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
On October 4, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it has issued a consent order against a nonbank provider of a money transfer service for multiple violations of the Electronic Fund Transfer...more
On July 27, 2022, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) filed a complaint and proposed consent order in a federal district court alleging that a mortgage company...more
8/4/2022
/ Advertising ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
ECOA ,
Enforcement Actions ,
Enforcement Priorities ,
Fair Housing Act (FHA) ,
Financial Services Industry ,
Housing Discrimination ,
Housing Market ,
Marketing ,
Minorities ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination
[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 January 27, 2022, the Consumer Financial Protection Bureau (CFPB) published its updated annual list of consumer reporting companies for the purpose of encouraging consumers to seek access to their files, and sue if they...more
A new essay published in the Emory Law Journal argues that two empirical studies of advertising by certain banks and payday lenders in Houston, Texas indicate that payday lenders steer African Americans and Latinos to their...more
12/30/2021
/ Advertising ,
Community Reinvestment Act ,
Consumer Lenders ,
ECOA ,
Enforcement Priorities ,
Fair Housing Act (FHA) ,
Financial Services Industry ,
Payday Loans ,
Race Discrimination ,
Regulation B ,
Title Loans
This month the Consumer Financial Protection Bureau (CFPB) doubled-down on its earlier warning that the end of 2021 could see widespread foreclosures as COVID-19-related protections expire, by issuing guidance to mortgage...more
4/28/2021
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Forbearance Agreements ,
Foreclosure ,
Mortgage Servicers ,
Mortgages ,
Policy Statement ,
Regulation X ,
RESPA
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
President Joe Biden announced that he will nominate Rohit Chopra, one of two Democratic commissioners at the Federal Trade Commission (FTC), as the next Director of the Consumer Financial Protection Bureau (CFPB, or the...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
In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about the scope and content of examinations OCIE plans to conduct of various...more
6/26/2020
/ Advisory Opinions ,
Antitrust Division ,
Banking Sector ,
Board Meetings ,
Borrowers ,
Broker-Dealer ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Credit Unions ,
CSBS ,
Debt Relief ,
Deposit Insurance ,
Disgorgement ,
Enforcement Actions ,
Eviction ,
Exemptions ,
FDIC ,
FHFA ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Forbearance Agreements ,
Foreclosure ,
Homeowners ,
Interim Final Rules (IFR) ,
Interpretive Rule ,
Investment Adviser ,
Joint Statements ,
Lenders ,
Libor ,
Liu v Securities and Exchange Commission ,
Loss Mitigation ,
Money Market Mutual Fund Liquidity Facility (MMLF) ,
Mortgages ,
Municipal Advisers ,
Notice of Proposed Rulemaking (NOPR) ,
OCIE ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Lending Facility (PPPLF) ,
Pilot Programs ,
Presidential Nominations ,
Registered Investment Advisors ,
Regulatory Requirements ,
Relief Measures ,
Risk Alert ,
SBA ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Term Asset-Backed Securities Loan Facility (TALF) ,
U.S. Treasury ,
Virtual Meetings
In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve) expanded access to its Paycheck Protection Program Liquidity Facility (PPPLF) to non-bank lenders and expanded the collateral eligible to...more
5/7/2020
/ Banking Regulators ,
Banking Sector ,
Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Enforcement Actions ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Forbearance Agreements ,
Foreclosure ,
Lenders ,
Liquidity Coverage Ratio ,
Loan Forgiveness ,
Main Street Lending Programs ,
Money Market Mutual Fund Liquidity Facility (MMLF) ,
Mortgage Lenders ,
Mortgages ,
Nasdaq ,
New Guidance ,
Non-Bank Lenders ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Lending Facility (PPPL Facility) ,
Price Gouging ,
Risk Management ,
SBA ,
Securities and Exchange Commission (SEC) ,
Shareholder Approval
In This Issue. The Federal Deposit Insurance Corporation (FDIC) released supplemental question and answer materials clarifying certain aspects of the application process for deposit insurance; the Consumer Financial...more
In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) have extended for an additional...more
7/25/2019
/ BSA/AML ,
FASB ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
FinCEN ,
Mutual Funds ,
NYSE ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
Volcker Rule
Editor's Note -
The Legacy of the Government Shutdown Lives On. The federal government shutdown is finally over, at least temporarily. However, its legacy lives on as federal financial regulators must now deal with the...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