On June 29, 2020, the Supreme Court of the United States ("Supreme Court") ruled that the single-director leadership structure of the Consumer Financial Protection Bureau ("CFPB" or "Bureau") violates the separation of powers...more
7/13/2020
/ Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Removal At-Will ,
Removal For-Cause ,
Reversal ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Separation of Powers ,
Severability Doctrine ,
Single Director
The New York Department of Financial Services ("NYDFS") and the French Autorité de Contrôle Prudentiel et de Résolution ("ACPR") signed a Memorandum of Understanding ("MOU") to position New York and France as innovation hubs...more
6/26/2020
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
FinTech ,
France ,
Memorandum of Understanding ,
NYDFS ,
Regulatory Oversight ,
Regulatory Standards
On May 20, 2020, the Federal Reserve Board (“FRB”), the Federal Deposit Insurance Corporation (“FDIC”), the Office of the Comptroller of the Currency (“OCC”), and the National Credit Union Administration (“NCUA”) (together,...more
Section 13(3) of the Federal Reserve Act authorizes the Federal Reserve Board (FRB) in “unusual and exigent circumstances” to establish programs or facilities with “broad-based eligibility” that allow a Federal Reserve Bank...more
In response to the global COVID-19 crisis, US federal financial regulators are taking important actions that affect US and non-US financial institutions, other financial services providers, consumers, and the US and global...more
5/2/2020
/ Banks ,
CFTC ,
Comment Period ,
Coronavirus/COVID-19 ,
FDIC ,
Federal Loans ,
Financial Regulatory Agencies ,
Foreign Banks ,
FRB ,
Midsize and Large Business Loans ,
OCC ,
Paycheck Protection Program (PPP) ,
Popular ,
Public Comment ,
Publicly-Traded Companies ,
Relief Measures ,
SBA ,
Securities and Exchange Commission (SEC) ,
Small Business Loans ,
State of Emergency ,
Volcker Rule
The United States Congress has passed, and continues to consider, legislative measures that, in addition to addressing the public health crisis, include massive fiscal stimulus proposals not seen since the 2008 global...more
In response to the global COVID-19 crisis, US financial regulators at the state level are taking important actions that affect US and non-US financial institutions, other financial services providers, consumers, and the US...more
In response to the global COVID-19 crisis, US federal financial regulators are taking important actions that affect US and non-US financial institutions, other financial services providers, consumers, and the US and global...more
4/28/2020
/ Banks ,
CFTC ,
Coronavirus/COVID-19 ,
DSIO ,
Financial Institutions ,
Financial Regulatory Agencies ,
FRB ,
OCC ,
Regulatory Oversight ,
Relief Measures ,
Securities and Exchange Commission (SEC)
In response to the global COVID-19 crisis, US federal financial regulators are taking important actions that affect US and non-US financial institutions, other financial services providers, consumers, and the US and global...more
The United States Congress has passed, and continues to consider, legislative measures that, in addition to addressing the public health crisis, include massive fiscal stimulus proposals not seen since the 2008 global...more
In response to the global COVID-19 crisis, US federal financial regulators are taking important actions that affect US and non-US financial institutions, other financial services providers, consumers, and the US and global...more
4/22/2020
/ Appraisal ,
Borrower Protection Programs ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Deferred Action ,
FDIC ,
FHFA ,
Financial Services Industry ,
FRB ,
HMDA ,
NCUA ,
OCC ,
Paycheck Protection Program (PPP) ,
Real Estate Transactions ,
Relief Measures ,
Temporary Regulations
Section 13(3) of the Federal Reserve Act authorizes the Federal Reserve Board (FRB) in “unusual and exigent circumstances” to establish programs or facilities with “broad-based eligibility” that allow a Federal Reserve Bank...more
4/21/2020
/ CARES Act ,
Commercial Paper Funding Facility (CPFF) ,
Coronavirus/COVID-19 ,
Dodd-Frank ,
Federal Reserve ,
Financial Stimulus ,
FRB ,
Lenders ,
Liquidity ,
Main Street Lending Programs ,
Money Market Mutual Fund Liquidity Facility (MMLF) ,
Paycheck Protection Program (PPP) ,
Primary Dealer Credit Facility (PDCF) ,
Primary Market Corporate Credit Facility (PMCCF) ,
Relief Measures ,
Secondary Market Corporate Credit Facility (SMCCF) ,
Term Asset-Backed Securities Loan Facility (TALF)
In response to the global COVID-19 crisis, US federal financial regulators are taking important actions that affect US and non-US financial institutions, other financial services providers, consumers, and the US and global...more
The State of California is home to almost 40 million consumers and the world’s fifth largest economy. It represents a key exposure to most financial services companies’ US footprint. In recent years nonbank financial services...more
2/19/2020
/ Banks ,
BSA/AML ,
California Consumer Privacy Act (CCPA) ,
Commercial Loans ,
Consumer Lenders ,
Consumer Protection Laws ,
Data Privacy ,
Department of Business Oversight ,
Federal Advisory Committee Act (FACA) ,
Financial Services Industry ,
FinCEN ,
Governor Newsom ,
Interest Rate Caps ,
Lenders ,
Money Transmitter ,
New Rules ,
Payment Systems ,
State Regulators ,
Unfair Competition
On November 4, 2019, the Securities and Exchange Commission (“SEC”) issued a proposal to modernize the rules under the Investment Advisers Act of 1940 (“Advisers Act”) addressing SEC-registered investment adviser...more
11/15/2019
/ Advertising ,
Books & Records ,
Cash Solicitation Rule ,
Disclosure Requirements ,
Form ADV ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Proposed Rules ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Solicitation ,
Testimonial Statements
On September 25, 2019, the US House of Representatives ("House") passed, by a vote of 321 to 103, the Secure and Fair Enforcement Banking Act ("SAFE Banking Act"), bipartisan legislation designed to secure and regulate...more
10/9/2019
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Canada ,
Cannabis Products ,
Cannabis-Related Businesses (CRBs) ,
Cole Memorandum ,
Controlled Substances Act ,
Cross-Border Transactions ,
Department of Justice (DOJ) ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Harmonization Rules ,
Hemp ,
Marijuana Related Businesses ,
Medical Marijuana ,
NYDFS ,
Popular ,
Proposed Legislation ,
Rohrabacher-Farr Amendment ,
Suspicious Activity Reports (SARs) ,
USDA
The CFPB continued to be active in the consumer payments space in 2018, while the Federal Reserve and market participants considered the future of payment processing, including the development of faster payment systems....more
3/15/2019
/ Anti-Money Laundering ,
Anticompetitive Behavior ,
Blockchain ,
California Consumer Privacy Act (CCPA) ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Data Privacy ,
Data Security ,
EFTA ,
Enforcement Actions ,
EU ,
Fair Access to Credit ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
FinTech ,
FRB ,
General Data Protection Regulation (GDPR) ,
Merchants ,
Ohio v American Express ,
Payment Processors ,
Popular ,
Prepaid Payment Products ,
Public Comment ,
Regulation CC ,
Regulation Z ,
Remittance Transfer Rule ,
SCOTUS ,
Sherman Act ,
Truth in Lending Act (TILA)
The CFPB has traditionally not prioritized marketplace lenders in its supervisory and enforcement efforts. As a result, state regulators have increasingly sought to fill any perceived voids left by the Bureau....more
3/14/2019
/ Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Regulatory Agencies ,
FinTech ,
GLBA Privacy ,
Loans ,
NYDFS ,
OCC ,
Online Marketplace Lending ,
RICO ,
State Attorneys General ,
State Regulators ,
Trump Administration
In 2018, the CFPB continued to pay attention to the auto finance industry, with a particular focus on indirect (dealer-arranged) auto lenders and unfair or abusive loan servicing practices....more
3/11/2019
/ Abusive Acts ,
Automotive Industry ,
Automotive Loans ,
Car Dealerships ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
ECOA ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
FinTech ,
Loan Origination Funds ,
Loan Servicing ,
State Attorneys General ,
Trump Administration ,
Truth in Lending Act (TILA) ,
UDAAP ,
Unfair or Deceptive Trade Practices
In 2018, the CFPB shifted away from student lending supervision and enforcement. We anticipate this trend to continue in the year to come, with states seeking to fill any voids left by the Bureau....more
3/9/2019
/ Congressional Investigations & Hearings ,
Consumer Complaint Management ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Department of Education ,
Director Mulvaney ,
Enforcement Statistics ,
Federal Trade Commission (FTC) ,
FinTech ,
Loan Servicing ,
Ombudsman ,
Political Parties ,
Popular ,
Preemption ,
State Attorneys General ,
State Legislatures ,
Student Loans ,
Students ,
Trump Administration
In February 2019, the CFPB released the highly anticipated revamp of its Payday Rule, reinforcing its more lenient attitude towards payday lenders. In light of the Bureau’s softer touch, as well as similar developments at the...more
3/7/2019
/ Ballot Measures ,
Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Creditors ,
Director Kraninger ,
Director Mulvaney ,
Enforcement Actions ,
Federal Bank Regulatory Agencies ,
Federal Trade Commission (FTC) ,
FinTech ,
FTC Act ,
High-Interest Loans ,
Interest Rate Caps ,
Lenders ,
Military Lending Act ,
Payday Lending Rule ,
Payday Loans ,
Political Parties ,
Rescission ,
Small Loans ,
State and Local Government ,
State Attorneys General ,
Subprime Loans ,
Trump Administration ,
Underwriting ,
Usury
In 2018, the CFPB issued multiple rules, and Congress passed legislation, to clarify, revise and update the regulatory framework applicable to the home mortgage origination and servicing market....more
3/6/2019
/ Amended Regulation ,
Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Department of Justice (DOJ) ,
Department of Veterans Affairs ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
False Claims Act (FCA) ,
FinTech ,
GAO ,
HMDA ,
Lenders ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
OCC ,
Popular ,
RESPA ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA) ,
Unduly Burdensome
During his tenure, former CFPB Acting Director Mick Mulvaney brought significant changes to the Bureau’s structure and operations. As the new CFPB Director, Kathy Kraninger will have the benefit of a full five-year term to...more
3/5/2019
/ Administrative Priority ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Director Kraninger ,
Director Mulvaney ,
Enforcement Actions ,
Fair Lending ,
FDCPA ,
Financial Services Committee ,
Payday Lending Rule ,
PHH Corp. v CFPB ,
Political Parties ,
Student Loans ,
Trump Administration ,
UDAAP