On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) released a Supervisory Highlights report covering findings from its examinations completed between July 2022 and March 2023 (the Report), which found,...more
8/21/2023
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Enforcement Actions ,
Financial Services Industry ,
Information Reports ,
Loan Servicer ,
Medical Debt ,
Payday Loans ,
Regulatory Violations ,
Unfair or Deceptive Trade Practices
2022 saw a flurry of regulatory activity by federal enforcement agencies — most notably, the Consumer Financial Protection Bureau (CFPB, or Bureau) — as the industry began to experience the full effects of the change in...more
2/22/2023
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Credit Reports ,
Debt Collection ,
Financial Services Industry ,
FinTech ,
Mortgages ,
Payday Loans ,
Prepaid Payment Products ,
Privacy Laws ,
Student Loans
[co-authors: Amelie Hopkins, and Collin Grier]
The year 2021 started with the hope of COVID-19 vaccines and a return to (relative) normalcy, only to conclude with new variants that presented new challenges and extended...more
2/23/2022
/ AMG Capital Management LLC v FTC ,
Automotive Loans ,
Banking Sector ,
Borrowers ,
Collins v Yellin ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Act ,
Credit Reporting Agencies ,
Credit Reports ,
Creditors ,
Debit and Credit Card Transactions ,
Debt Collection ,
Debtors ,
Dodd-Frank ,
Enforcement Actions ,
Financial Services Industry ,
FinTech ,
Lenders ,
Loan Servicing ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Payday Loans ,
Prepaid Payment Products ,
SCOTUS ,
Settlement ,
Small Dollar Lenders ,
Student Loans ,
TCPA ,
TransUnion LLC v Ramirez
On July 30, 2021, the Consumer Financial Protection Bureau (CFPB) announced that two final rules issued under the Fair Debt Collection Practices Act (FDCPA) will take effect as originally planned, on November 30, 2021,...more
In the News. The Office of the Comptroller of the Currency (OCC) issued a long-awaited rule seeking comment on its proposed approach to determine the Community Reinvestment Act (CRA) evaluation measure benchmarks, retail...more
11/30/2020
/ Bank Secrecy Act ,
Banking Sector ,
Benchmarks ,
Charitable Organizations ,
Comment Period ,
Community Reinvestment Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Debt Buyers ,
Debt Collection ,
Derivatives ,
Disclosure Requirements ,
Document Retention Policies ,
Due Diligence ,
Fannie Mae ,
FDIC ,
FHFA ,
Final Rules ,
Financial Adviser ,
Financial Services Industry ,
Freddie Mac ,
Interim Final Rules (IFR) ,
Investment Adviser ,
Lenders ,
MD&A Statements ,
Mutual Funds ,
Nonprofits ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
OCIE ,
Private Investment Funds ,
Proposed Rules ,
Public Comment ,
Registration Statement ,
Regulation M ,
Regulation S-K ,
Regulation S-T ,
Regulation Z ,
Regulatory Requirements ,
Relief Measures ,
Reporting Requirements ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Student Loans ,
Supervisory Guidance
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
In the News. The Board of Governors of the Federal Reserve System (Federal Reserve) proposed rules to modernize the regulations that implement the Community Reinvestment Act (CRA); the Conference of State Bank Supervisors...more
9/24/2020
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Anti-Money Laundering ,
Bank Holding Company Act ,
Bank Secrecy Act ,
Banking Sector ,
Blockchain ,
Borrowers ,
CD&I ,
Comment Period ,
Community Reinvestment Act ,
Consumer Financial Products ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
CSBS ,
Cyber Attacks ,
Debt Collection ,
Debtors ,
Depository Institutions ,
Digital Assets ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Governor Newsom ,
Hackers ,
Interpretive Letters ,
Lenders ,
Main Street Lending Programs ,
Money Transmitter ,
New Legislation ,
OCC ,
OCIE ,
Payment Processors ,
Proposed Rules ,
Public Comment ,
Regulation S-K ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
Stress Tests ,
Underwriting
On September 16, 2020, the New York Department of Financial Services (“DFS”) announced it filed a statement of charges against a debt collector over the debt collector’s alleged failure to comply with New York State’s Debt...more
On September 14, 2020, New York Attorney General Letitia James announced that she secured protections for thousands of student borrowers who defaulted on student loans and who were allegedly subject to misleading and unlawful...more
Editor's Note -
In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a risk alert announcing that it was conducting a series of examination...more
On November 1, 2018, the Federal Trade Commission (“FTC”) and the New York Attorney General’s Office announced their lawsuit against a New York-based debt collection operation, which alleges that the debt collection entities...more
Editor's Note -
SEC Administrative Law Judge Appointments Are Subject to the Appointments Clause. On June 21, in a majority opinion in Lucia v. SEC delivered by Justice Elena Kagan, the United States Supreme Court held that...more
On June 13, 2018, the Consumer Financial Protection Bureau? (CFPB) annou?nced its settlement with a South Carolina corporation and its subsidiaries over allegations that the companies engaged in improper debt collection and...more
On June 23, 2017, the Federal Trade Commission (FTC) announced that it has filed a complaint in the U.S. District Court for the Western District of North Carolina against a North Carolina debt collection company and its...more