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
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 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
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
Regulatory uncertainty remains one of the most significant challenges to finance companies that want to develop creative and innovative products and services. Federal and state agencies have implemented policies to facilitate...more
The OCC, Federal Reserve Board, FDIC, NCUA and CFPB have issued an “Interagency Statement on the Use of Alternative Data in Credit Underwriting.”...more
On May 6, 2019, the Governor of Indiana signed House Bill 1136, which amends the Indiana Uniform Consumer Credit Code, Ind. Code §§ 24-4.5-1-101 et seq. ("IUCCC"). Among other things, HB 1136 revises the late charges...more
To ensure the financial system continues to work effectively if there is a "hard Brexit" HM Treasury has been finalising a series of statutory instruments which will ensure there is a workable legal framework for retail...more
The Consumer Financial Protection Bureau (CFPB) has stepped up its enforcement actions alleging deceptive and unfair practices in marketing and billing for add-on credit protection products. Add-on products have been one of...more