News & Analysis as of

Non-Bank Lenders

Alston & Bird

The District of Columbia Continues to Fight the “True Lender” Rule in Court

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A&B ABstract: Innovative partnerships between banks and nonbanks have expanded lending services to consumers and small businesses. These partnerships, known as marketplace lending arrangements, offer non-traditional loan...more

Morgan Lewis - All Things FinReg

Members of Congress Introduce Joint CRA Resolution to Overturn the OCC’s True Lender Rule

Senator Chris Van Hollen (D-MD) introduced a Congressional Review Act (CRA) resolution of disapproval on March 26 that would invalidate the Office of the Comptroller of the Currency’s (OCC’s) true lender final rule. ...more

Weiner Brodsky Kider PC

State Regulators Release New Nonbank Cybersecurity Exam Tool

During the Nationwide Multistate Licensing System Annual Conference, state financial regulators released an updated cybersecurity examination tool for nonbank financial company supervision. The tool is designed for state...more

Ballard Spahr LLP

New York Department of Financial Services Announces Fair Lending Agreement With Nonbank Mortgage Lender and Releases Redlining...

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The New York Department of Financial Services (DFS) recently announced that it has entered into an agreement with Hunt Mortgage, a licensed mortgage banker, to address the DFS’s findings that there was a “demonstrable lack of...more

Bryan Cave Leighton Paisner

Changing “Buy Now Pay Later” Regulations & Considerations for Retailers

On 2 February 2021, the FCA published its Review of the Unsecured Credit Market in the UK. The full title of the review is “The Woolard Review - A review of change and innovation in the unsecured credit market” (“the...more

Ballard Spahr LLP

New York Dept. of Financial Services announces fair lending agreement with nonbank mortgage lender and releases redlining report

Ballard Spahr LLP on

The New York Department of Financial Services (DFS) recently announced that it has entered into an agreement with Hunt Mortgage, a licensed mortgage banker, to address the DFS’s findings that there was a “demonstrable lack of...more

Pillsbury Winthrop Shaw Pittman LLP

New York Enacts Novel Disclosure Requirements for Commercial Financing Transactions

Fintechs and other nonbanks will be required to provide consumer-style disclosures when offering to extend small business financing in New York. In late December 2020, New York Governor Andrew Cuomo signed into law...more

Hinshaw & Culbertson - Consumer Crossroads

Following Fair Lending Investigation, NYS DFS Issues Report, Recommendations, and Mortgage Lender Best Practices

The New York State Department of Financial Services (DFS) issued a report on February 4, 2021, detailing its investigation of the mortgage lending market in the Buffalo metropolitan area. The report includes findings about a...more

Orrick, Herrington & Sutcliffe LLP

States Seek to Invalidate The OCC True Lender Rule

Recently, seven states (New York, California, Colorado, Massachusetts, New Jersey, Minnesota, and North Carolina) and the District of Columbia filed suit in the Southern District of New York against the Office of the...more

Mayer Brown - Retained Interest

State Prudential Standards for Mortgage Servicers: “Ahead of the Curve” or “Dead Man’s Curve”?

I was only 9 years old when Jan and Dean in 1963 released their hit song “Dead Man’s Curve.” I thought about this song when I read the Conference of State Bank Supervisors’ (“CSBS”) Proposed Regulatory Prudential Standards...more

Kramer Levin Naftalis & Frankel LLP

How Regulation of Leveraged Lending Will Change Under President Biden

The change in administration that will take place on Jan. 20, 2021, will likely have significant consequences for leveraged lending market participants. The relatively “soft touch” regulatory approach taken by federal...more

Seyfarth Shaw LLP

$91M Nationstar Mortgage Settlement Resolves CFPB and State Claims of Illegal Loan Servicing Practices

Seyfarth Shaw LLP on

On December 7, 2020, the Consumer Financial Protection Bureau (CFPB) along with attorneys general from all 50 states and the District of Columbia and bank regulators from 53 jurisdictions covering 48 states and Puerto Rico,...more

FTI Consulting

Financial Crime Quarterly – Issue 2 - December 2020: Tracking Threats and Opportunities

FTI Consulting on

Where does it all start to go wrong? The answer, too often, is right at the top of the organisation. When we are called upon to review a financial services firm for a regulator in response to financial crime concerns, the...more

Mayer Brown - Retained Interest

Treating a Nonbank Like a Bank: New Proposed Prudential Standards for Nonbank Mortgage Servicers

Should US state nonbank mortgage servicers be subject to “safety and soundness” standards of the type imposed by federal law on insured depository institutions, even though the nonbanks do not solicit and hold customer funds...more

Goodwin

CFPB Settles with Auto Lender for Alleged UDAAP Violations

Goodwin on

On November 2, 2020, the Consumer Protection Financial Bureau (CFPB) announced that it had entered into a consent order with a Texas-based auto lender. The CFPB alleged that the auto lender engaged in deceptive acts and...more

Morgan Lewis - All Things FinReg

OCC Issues Final ‘True Lender’ Rule

The Office of the Comptroller of the Currency (OCC) issued a final rule on October 27 that determines when a national bank or federal savings association (bank) makes a loan and is the “true lender” in the context of a...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

Goodwin

CFPB Settles with Auto Finance Company for Alleged UDAAP Violations

Goodwin on

On October 13, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an auto finance company, alleging that the company’s repossession practices from 2013 through...more

Weiner Brodsky Kider PC

AGs from 7 States and DC Seek Invalidation of FDIC’s “Valid When Made” Rule in Northern CA US District Court

Attorneys General from seven states and the District of Columbia recently filed a Complaint in Northern California District Court for declaratory and injunctive relief against the FDIC, targeting the agency’s newly...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

Ballard Spahr LLP

Seven states and D.C. file lawsuit challenging FDIC “Madden fix” rule

Ballard Spahr LLP on

Three weeks after California, Illinois and New York sued the Office of the Comptroller of the Currency (OCC) to enjoin its final rule purporting to override the Second Circuit’s Madden decision as to national banks and...more

Morrison & Foerster LLP

Dropping Anchor In The (Safe) Harbor: Colorado “True Lender” Litigation Settles

Ending years of litigation, the Colorado Attorney General and the Administrator of the Colorado Uniform Consumer Credit Code (“Administrator”) announced a settlement with marketplace lenders Avant of Colorado, LLC and...more

Ballard Spahr LLP

OCC issues proposed “true lender” rule

Ballard Spahr LLP on

Less than two months after issuing its final “Madden fix” rule, the OCC has now issued a proposed rule to address when a national bank or federal savings association should be considered the “true lender” in the context of a...more

Bradley Arant Boult Cummings LLP

OCC Proposes Clarification to True Lender Doctrine

Earlier this week, the OCC released a proposed rule designed to address the “true lender” doctrine, a legal test utilized by courts and regulators to determine whether a bank or its non-bank partner is the actual lender in a...more

Ballard Spahr LLP

CFPB Files First Ever Redlining Complaint Against a Non-Bank Mortgage Lender

Ballard Spahr LLP on

On July 15, 2020, the CPFB filed a complaint in federal court against Townestone Financial, Inc. (Townestone) representing the first ever redlining complaint against a non-bank mortgage lender. ...more

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10 Liberty Ship Way, Suite 300
Sausalito, California 94965

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Sausalito, California 94965

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