in the U.S. District Court for the Southern District of Texas challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau)...more
4/27/2023
/ Administrative Procedure Act ,
Community Financial Services Association ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Act ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Federal Funding ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Loans ,
SCOTUS ,
Section 1071