On January 12, South Dakota’s Division of Banking issued a mandate setting March 31, 2024 as the deadline for all South Dakota licensed money lenders and non-residential mortgage brokers to comply with their Bank Secrecy...more
2/19/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
CFTC ,
Compliance ,
FDIC ,
Final Rules ,
Financial Services Industry ,
FinCEN ,
FinTech ,
NCUA ,
Non-Depository Institutions ,
OCC ,
OTS ,
Regulatory Agenda ,
Regulatory Requirements ,
Risk Assessment ,
Risk Management ,
Securities and Exchange Commission (SEC)
On December 4, Judge R. Gary Klausner of the U.S. District Court for the Central District of California granted summary judgment to California’s DFPI upholding the recently adopted commercial financing disclosure regulations...more
12/29/2023
/ California ,
Commercial Loans ,
Department of Financial Protection and Innovation (DFPI) ,
Disclosure ,
Financial Institutions ,
Lenders ,
Lending ,
Regulatory Reform ,
Regulatory Requirements ,
Small Business ,
Truth in Lending Act (TILA)
On March 2, the CFPB published a report analyzing the financial profiles of consumers who borrow through buy now, pay later (BNPL) lending products. The report found that BNPL borrowers on average are more likely to be active...more
3/17/2023
/ Borrowers ,
Buy Now Pay Later (BNPL) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Delinquent Borrowers ,
Financial Distress ,
Financial Services Industry ,
Regulatory Requirements ,
Rulemaking Process ,
Surveys
On February 7, the CFPB issued an Advisory Opinion to address the applicability of RESPA section 8 to operators of certain digital technology platforms that enable consumers to comparison shop for mortgages and other real...more
2/20/2023
/ Advisory Opinions ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Mortgages ,
Online Marketplace Lending ,
Price Comparisons ,
Regulatory Requirements ,
RESPA ,
Rulemaking Process ,
Section 8 ,
Technology Sector
On January 23, the NY DFS released updated guidance with regard to better protecting consumers in the event of virtual currency insolvency. This updated guidance applies to entities that DFS has licensed or chartered to hold...more
On January 27, the Federal Reserve Board (FRB) announced that it unanimously voted to deny a crypto firm’s application to become a member of the Federal Reserve System. This denial ends the crypto firm’s 27-month effort to...more
On January 19, the CFPB issued Circular 2023-01 to affirm that companies offering “negative option” subscription services are required to comply with federal consumer financial protection laws. According to the Circular,...more
1/27/2023
/ Auto-Renewal ,
Cancellation Rights ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Corporate Counsel ,
Disclosure ,
Federal Trade Commission (FTC) ,
Informed Consent ,
New Guidance ,
Regulatory Requirements ,
Rulemaking Process ,
Subscription Services
On July 15, the California DFPI released draft text for a proposed second rulemaking under the Debt Collection Licensing Act (DCLA) relating to the scope, annual report, and bond amount increase provisions of the DCLA....more
On June 1, the California DFPI began formally seeking input from the public to assist in developing guidance and regulatory clarity for Blockchain and Crypto companies as directed by Governor Newsom’s Executive Order (which...more
6/8/2022
/ Blockchain ,
California ,
Comment Period ,
Cryptocurrency ,
Department of Financial Protection and Innovation (DFPI) ,
Executive Orders ,
Financial Services Industry ,
Governor Newsom ,
Proposed Regulation ,
Regulatory Agenda ,
Regulatory Requirements ,
Rulemaking Process ,
State and Local Government