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Equal Credit Opportunity Act Truth in Lending Act (TILA)

Ballard Spahr LLP

NCLC Asks CFPB to Consider Residential Leases as Credit for Specific Purposes

Ballard Spahr LLP on

The National Consumer Law Center is asking the CFPB, by way of a petition, for rulemaking that is long on policy arguments but woefully short on legal support, as we note below, to define residential leases as “credit” under...more

Troutman Pepper

A Closer Look at NCUA’s Consumer Financial Protection and Compliance Expectations

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As discussed, in a recent letter, the Chairman of the National Credit Union Administration (NCUA) outlined the agency’s supervisory priorities for 2024. In this post, we delve deeper into the area of consumer protection...more

Alston & Bird

Correspondent Lending on the Rise: Increasing Gains Point to Increasing Risk

Alston & Bird on

A&B Abstract: According to a recent edition of Inside Mortgage Finance, correspondent lending is the only lending channel that posted gains in Q3 2023. While it is always nice to see gains, it should also serve as a reminder...more

Ballard Spahr LLP

FTC provides annual report to CFPB on 2022 activities regarding Financial Acts and issues 2022 annual report on refunds

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The Federal Trade Commission has provided its annual report to the CFPB on its enforcement and related activities in 2022 regarding the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and Electronic Fund Transfer Act...more

Troutman Pepper

CFPB's Section 1071 Final Rule (Part 3): Potential Problem Areas – The Consumer Finance Podcast

Troutman Pepper on

Please join Troutman Pepper Partner Chris Willis and his colleagues Mark Furletti, Joe Reilly, and Christine Emello for the last installment of a special three-part series about the Consumer Financial Protection Bureau’s...more

Eversheds Sutherland (US) LLP

DC Circuit Court of Appeals to rule on PayPal’s challenge to CFPB’s Prepaid Rule

In December 2019, PayPal, Inc. filed suit in the US District Court for the District of Columbia challenging the CFPB’s authority to issue two provisions of the so-called prepaid rule, which governs consumer financial products...more

Sheppard Mullin Richter & Hampton LLP

FTC Imposes Record-Setting $10M Fine Against Multistate Auto Dealer, Settling Charges of Racial Discrimination and Unauthorized...

On March 31, the FTC and Illinois State Attorney General announced a settlement of charges against a large, multistate auto dealer that allegedly discriminated against black consumers and included illegal junk fees for...more

Venable LLP

Buy-Now-Pay-Later: A 360 Degree Overview

Venable LLP on

Buy-Now-Pay-Later (BNPL) products are taking center stage as a popular way for consumers to purchase goods or services now and pay for them over time through a short series of installments, often interest-free. Industry...more

Wiley Rein LLP

Wiley Consumer Protection Download (January 24, 2022)

Wiley Rein LLP on

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Wiley Rein LLP

Wiley Consumer Protection Download (December 13, 2021)

Wiley Rein LLP on

Thank you for your interest in the Wiley Consumer Protection Download! This will be our last publication of 2021, with our bi-weekly newsletter returning in January 2022. Welcome to Wiley’s update on recent developments...more

Goodwin

CFPB Sues Online Lender Over Alleged CFPA and ECOA Violations

Goodwin on

On September 8, 2021 the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint against an online lender for alleged violations of a 2016 consent order, the Consumer Financial Protection Act (CFPA),...more

Morrison & Foerster LLP

Financial Services Report - Spring 2021

Can you say 0 to 60? Not cars, but pretty much everything to do with financial services. A new year, a new administration, and new challenges for providers. Prior CFPB Director Kraninger is long gone. Acting Director Uejio...more

ArentFox Schiff

Trump-Era CFPB Retrospective: Debunking the Myths and Looking Ahead to Biden

ArentFox Schiff on

The Trump era of the last four years is regarded in the popular press as one of federal deregulation, and the Consumer Financial Protection Bureau, which will commemorate the eleventh anniversary of its founding later this...more

Goodwin

CFPB Sues Connecticut-Based Mortgage Lender

Goodwin on

On January 15, 2021, the Consumer Financial Protection Bureau (CFPB) announced it had filed suit in the United States District Court for the District of Connecticut against a Connecticut-based mortgage company and three...more

Bradley Arant Boult Cummings LLP

OCC Releases Final True Lender Rule

On October 27, 2020, the OCC released its final True Lender Rule. As discussed earlier on this blog, the OCC’s rule is designed to clarify the “true lender” doctrine, a legal test utilized by courts and regulators to...more

Alston & Bird

FTC Brings its First Case Alleging ECOA Violations in More than a Decade

Alston & Bird on

A&B ABstract: On May 27, 2020, the Federal Trade Commission (FTC) announced a complaint and settlement against a New York auto dealer alleging that it charged higher rates to African American and Hispanic customers,...more

Akerman LLP

Regulation Z, COVID-19, and Bona Fide Personal Financial Emergency Waivers

Akerman LLP on

On April 29, 2020, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule clarifying Regulation Z's bona fide personal financial emergency provisions in the context of the COVID-19 pandemic. The CFPB...more

Hudson Cook, LLP

Income Share Agreements - Operating Under Current Regulations and Preparing for the Future

Hudson Cook, LLP on

The Income Share Agreement ("ISA") market is rapidly developing with more providers offering ISA programs to students and outside money moving into the space. However, the legal environment remains uncertain, and providers...more

Ballard Spahr LLP

Paul Watkins, Director of the CFPB’s Office of Innovation, discusses final innovation policies in Ballard Spahr webinar

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Paul Watkins, Director of the CFPB’s Office of Innovation, joined Ballard Spahr partners Alan Kaplinsky and James Kim yesterday for a discussion of the CFPB’s final innovation policies.  ...more

BCLP

CFPB September 2019 Roundup

BCLP on

Enforcement, Innovation, Consumer Data and Unconstitutionality - Director Kraninger and the Consumer Financial Protection Bureau have been busy this month. Summer is over, and back to school it is. In addition to...more

Morrison & Foerster LLP

Treatment of Educational ISAs Under Federal and Select State Anti-Discrimination Statutes

In this paper, we consider whether educational income share agreements (“ISAs”) are subject to federal and state equal access and anti-discrimination laws. When an ISA provider (“Provider”) sets the terms of an ISA, the...more

Hudson Cook, LLP

Compliance: Setting up a Preventative Maintenance Compliance Budget

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Prioritizing compliance with federal and state law may be the last item on your never ending to-do list. Most days, you have bigger fish to fry - you want to increase sales and decrease overhead. However, a small investment...more

Hudson Cook, LLP

Still Beating the Same Drum

Hudson Cook, LLP on

In February, the U.S. PIRG Education Fund and Frontier Group, two public interest groups, published a paper entitled "Driving Into Debt: The Hidden Costs of Risky Auto Loans to Consumers and Our Communities." The paper...more

White & Case LLP

Consumer financial services: The road ahead: Auto finance

White & Case LLP on

In 2018, the CFPB continued to pay attention to the auto finance industry, with a particular focus on indirect (dealer-arranged) auto lenders and unfair or abusive loan servicing practices....more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Weeks Ending March 9 & 16, 2018

Carlton Fields on

REAL PROPERTY UPDATE - Condition Precedent: trial court properly rejected motion to dismiss for failure to satisfy condition precedent of pre-litigation non-binding arbitration, required by Chapter 718, Florida Statutes,...more

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