In the latest development to challenges to the CFPB’s 1071 rulemaking, plaintiff trade associations, including the American Bankers Association and the Texas Bankers Association, have filed a motion for summary judgment...more
On February 22, California Attorney General Rob Bonta sent letters to 197 state-charted banks and credit unions warning them that certain fees they charge may constitute “unfair” business practices under California’s Unfair...more
On February 29, the CFPB issued a circular warning digital comparison-shopping websites and lead generators that practices that steer customers to certain financial products or services based on compensation received from...more
On February 16, the CFPB issued revised rules updating its internal supervisory appeals process for institutions seeking to appeal a compliance rating or an adverse material finding. The updated rules open up new avenues for...more
On January 11, 2024, an administrative law judge for the NLRB issued an opinion holding that the employment agreement used by a major mortgage lender for all of its approximately 6,000 employees violates the National Labor...more
2/19/2024
/ Administrative Law Judge (ALJ) ,
Confidentiality Agreements ,
Disclosure Requirements ,
Employees ,
Employment Contract ,
Lenders ,
Mortgage Lenders ,
New Guidance ,
NLRA ,
NLRB ,
Rulemaking Process
On February 5, several trade groups, including the American Bankers Association, the Independent Community Bankers of America, and the U.S. Chamber of Commerce, filed suit against the Federal Reserve Board, the FDIC, and the...more
More “true lender” laws are coming, as legislative bodies in Washington, Maryland, and the District of Columbia have introduced bills that would severely impact bank partnership arrangements.
If adopted, the “true...more
On January 11, the CFPB issued two advisory opinions providing guidance to consumer reporting agencies (CRAs) on the Bureau’s views on FCRA compliance obligations with respect to background check reports and credit file...more
The CFPB recently proposed two rules on its continuing war on so-called junk fees.
The first rule, proposed on January 17, target’s bank overdraft programs. Currently, financial institutions that extend overdraft loans...more