The Bureau of Consumer Financial Protection (CFPB or Bureau) has formally commenced its long-awaited rulemaking process to implement section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank...more
11/3/2020
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Consumer Data Requests ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Security ,
Dodd-Frank ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Public Comment ,
Rulemaking Process
The Office of the Comptroller of the Currency (OCC) issued a final rule that creates a bright-line test to determine when a national bank or federal savings association (bank) makes a loan and is the "true lender," including...more
On December 23, 2019, the New York Department of Financial Services (NYDFS) issued an Industry Letter instructing each institution it regulates, including banks and licensed Fintechs, to make submissions describing the...more
1/14/2020
/ Alternative Reference Rates Committee (ARRC) ,
Bank of New York (BNY) Mellon ,
Banks ,
Depository Institutions ,
Derivatives ,
Federal Bank Regulatory Agencies ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
FinTech ,
FRB ,
Industry Letters ,
Interest Rates ,
Lenders ,
Libor ,
Loans ,
Money Transmitter ,
NYDFS ,
Risk Assessment ,
Risk Mitigation ,
Secured Overnight Funding Rate (SOFR) ,
Securitization ,
Sterling Overnight Index Average (SONIA) ,
Transitional Arrangements ,
UK ,
Virtual Currency
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
3/15/2019
/ Anti-Money Laundering ,
Anticompetitive Behavior ,
Blockchain ,
California Consumer Privacy Act (CCPA) ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Data Privacy ,
Data Security ,
EFTA ,
Enforcement Actions ,
EU ,
Fair Access to Credit ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
FinTech ,
FRB ,
General Data Protection Regulation (GDPR) ,
Merchants ,
Ohio v American Express ,
Payment Processors ,
Popular ,
Prepaid Payment Products ,
Public Comment ,
Regulation CC ,
Regulation Z ,
Remittance Transfer Rule ,
SCOTUS ,
Sherman Act ,
Truth in Lending Act (TILA)
The CFPB has traditionally not prioritized marketplace lenders in its supervisory and enforcement efforts. As a result, state regulators have increasingly sought to fill any perceived voids left by the Bureau....more
3/14/2019
/ Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Regulatory Agencies ,
FinTech ,
GLBA Privacy ,
Loans ,
NYDFS ,
OCC ,
Online Marketplace Lending ,
RICO ,
State Attorneys General ,
State Regulators ,
Trump Administration
In 2018, the CFPB continued to pay attention to the auto finance industry, with a particular focus on indirect (dealer-arranged) auto lenders and unfair or abusive loan servicing practices....more
3/11/2019
/ Abusive Acts ,
Automotive Industry ,
Automotive Loans ,
Car Dealerships ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
ECOA ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
FinTech ,
Loan Origination Funds ,
Loan Servicing ,
State Attorneys General ,
Trump Administration ,
Truth in Lending Act (TILA) ,
UDAAP ,
Unfair or Deceptive Trade Practices
In 2018, the CFPB shifted away from student lending supervision and enforcement. We anticipate this trend to continue in the year to come, with states seeking to fill any voids left by the Bureau....more
3/9/2019
/ Congressional Investigations & Hearings ,
Consumer Complaint Management ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Department of Education ,
Director Mulvaney ,
Enforcement Statistics ,
Federal Trade Commission (FTC) ,
FinTech ,
Loan Servicing ,
Ombudsman ,
Political Parties ,
Popular ,
Preemption ,
State Attorneys General ,
State Legislatures ,
Student Loans ,
Students ,
Trump Administration
In February 2019, the CFPB released the highly anticipated revamp of its Payday Rule, reinforcing its more lenient attitude towards payday lenders. In light of the Bureau’s softer touch, as well as similar developments at the...more
3/7/2019
/ Ballot Measures ,
Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Creditors ,
Director Kraninger ,
Director Mulvaney ,
Enforcement Actions ,
Federal Bank Regulatory Agencies ,
Federal Trade Commission (FTC) ,
FinTech ,
FTC Act ,
High-Interest Loans ,
Interest Rate Caps ,
Lenders ,
Military Lending Act ,
Payday Lending Rule ,
Payday Loans ,
Political Parties ,
Rescission ,
Small Loans ,
State and Local Government ,
State Attorneys General ,
Subprime Loans ,
Trump Administration ,
Underwriting ,
Usury
In 2018, the CFPB issued multiple rules, and Congress passed legislation, to clarify, revise and update the regulatory framework applicable to the home mortgage origination and servicing market....more
3/6/2019
/ Amended Regulation ,
Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Department of Justice (DOJ) ,
Department of Veterans Affairs ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
False Claims Act (FCA) ,
FinTech ,
GAO ,
HMDA ,
Lenders ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
OCC ,
Popular ,
RESPA ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA) ,
Unduly Burdensome
TABLE OF CONTENTS:
Executive Summary -
Developments and Trends in Policy and Enforcement
- US Department of the Treasury
- The Office of Foreign Assets Control
- Treasury's Financial Crimes Enforcement Network
-...more
1/22/2019
/ Anti-Money Laundering ,
Banks ,
Broker-Dealer ,
BSA/AML ,
CFTC ,
Civil Monetary Penalty ,
Compliance ,
Cuba ,
Customer Due Diligence (CDD) ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Digital Currency ,
Economic Sanctions ,
Enforcement Actions ,
FDIC ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
FinTech ,
FRB ,
Guilty Pleas ,
Information Sharing ,
Investment Banks ,
Iran ,
Iran Sanctions ,
Joint Comprehensive Plan of Action (JCPOA) ,
Nicaragua ,
North Korea ,
NYDFS ,
OCC ,
Office of Foreign Assets Control (OFAC) ,
Piling-On ,
Russia ,
Sanction Violations ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Sudan ,
Suspicious Activity Reports (SARs) ,
Syria ,
Terrorism Funding ,
U.S. Treasury ,
Ukraine ,
Venezuela