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Fair Access to Credit

Latham & Watkins LLP

The Tides Are Changing For Fair Access Banking Laws

Latham & Watkins LLP on

Fair access banking laws, at the epicenter of the debates between ESG and so-called antiwoke regulation and federal/state preemption, may see a resurgence under the new presidential administration. In recent years, the...more

Latham & Watkins LLP

The Tides Are Changing (Again) for US “Fair Access” and “Anti-Debanking” Laws

Latham & Watkins LLP on

“Fair access” banking laws, at the epicenter of the debates between ESG and “anti-woke” regulation and federal/state preemption, may see a resurgence under the incoming administration. In recent years, the landscape of...more

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Auto

Hudson Cook, LLP on

In this article, we share a timeline of our monthly "bites" for 2023 applicable to the auto finance industry. We think it's safe to say that the auto finance industry was top of mind to the CFPB. ...more

Orrick, Herrington & Sutcliffe LLP

CFPB seeks feedback on credit cards

On January 24, the CFPB issued a notice and request for information (RFI) seeking public feedback on several aspects of the consumer credit card market in accordance with Section 502(b) of the Credit Card Accountability...more

Orrick, Herrington & Sutcliffe LLP

Colorado AG releases consumer lending study

On January 23, the Colorado attorney general announced that it sent a study examining the availability of consumer lending in the state to the Colorado General Assembly....more

Eversheds Sutherland (US) LLP

Opportunity Finance goes on the offensive to fend off “True Lender” action by California regulator

On March 7, 2022, Opportunity Finance (OppFi), a nonbank consumer lender, filed suit in Los Angeles Superior Court against the California Department of Financial Protection and Innovation (DFPI) seeking declaratory and...more

Allen Matkins

Lawsuit Challenges DFPI's Threat To Enforce Fair Access To Credit Act

Allen Matkins on

Last week, Opportunity Financial, LLC filed a lawsuit challenging the Department of Financial Protection & Innovation's alleged threat to take enforcement action for violating AB 539, the so-called Fair Access to Credit Act. ...more

Sheppard Mullin Richter & Hampton LLP

Fintech Flips Script, Sues California Regulator Over 36% Rate Cap Law

On March 7, a Chicago-based FinTech company  filed a Complaint for Declaratory and Injunctive Relief in Los Angeles County Superior Court against the Commissioner of the California Department of Financial Protection and...more

Eversheds Sutherland (US) LLP

Focus on Fintech: Auto Title Lender LoanMart Agrees to End Bank Partnership Lending Program Following “True Lender” Inquiry by...

On December 14, 2021, Wheels Financial, LLC (d/b/a LoanMart) entered into a consent order with the California Department of Financial Products and Innovation (DFPI) in which the company agreed to end its lending partnership...more

Morgan Lewis

Key Financial Regulatory Issues for Biden Administration’s Early Days

Morgan Lewis on

The inauguration of US President Joe Biden on January 20, 2021, marked the beginning of what will surely be a major transition across the US legislative and regulatory landscape—including the laws and regulations governing...more

Perkins Coie

Fintech Week in Review - February 2021

Perkins Coie on

UK Set to Move Forward on BNPL Regulation - The United Kingdom Financial Conduct Authority (FCA) recently issued a report on the market conditions for buy-now pay-later (BNPL) unsecured lending. The report recommends...more

Goodwin

OCC Delays Publication Of Trump Administration “Fair Access” Rule

Goodwin on

In this Issue. The Office of the Comptroller of the Currency (OCC) delayed publication of the “fair access” rule finalized late in the Trump Administration; the OCC also announced the availability of the 2021 list of bank...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

Perkins Coie

Fintech Week in Review: December 2020

Perkins Coie on

FTC Alleges Mobile App’s Deposit Promises Were Deceptive - Following a May 2020, civil investigative demand, the Federal Trade Commission (FTC) filed suit against the operators of a mobile banking app, alleging that they...more

Morgan Lewis

Senate Banking Committee Members Propose Fair Access to Financial Services Act

Morgan Lewis on

Members of the US Senate Banking Committee recently introduced a bill to create the Fair Access Financial Services Act of 2020, which is aimed to make any practice of discrimination by a financial institution on the grounds...more

Ballard Spahr LLP

California Dept. of Business Oversight launches “true lender” investigation of auto title lender’s partnership with Utah bank

Ballard Spahr LLP on

On September 3, 2020, the California Department of Business Oversight (DBO) announced that it has launched a formal investigation into whether Wheels Financial Group, LLC d/b/a LoanMart, formerly one of California’s largest...more

Skadden, Arps, Slate, Meagher & Flom LLP

Paycheck Protection Program: An Overview of Fair Lending Risks

Since the Paycheck Protection Program (PPP) of loans guaranteed by the Small Business Administration (SBA) was originally rolled out on April 3, 2020, some advocates have expressed disappointment that Congress did not...more

BCLP

The Paycheck Protection Program: Managing Fair Lending Risks

BCLP on

Paycheck Protection Program (“PPP”), including by the Treasury Department, SBA Inspector General, U.S. Department of Justice, and Congress with the Special Inspector General for Pandemic Recovery surely soon to follow. ...more

Goodwin

Financial Services Weekly Roundup: PPP Borrowers And Lenders Under The Microscope

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule that would establish a revised framework for the fair value determination for purposes of the Investment Company Act of 1940 and have...more

Morgan Lewis

Protecting Your Investment: Insights For 2020

Morgan Lewis on

Investors and investment managers around the globe are seeing increasing rules and regulations on how they can deploy their money, how they can advertise their services, and how they have to report to regulators. ...more

Hinshaw & Culbertson LLP

California Legislative Update: New Consumer Finance Laws for 2020

California's 2019 legislative session ended on October 15th. On the last day before the signing deadline, California Governor Gavin Newsom announced that he had signed 870 bills into law. Several of these laws involve...more

Ballard Spahr LLP

DoD to propose amendment to MLA regulations on auto financing

Ballard Spahr LLP on

The Department of Defense announced in its Fall 2019 rulemaking agenda that it is engaged in proposed rulemaking to amend its Military Lending Act (MLA) regulations, apparently in order to allow non-bank creditors to provide...more

Morgan Lewis

California Financing Law: New Requirements on Consumer Loans

Morgan Lewis on

California Governor Gavin Newsom signed the Fair Access to Credit Act into law on October 11, 2019. Effective January 1, 2020, the Act will impose several significant changes to the small consumer loan (under $10,000)...more

Ballard Spahr LLP

California Financing Law Rate Cap Advances to Governor Newsom’s Desk

Ballard Spahr LLP on

On the last day of California’s 2019 legislative session, by a vote of 61 to 8, the California State Assembly overwhelmingly passed Senate Bill 539, the Fair Access to Credit Act. Governor Newsom has until October 13th to...more

White & Case LLP

Consumer financial services: The road ahead: Payment processing

White & Case LLP on

The CFPB continued to be active in the consumer payments space in 2018, while the Federal Reserve and market participants considered the future of payment processing, including the development of faster payment systems....more

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