Kansas Governor Laura Kelly signed House Bill (HB) 2247 into law, bringing significant changes to the Kansas Mortgage Business Act and the Uniform Consumer Credit Code (UCCC). The changes brought about by HB 2247 will largely...more
Missouri and Washington introduced new true lender bills intended to regulate companies, largely FinTechs, that operate under bank partnership models with federally insured depository institutions. Under these models, the...more
A recent decision in the Birmingham County Court has added to the body of case law growing around the test for listing multiple claimants on the same claim form. In Angel and others v Black Horse Limited, unreported, 8...more
Credit reporting agencies TransUnion, Experian, and Equifax have extended their programs to provide consumers with the ability to access their credit reports for free on a weekly, rather than yearly, basis....more
Recent Consumer Financial Protection Bureau ("CFPB") guidance reiterates that creditors must provide consumers with accurate and individualized explanations for adverse actions—a task made more difficult by the complexity of...more
Consumer-facing companies face an increasingly complex UK regulatory landscape as multiple regulators place the spotlight on consumer rights and protections. A raft of new legislation is set to impact businesses and PE...more
The letters ask senior management to prioritise implementing the Duty. On 3 February 2023, the FCA published Dear CEO/Director letters underscoring the immediate (i.e., during the implementation period up until 31 July...more
Following a government announcement in June this year of a commitment to 'ambitious long-term reform' to create a consumer credit regulatory regime that fosters innovation but also maintains high levels of consumer...more
The Council of the EU and the European Parliament have reached provisional political agreement on the proposed Directive on consumer credits to revise and replace the Consumer Credit Directive (2008/48/EC) (CCD II). The...more
Online background report providers have proliferated on the Internet. Consumers with claims against these sites arising under the Fair Credit Reporting Act (FCRA) have faced hurdles under Section 230(c)(1) of the...more
The CFPB entered into a Consent Order with U.S. Bank National Association over allegations that U.S. Bank pressured and incentivized its employees to open unauthorized accounts, in violation of the Consumer Financial...more
West Virginia AG Patrick Morrisey has reportedly reached a settlement with California attorney Thomas Moore to resolve allegations that his legal corporation, Moore Legal Center, violated West Virginia’s Consumer Credit and...more
In a March 25 letter to Rohit Chopra, Director of the Consumer Financial Protection Bureau, AGs from 21 states, plus the Hawaii Office of Consumer Protection, responded to the CFPB’s Notice and Request for Comment Regarding...more
Does Ownership and Management Structure Matter? Fiduciary Relationships - Special confidence placed in one who in equity and good conscience is bound to act in good faith and in due regard to the one reposing confidence....more
FCA consumer credit information sheets updated - The UK Financial Conduct Authority (FCA) has updated its webpage on consumer credit information sheets to announce the publication of revised information sheets relating to: ...more
On March 18, the West Virginia legislature passed Senate Bill 5, amending the West Virginia Consumer Credit and Protection Act (WVCCPA). The amendments will apply to all causes of action filed on or after June 16, 2021, the...more
EU consumer credit websites: European Commission findings from mini-sweep - The European Commission has published an updated webpage providing information on its findings during a mini-sweep of consumer credit websites in...more
Consumer credit forms: FCA statement on post-Brexit changes - The UK Financial Conduct Authority (FCA) has published a statement and accompanying webpage relating to changes certain consumer credit firms will have to make to...more
In a development that provides some measure of relief to businesses operating in West Virginia, particularly within the financial services industry, Gov. Jim Justice signed into law on March 29, 2021, amendments to the West...more
Mainstream consumer credit lenders: FCA Dear Board of Directors letter on supervisory strategy - The UK Financial Conduct Authority (FCA) has published a Dear Board of Directors letter sent to firms in the FCA's...more
COVID-19: Consumer Credit (Enforcement, Default and Termination Notices) (Coronavirus) (Amendment) Regulations 2020 - On 11 November 2020, the Consumer Credit (Enforcement, Default and Termination Notices) (Coronavirus)...more
COVID-19: FCA draft further guidance to support mortgage borrowers - On 2 November 2020, the UK Financial Conduct Authority (FCA) published draft further updated guidance and draft updated additional guidance for mortgage...more
Crazy times, right? Chances are you've heard this refrain numerous times over the last seven months, most notably on Zoom calls during the crushing silence of someone on the call forgetting to unmute his or her microphone....more
Recent regulatory developments of interest to financial institutions with focus on consumer finance. This week reports on the European Commission's review of the Consumer Credit Directive....more
Alert May 18, 2020 The economic impact of COVID-19 has already proven catastrophic for many businesses and consumers. Many employers are reducing their staffing or closing their doors permanently. As of May 8, 2020, the...more