News & Analysis as of

Loans Regulatory Oversight

Alston & Bird

Don’t Miss the Small Stuff Lenders: New Mexico Issues Regulatory Guidance for Completing the “Freedom to Choose” Insurance Company...

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A&B Abstract: Under New Mexico’s Insurance Code, it has been a long-standing requirement that lenders may not condition a loan of money on the procurement of insurance from any particular insurer, agent, solicitor, or...more

Ballard Spahr LLP

CFPB settles claims against operator of training program arising out of income share agreements

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The CFPB recently announced the settlement of a bankruptcy court adversary proceeding filed jointly with the Attorneys General of 11 states against Prehired, LLC (Prehired) and two affiliated companies (Prehired Affiliates)...more

Troutman Pepper

DC OAG Resolves Alleged Usury and Deceptive Acts Violations With Community Lending Platform

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On May 10, SoLo Funds, Inc. (Solo), one of the largest community lending platforms in the United States, entered into a settlement with the District of Columbia attorney general (OAG). The settlement resolves claims that the...more

White & Case LLP

ESG: A sustainable approach in turbulent times

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Environmental, social and governance (ESG)-linked debt issuances have been negatively impacted in 2022 after reaching all-time global highs last year....more

Katten Muchin Rosenman LLP

Structured Finance Year in Review and the Outlook for 2021 | Key Takeaways

On December 8 and 10, Katten’s Structured Finance and Securitization Department presented the “Year in Review and Outlook for 2021” webinar series. Topics covered by Katten attorneys and guest speakers include the impact of...more

King & Spalding

What Happened To My Interest Rate? Planning Now To Avoid Value Transfer And Other Risks Upon The Demise Of U.S. Libor

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As the title suggests, U.S. LIBOR (LIBOR) is going away, with official announcements expected as soon as year-end 2020 of LIBOR’s December 31, 2021 demise. The end of LIBOR will be replete with a plethora of risks for banks,...more

Mayer Brown

Revising the Regulatory Definition of a Qualified Mortgage

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When the federal Consumer Financial Protection Bureau (“CFPB”) last summer issued its Advance Notice of Proposed Rule Making (“ANPR”) to revise the definition of a “Qualified Mortgage” (“QM”) under the Dodd-Frank Act’s...more

Mayer Brown

Going Through Changes: Transitioning to a LIBOR-less World for Consumer Loans

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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

Ballard Spahr LLP

NYDFS requires regulated institutions to submit plans describing preparations for LIBOR transition by Feb. 7

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The New York Department of Financial Services has sent a letter to the institutions that it regulates requiring each such institution, by February 7, 2020, to provide to DFS a description of its “plan to address its LIBOR...more

Ballard Spahr LLP

CA DBO concludes certain point-of-sale financing arrangements are loans, not credit sales

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On December 30, 2019, the California Department of Business Oversight (DBO) announced two actions regarding companies offering unregulated, point-of-sale financing to California residents.  In the first action,  the DBO...more

Kramer Levin Naftalis & Frankel LLP

Federal Reserve Board Releases Semiannual Financial Stability Report

On Nov. 15, 2019, the Board of Governors of the Federal Reserve (the “Board”) released its semiannual Financial Stability Report. The report presents the Board’s current assessment of the resilience of the U.S. financial...more

Carlton Fields

Changes to the Index Product Illustration Requirements Are No Child’s Play

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The NAIC’s Annuity Disclosure Working Group and IUL Illustration Subgroup continue to chalk out changes to the Annuity Disclosure Model Regulation (Model) and Actuarial Guideline 49 (AG 49) to address index product...more

Seyfarth Shaw LLP

Green Up Your Next Real Estate Financing

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Background of FHFA and the Scorecard - The Federal Housing Finance Agency (FHFA) was established under the Housing and Economic Recovery Act of 2008. FHFA has regulatory oversight of the Federal National Mortgage...more

Troutman Pepper

CRA-like Standards for Fintechs Could Reduce Access to Credit

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As reported in American Banker, consumer advocacy groups are concerned that financial inclusion expectations for fintechs chartered as special-purpose national banks may not perfectly mirror the requirements of the Community...more

Ballard Spahr LLP

FDIC Chair’s recent interview gives insight into FDIC’s agenda

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In a recent interview (her first since being sworn in as Chair of the Federal Deposit Insurance Corporation), Jelena McWilliams provided insight into the FDIC’s likely regulatory agenda....more

Kramer Levin Naftalis & Frankel LLP

Regulatory Alert - La question des emprunts dits « toxiques » arrive …enfin… devant la Cour de cassation

C’est un arrêt dont on aurait sans doute voulu disposer il y a quelques années de cela, lorsque le contentieux des emprunts dits (le plus souvent par les emprunteurs) « toxiques » accordés à des collectivités territoriales...more

Ballard Spahr LLP

House Financial Services Committee schedules Oct. 11 mark-up of “Madden fix” bill

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Among the more than 20 bills that the House Financial Services Committee is scheduled to mark-up this Wednesday, October 11, is a bill to provide a “Madden fix” as well as several others relevant to consumer financial...more

Kramer Levin Naftalis & Frankel LLP

SNC Review Results: Non-Pass Originations at De Minimis Levels, but Oil and Gas Loans and Incremental Facilities Raise Concerns...

On Aug. 2, 2017, the Board of Governors of the Federal Reserve System (the Federal Reserve), the Federal Deposit Insurance Corporation (the FDIC) and the Office of the Comptroller of the Currency (the OCC, and together with...more

Stinson LLP

LIBOR Set for Elimination in 2021

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The London Interbank Offered Rate (LIBOR), the interest rate tied to trillions of dollars in loans and other financial products, will be eliminated by the end of 2021. British regulators announced the timeline on Thursday,...more

Orrick, Herrington & Sutcliffe LLP

New lending opportunities for EU Alternative Investment Funds in Italy

On 23 December 2016, the Bank of Italy supplemented the regulation on the collective investment management (the "Regulation") which, inter alia, implements article 46-ter of Legislative Decree. n. 58/1998 ("Consolidated...more

Orrick, Herrington & Sutcliffe LLP

Novità in materia di direct-lending. Gli OICR di credito

In data 23 dicembre 2016, Banca d'Italia ha integrato il regolamento sulla gestione collettiva del risparmio (il "Regolamento") con cui, inter alia, viene data attuazione all'art. 46-ter del d.lgs. n. 58/1998 ("TUF"),...more

Ballard Spahr LLP

NY Licensing Proposal Threatens New Burdens on Financial Services Providers, Reduced Credit Availability

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Proposed legislation to implement New York Governor Andrew Cuomo's 2018 Fiscal Year Executive Budget would amend the New York Licensed Lender Law to significantly extend its licensing requirements. The proposal threatens to...more

K&L Gates LLP

Brussels Regulatory Brief: February 2016

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The Court of Justice of the European Union (‘CJEU’) has recently clarified how participation in cartels can be presumed under EU competition rules. An online booking system used for package holidays had sent to travel agents...more

Manatt, Phelps & Phillips, LLP

Online Marketplace Lending on Review by California Regulator

Why it matters - Demonstrating the continuing regulatory interest in online lenders, the California Department of Business Oversight (DBO) announced an inquiry into the marketplace lending industry. While the agency...more

Stinson - Corporate & Securities Law Blog

Can You be Regulated by the CFPB?

The Consumer Financial Protection Bureau, or CFPB, was created to enforce various consumer finance laws like the Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, Home Mortgage...more

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