News & Analysis as of

Debt Relief Banking Sector

Orrick, Herrington & Sutcliffe LLP

CFPB, seven State AGs file suit against debt-relief company

On January 19, the CFPB and seven state attorneys general (Colorado, Delaware, Illinois, Minnesota, New York, North Carolina, and Wisconsin) announced a lawsuit against a debt-relief company, its subsidiaries, and its two...more

Goodwin

SEC Issues No-Action Relief On Registered Funds’ Custody Of Loan Interests

Goodwin on

In this Issue. The U.S. Securities and Exchange Commission (SEC) was very active this week, having (i) issued no-action relief allowing registered funds to engage in self-custody of interests in loans that are originated,...more

Goodwin

Biden Administration Issues Regulatory Freeze On New Agency Rules

Goodwin on

In this Issue. In one of its first acts after being installed on January 20, the Biden Administration issued a regulatory freeze on new agency rules that have been adopted but are not yet effective; in one of its final acts...more

Goodwin

Financial Services Weekly Roundup: Code Libor – SEC And OCIE Issue Risk Alert In Preparation Of Libor Discontinuation

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In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about the scope and content of examinations OCIE plans to conduct of various...more

Latham & Watkins LLP

COVID-19 Bank Lending Relief Measures

Latham & Watkins LLP on

Several countries have announced or have already implemented extensive debt relief measures for consumers and companies. In some instances these measures also include debt moratoria. The following provides a brief overview of...more

Goodwin

Financial Services Weekly News: Agencies Finalize Community Bank Leverage Ratio And Amend Swap Margin Rule

Goodwin on

In This Issue. The Board of Governors of the Federal Reserve System (FRB), Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corporation (FDIC) (together, the federal banking agencies) finalized...more

Ballard Spahr LLP

Fed issues consent order for bank’s alleged deceptive practices involving balance transfer credit cards

Ballard Spahr LLP on

The Federal Reserve Board announced that it had issued a Consent Order against Mid America Bank and Trust Company (Bank) for alleged deceptive marketing practices in violation of section 5 of the FTC Act related to balance...more

Ballard Spahr LLP

CFPB warns consumers about debt relief/settlement companies

Ballard Spahr LLP on

Last week, the CFPB published a blog post with tips for consumers facing a cash flow emergency. We were glad to see that the blog post included a warning to consumers about debt relief or settlement companies. ...more

Goodwin

Financial Services Weekly News - March 2017 #5

Goodwin on

Editor's Note - In This Issue. The Securities and Exchange Commission (SEC) was active this week, moving to shorten the settlement cycle for broker-dealer transactions from T+3 to T+2 and issuing updated guidance...more

Ballard Spahr LLP

CFPB touts initiatives in “fact sheets”

Ballard Spahr LLP on

To commemorate its fifth anniversary, the CFPB released a series of “fact sheets” touting its initiatives. The “fact sheets” consist of the following: CFPB: By the numbers. The CFPB lists various statistics, such as...more

Stinson - Corporate & Securities Law Blog

CFPB Week in Review

The Consumer Financial Protection Bureau (CFPB) had another busy week. Here is an overview of what the CFPB was up to recently: Enforcement Actions and Litigation - Enforcement Action Against Santander Bank - ...more

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