In this Issue. The U.S. Securities and Exchange Commission (SEC) was very active this week, having (i) issued no-action relief allowing registered funds to engage in self-custody of interests in loans that are originated,...more
2/15/2021
/ Banking Sector ,
Biden Administration ,
Capital Raising ,
CARD Act ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debt Management Companies ,
Debt Relief ,
Debtors ,
Department of Financial Protection and Innovation (DFPI) ,
Enforcement Actions ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financing ,
FinTech ,
Guidance Update ,
Industry Letters ,
Investigations ,
Investors ,
Lenders ,
Loans ,
Memorandum of Understanding ,
Money Market Funds ,
No-Action Relief ,
NYDFS ,
Paycheck Protection Program (PPP) ,
Presidential Nominations ,
Processing Fees ,
Public Comment ,
Registered Funds ,
Regulation O ,
Reporting Requirements ,
SBA ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Settlement Proposals ,
State Attorneys General ,
Student Loans
In the News. The Consumer Financial Protection Bureau (CFPB), along with the Federal Trade Commission (FTC) and more than 50 federal and state law enforcement partners, announced Operation Corrupt Collector, a nationwide law...more
10/2/2020
/ Accredited Investors ,
Appraisal ,
Banking Sector ,
Capital Rules ,
Code of Federal Regulations (CFR) ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Corrective Actions ,
Debt Collection ,
Depository Institutions ,
Disclosure Requirements ,
Dodd-Frank ,
Fannie Mae ,
FDIC ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Final Rules ,
Financial Services Industry ,
Freddie Mac ,
FSOC ,
Lenders ,
Liquidity ,
Military Service Members ,
Mortgages ,
OTS ,
Public Comment ,
Qualified Institutional Buyers ,
Relief Measures ,
Securities and Exchange Commission (SEC) ,
Student Loans ,
Unfair or Deceptive Trade Practices ,
Veterans
On September 14, 2020, the Consumer Financial Protection Bureau (CFPB) announced a settlement in its eighth case arising out of the CFPB’s “sweep of investigations” of mortgage companies allegedly mailing deceptive...more
In the News. The Securities and Exchange Commission (SEC) adopted final rules to update and expand the statistical disclosures that bank and savings and loan registrants must provide to investors for the first time in 30...more
9/17/2020
/ Accredited Investors ,
Amended Rules ,
Anti-Money Laundering ,
Banking Sector ,
Banks ,
Brokers ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Crowdfunding ,
Data Collection ,
Deposit Insurance ,
Disclosure Requirements ,
Disparate Impact ,
Dodd-Frank ,
Extensions ,
Fair Credit Reporting Act (FCRA) ,
FDIC ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Filing Fees ,
Final Rules ,
Financial Reporting ,
Financial Services Industry ,
FinCEN ,
Flood Insurance ,
HUD ,
Interim Final Rules (IFR) ,
Investors ,
Leverage Ratio ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Public Comment ,
Qualified Institutional Buyers ,
Relief Measures ,
Savings and Loan Companies ,
Section 1071 ,
Securities and Exchange Commission (SEC) ,
Small Business ,
Temporary Regulations ,
Time Extensions
On July 29, 2020, the Consumer Protection Financial Bureau (CFPB) held a symposium on the use of cost-benefit analysis in consumer financial protection regulation. CFPB Director Kathleen Kraninger provided opening remarks,...more
On June 18, 2020, the Consumer Financial Protection Bureau (CFPB) announced the launch of its pilot advisory opinion (AO) program. The CFPB quickly followed this announcement by publishing a procedural rule implementing the...more
In This Issue. Federal banking agencies finalized an Interagency Policy Statement on Allowance for Credit Losses, which is intended to promote consistency in the interpretation and application of the current expected credit...more
3/6/2020
/ Amended Rules ,
Banking Sector ,
CBLR ,
Consumer Financial Protection Bureau (CFPB) ,
Creditors ,
Disclosure Requirements ,
Enforcement Actions ,
Financial Services Industry ,
Lenders ,
Policy Statement ,
Securities and Exchange Commission (SEC) ,
TILA-RESPA Integrated Disclosure Rule (TRID)
On February 20, the Consumer Financial Protection Bureau (CFPB), South Carolina Department of Consumer Affairs, and Arkansas Attorney General’s Office announced? that they had filed a lawsuit in the U.S. District Court for...more
2/28/2020
/ Brokers ,
Civil Monetary Penalty ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Interest Rates ,
Pending Litigation ,
Preliminary Injunctions ,
State Attorneys General ,
Underwriting ,
Veterans
Editor's Note -
Busy Week for the Fed. The Board of Governors of the Federal Reserve System (Federal Reserve) was busy this past week, announcing that it would limit use of the “qualitative objection” in its Comprehensive...more
3/14/2019
/ CCAR ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Department of Labor (DOL) ,
FFIEC ,
Financial Services Industry ,
FSOC ,
Minimum Salary ,
Over-Time ,
Regulation D ,
Servicemembers Civil Relief Act (SCRA) ,
Wage and Hour
Editor's Note -
CFPB Remains Active During Government Shutdown. As the government shutdown entered its fourth week and became the longest in history, many federal agencies, including many federal financial regulatory...more
1/17/2019
/ Consumer Financial Protection Bureau (CFPB) ,
Debt-Relief Industry ,
FDCPA ,
Financial Services Industry ,
Mortgage Servicing Rules ,
Non-GAAP Financial Measures ,
Qualified Mortgage Rule ,
Regulation A ,
RESPA ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Student Loans
On January 3, 2018, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a $15.5 million consent order with a federally-chartered savings association bank. The consent order resolves allegations...more
Editor's Note -
State Regulators Sue OCC Over Federal FinTech Charter, Again. On October 25, the Conference of State Bank Supervisors (CSBS) once again sued the Office of the Comptroller of the Currency (OCC) in the U.S....more
Editor's Note -
In This Issue. The Securities and Exchange Commission (SEC) issued a no-action letter that closes the gap in investor protection created by the SEC’s approval of FINRA Rule 2165; the SEC’s Investment...more
Editor's Note -
Appointments Clause Revisited. As we noted in a previous edition of the Roundup, Raymond Lucia was fined and barred from the industry by the Securities and Exchange Commission (SEC) for material...more
On April 20, 2018, the Consumer Financial Protection Bureau (CFPB)? and Office of the Comptroller of the Currency (OCC) each announced settlements totaling $1 billion with a national bank resulting from a coordinated action...more
4/23/2018
/ Automotive Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
FTC Act ,
Mortgage Lenders ,
Mortgages ,
OCC ,
Settlement ,
UDAAP
On January 17, the New York Attorney General (AG) filed a motion to compel a debt collection company and its owner to produce financial documents, business records, and other documents in a lawsuit alleging that the...more
Editor's Note -
Change at the Fed. As expected, on November 2, President Trump nominated Jerome H. Powell to be Chairman of the Board of Governors of the Federal Reserve System (FRB) for a term of four years beginning...more
11/9/2017
/ Bank Secrecy Act ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collectors ,
Due Diligence ,
Equity Investors ,
FDIC ,
Federal Trade Commission (FTC) ,
FinCEN ,
OCC ,
Subsidiaries
On August 4, 2017, the United States District Court for the Middle District of Pennsylvania denied a student loan servicer’s motion to dismiss claims brought against it by the Consumer Financial Protection Bureau (CFPB),...more
On April 17, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a complaint in the U.S. District Court for the Northern District of Ohio against an Ohio-based debt collection law firm, alleging...more
On January 23, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a mortgage servicer, resolving allegations that the servicer violated the Real Estate Settlement Procedures...more
On January 23, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a mortgage servicer, resolving alleged violations of the Real Estate Settlement Procedures Act (RESPA), the...more
On November 3, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit against a Virginia pawnbroker, alleging that the pawnbroker violated the Truth in Lending Act (TILA) and Consumer Financial...more
On November 2, the Consumer Financial Protection Bureau (CFPB) and New York Attorney General (AG) announced the filing of a complaint in the United States District Court for the Western District of New York against...more
On September 21, the Consumer Financial Protection Bureau (CFPB) announced that it filed five individual administrative lawsuits against Arizona title lenders.
Each suit concerns allegations that the title lenders’...more
On September 23, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit against a credit repair company in the United States District Court for the Central District of California, for alleged violations...more