CFPB and DOJ Joint Statement on Immigration Status and Credit Underwriting — The Consumer Finance Podcast
Convenience Fees: Why You Need to Pay Attention? - Payments Pros: The Payments Law Podcast
Convenience Fees: Why You Need to Pay Attention? - The Crypto Exchange Podcast
Seth Eaton Discusses Modifications and Workouts of Commercial Real Estate Loans during the COVID-19 Pandemic
In addition to the states that, similar to Washington, have adopted “true lender” provisions, several states have recently enacted changes to their consumer loan licensing laws that expand the scope of the licensing...more
Join Troutman Pepper Partner Chris Willis for a solo episode where he discusses a recent joint statement from the Consumer Financial Protection Bureau and the Department of Justice regarding the consideration of immigration...more
The Directive (EU) 2021/2167 sets out a harmonized regulatory framework for services in relation to non-performing loans and has to be implemented by Member States by 29 December 2023. In Germany, the draft bill of the Credit...more
Financial services companies, such as banks, credit unions, lenders, finance companies, loan servicers, broker-dealers, and securities firms, often receive subpoenas from parties in litigation involving their customers,...more
More than a year ago on April 21, 2021, the 11th Circuit Court of Appeals issued an opinion in Hunstein v. Preferred Collection and Management Services Inc. that rocked the world of the debt collection industry, and the...more
Headlines - ..New FDIC Guidance Highlights Risks from Multiple NSF Fees for Re-presented Items ..Fed Provides Advice to Banks Engaging in Crypto-Asset-Related Activities ..Federal Banking Agencies Propose Policy...more
Kentucky and Virginia have passed legislation relating to student loan servicers. In Kentucky, a new student loan servicing law creates new licensing and compliance requirements. In Virginia, an amendment limits the scope of...more
We thank you for reading our Top 10 and listening to our CFPB Bites of the Month webinars over the past two years. We are pleased to continue the series in 2022. In this month's article, we share some of our top "bites" for...more
In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule to increase market transparency regarding short selling and extended the comment period for its proposed rule requiring reporting on...more
Federal Court Rejects Challenges to FDIC’s and OCC’s “Valid When Made” Rules A federal court in two separate but related cases has rejected challenges to the FDIC’s and the OCC’s respective regulations that codified the...more
Takeaways - Redlining enforcement will be a significant priority for the CFPB, DOJ and other agencies. Loan servicers should expect increased scrutiny to prevent unnecessary defaults. Credit bureau reporting will be...more
On the eve of the Great Depression, the United States Bureau of Printing and Engraving made a big change by introducing small bills. The Bureau reduced the size of bills by about 30% to save money on ink and paper - the...more
The CFPB has released the Summer 2021 edition of its Supervisory Highlights. The report, which contains 48 pages of supervisory observations, discusses the Bureau’s examinations in the areas of auto servicing, consumer...more
Mr. Sims is a retired veteran living on a fixed income in California. Last year, he " "responded to online marketing" on a website maintained by OppLoans, a Delaware limited liability company with an Illinois address. Mr....more
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more
Watch Real Estate Finance Shareholder Seth Eaton discuss loan modifications and how they have evolved throughout the COVID-19 pandemic. Seth outlines several different phases of loan modifications and highlights key points...more
On June 17, 2020, Governor Andrew Cuomo signed S8428/A10530 and S8243-C/A10351-B into law. Collectively, in relevant part, the legislation creates N.Y. Banking Law § 9-x, which relates to residential forbearances as a result...more
The Washington State Department of Financial Institution (DFI) has published proposed revisions to its student loan servicer regulations. This proposal would amend rules that went into effect earlier this year pursuant to...more
Student loan servicers should prepare for heightened regulation with the passage of a new law in New York and new regulations in effect in California. In addition, the California legislature is considering a new bill that...more
Loan servicers, beware! The Federal Trade Commission (FTC) recently issued a large fine to a loan servicer, based on Unfair or Deceptive Acts or Practices (UDAP) standards. ...more
A group of 20 state attorneys general, the D.C. attorney general, and the Executive Director of the Office of Consumer Protection of Hawaii have sent a letter to U.S. Department of Education Secretary Betsy DeVos criticizing...more
On January 24, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve, and the Office of the Comptroller of the Currency announced a $65 million fine assessed against a default management...more
Financial Industry Developments - Rejecting "True Lender" Arguments, California District Court Dismisses Claims Against Student Loan Servicers - This past Thursday, September 22, a federal district court in the...more
Texas recently added a new statute aimed at providing lienholders and loan servicers an unambiguous method for unilaterally abandoning the acceleration of a loan's maturity. When a borrower defaults in paying an...more
Connecticut has added mortgage brokers, lenders, and servicing companies to the list of “financial institutions” exempted under the state’s existing law limiting credit checks for purposes of employment. The amendment, which...more