The Securities Exchange Commission ("SEC") has, in furtherance of its whistleblower program, taken actions recently that have led to lenders updating the confidentiality sections of credit agreements to allow for the...more
The Congressional Review Act (“CRA”) is an interesting law that we really only think about when there is a change of party affiliation of an incoming President. Effectively, the CRA allows Congress to overturn rules that have...more
The Securities Exchange Commission ("SEC") has, in furtherance of its whistleblower program, taken actions recently that have led to lenders updating the confidentiality sections of credit agreements to allow for the...more
While many Federal agencies, including the prudential bank regulators, have decided to hold back moving forward with initiatives until after the inauguration in January, the Consumer Financial Protection Bureau ("CFPB") has...more
12/6/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Reporting Agencies ,
Data Brokers ,
Debt Collection ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
Regulatory Oversight ,
Student Loans
The following article is part four of our series on the 2022 Amendments to the UCC. You can find the previous articles here. Our last article explored the amendments to the main definition of “money” in Article 1 of the UCC....more
On November 12, the Consumer Financial Protection Bureau (“CFPB”) published a report called “State Consumer Privacy Laws and the Monetization of Consumer Financial Data” that took an uneven look at how Federal financial...more
Checking in on what the Consumer Financial Protection Bureau (“CFPB”) has been up to for the last month, in case you missed it (and with some commentary)...more
10/10/2024
/ ATMs ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit ,
FDCPA ,
Financial Regulatory Reform ,
Financial Services Industry ,
Medical Debt ,
Mortgages ,
Regulation M ,
Regulation Z
On September 17th, the Federal Deposit Insurance Corporation ("FDIC") issued a proposed rule entitled “Recordkeeping for Custodial Accounts” with comments due sixty days from the date of publication in the Federal Register...more
As we reported in June, the Supreme Court handed down a decision in Cantero v. Bank of America on bank pre-emption matters that remanded cases decided by three different Circuit Courts, finding that the courts did not apply...more
9/16/2024
/ Bank of America ,
Cantero v Bank of America NA ,
Dodd-Frank ,
Escrow Accounts ,
Financial Services Industry ,
Interest Rates ,
Mortgages ,
National Bank Act ,
Preemption ,
SCOTUS ,
Truth in Lending Act (TILA)
The following article is part three of our series on the 2022 Amendments to the UCC. Please read the first two articles for context. I am going to get right to the point here – the reason that the definition of money has been...more
The following article is part two of our series on the 2022 Amendments to the UCC. Please read the first article for context. The discussion below is divided such that the first section discusses the edits made in the 2022...more
Welcome to this series of articles in Cabinet News & Views where we will be reviewing changes to the Uniform Commercial Code ("UCC"). Before I lose folks, let me explain why . . .
The UCC is our basic contracting law in...more
On August 13th, the Consumer Financial Protection Bureau (“CFPB”) published a consumer advisory as well as an advisory opinion addressing “contracts for deeds”, which are also variously called a “bond for deed”, “land...more
On August 16th, the Consumer Financial Protection Bureau ("CFPB") Director, Rohit Chopra, published a blog post entitled “What Buy Now, Pay Later lenders are doing to be upfront with borrowers” that follows up on its proposed...more
In this report on the solar financing marketplace, which is characterized as an “Issue Spotlight”, the CFPB identifies four areas that they view to present risks to consumers. In the press release accompanying the report,...more
On July 25, 2024, the Fed, the OCC and the FDIC (the “Banking Regulators”) released a “Request for Information on Bank-Fintech Arrangements Involving Banking Products and Services Distributed to Consumers and Businesses” (the...more
While we reported in our last Cabinet News & Views on the final rule regarding quality control standards for AVMs which will take effect one year after publication in the Federal Register (i.e., it has not yet been...more
On July 24th, the Consumer Financial Protection Bureau (CFPB) issued a new proposed rule “Streamlining Mortgage Servicing for Borrowers Experiencing Payment Difficulties”, with a comment period ending on September 9, 2024....more
7/29/2024
/ Chevron Deference ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgage Servicing Rules ,
Mortgages ,
Preemption ,
Proposed Rules ,
Regulatory Agenda
The banking regulators have not yet gone out on vacation, as demonstrated by this grab-bag of announcements, speeches, rules and guidance:
Acting Comptroller of the Office of the Comptroller of the Currency (OCC),...more
7/26/2024
/ Anti-Fraud Provisions ,
Banking Regulators ,
Banking Sector ,
Banks ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
NCUA ,
OCC ,
Regulatory Oversight ,
Risk Assessment ,
Risk Management
Little else gets regulatory lawyers more excited than changes to how the Administrative Procedure Act (APA) is applied to regulators and the rules that they make, so as readers have likely seen already, the whole of the...more
On June 6, 2024 federal regulators published a final rule addressing Quality Control Standards for Automated Valuation Models. This was a collaborative rulemaking effort that included regulators from the Office of the...more
6/28/2024
/ Algorithms ,
Appraisal ,
Automated Systems ,
Collateral ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Reserve ,
FHFA ,
Financial Institutions ,
Financial Services Industry ,
GSE ,
Mortgage-Backed Securities ,
Mortgages ,
NCUA ,
Secondary Markets ,
Securitization ,
Valuation
As we discussed in the fall over a series of articles (Part 1, Part 2, Part 3, and Part 4) and reported on further in January, the Consumer Financial Protection Bureau (“CFPB”) is on a mission to allow consumers to more...more
On May 30th, an unanimous Supreme Court ruled that the Second Circuit needed to take another shot at evaluating whether Bank of America, a national bank, can pre-empt a New York state law requiring the payment of interest on...more
6/13/2024
/ Bank of America ,
Cantero v Bank of America NA ,
Dodd-Frank ,
Escrow Accounts ,
Financial Services Industry ,
Interest Rates ,
Mortgages ,
National Bank Act ,
New York ,
Preemption ,
SCOTUS
The UK’s Financial Conduct Authority (FCA) has reported its observations on firms’ market abuse surveillance arrangements in the May edition of Market Watch. The newsletter looks at a peer review of surveillance model testing...more
5/17/2024
/ Colorado ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
DIDMCA ,
FDIC ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Information Governance ,
Interest Rates ,
Loans ,
Surveillance ,
UK
As we reported in our Client and Friends memo last month, the Third Circuit published an opinion on March 19th finding that statutory trusts such as those that make up the National Collegiate Student Loan Trusts (the “NCSLT...more