On July 26, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint against a point-of-sale financing company and its former chief executive officer in the United States District...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
On March 8, Washington State’s legislature passed a significant amendment (SB 6025) to the Consumer Loan Act (CLA) targeting bank model lending. SB 6025 is an updated version of a prior bill...more
The California Department of Financial Protection and Innovation, or DFPI, continued to have significant influence over legislative and regulatory developments in the third quarter of 2023. Originally published in Law360 -...more
House Bill 1874 (H.B. 1874), denominated the “predatory loan prevention act”, was pre-filed for introduction in the Washington state legislature December 5, 2023, and referred to the House Committee on Consumer Protection and...more
On June 30, 2023, the Indiana Department of Financial Institutions published Advisory Letter 2023-01, addressing the permissibility of e-lien fees not payable to the Indiana Bureau of Motor Vehicles. The publication was...more
Indiana recently enacted laws allowing creditors involved in consumer credit transactions secured by motor vehicles or other titled assets to record their liens electronically. This is progress but there are other...more
On March 27, Colorado legislators introduced a bill (H.B. 1229) to opt out of federal banking laws that permit federally insured state chartered banks and credit unions to charge Colorado residents the “interest” permitted...more
Indiana AG Todd Rokita settled with Integrity Acceptance Corp. and related entities (collectively, “Integrity Acceptance”) to resolve allegations that the companies violated the Indiana Uniform Consumer Credit Code and...more
Dealers continue to struggle with inventory shortages that frustrate sales staff and potential customers. In many cases, potential customers are ready, willing and able to finance a specific vehicle or type of vehicle if it...more
The Illinois Department of Financial and Professional Regulation (IDFPR) has adopted a series of regulations pursuant to the Illinois Predatory Loan Prevention Act (PLPA). The new regulations will require certain Illinois...more
The Consumer Financial Protection Bureau (CFPB) announced this week that it is opening an inquiry into “buy now, pay later” (BNPL) services, which have become increasingly popular with online consumers. In a December 16, 2021...more
On July 12, 2021, the Consumer Financial Protection Bureau (CFPB) issued a consent order (the Consent Order) against a Fintech company that facilitates home improvement loans (the Fintech). The CFPB claims that the Fintech...more
The Consumer Financial Protection Bureau (CFPB) entered into a Consent Order with a lending platform that services and facilitates the origination of consumer loans through a merchant network. The platform agreed to provide...more
In this Issue. The federal bank regulatory agencies announced that the temporary change to the supplementary leverage ratio for depository institutions will expire as scheduled on March 31, 2021; the Small Business...more
On March 23, 2021, the Predatory Loan Prevention Act (the “PLPA”) was signed into law by Illinois Governor J.B. Pritzker. The PLPA imposes a 36% military annual percentage rate (“MAPR”) cap on all loans made to Illinois...more
In this Issue. The Federal Deposit Insurance Corporation (FDIC) was busy this week, finalizing rules that modernize brokered deposits regulations, establish new standards for parent companies of industrial loan companies and...more
In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments from the past month, with links to primary...more
On May 27, 2020, the US Alternative Reference Rates Committee (ARRC) published updated best practices guidance, including a summary factsheet, complete best practices guidance and a graphical timeline. ...more
On May 27, 2020, the Alternative Reference Rates Committee (“ARRC”) published recommended best practices for preparing for the end of USD LIBOR (the “Best Practices”). The Best Practices aim to provide appropriate target...more
We previously blogged about the push among lawmakers and regulators to encourage or force financial institutions to cease providing adverse credit reporting on consumer loans where the delinquency or default may be related to...more
Real Property Update - Fraudulent Transfer: Real property that was worth less than mortgage encumbering it was not an asset per the plain language of section 726.102(2) and, therefore, could not support fraudulent transfer...more
Il Decreto Legge 26 ottobre 2019 n. 124 (“Decreto Fiscale”), pubblicato nella Gazzetta Ufficiale n. 252, del 26 ottobre 2019 e, convertito in Legge n. 157, del 19 dicembre 2019, ha introdotto all’art. 41-bis la c.d. norma...more
It is widely anticipated that the London Interbank Offered Rate (“LIBOR”) will be discontinued in 2021. As LIBOR commonly is used as an index rate for both residential mortgage and consumer loans, its discontinuance has the...more
New federal legislation introduced in the House and Senate would place a 36% annual percentage rate cap on nearly all consumer loans, potentially killing the small dollar consumer lending industry. Last month, Congressmen...more