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Financial Institutions › Financial Services Industry › Loan Servicer

Hudson Cook, LLP

The CFPB's Future is Unclear, but Its $42 Million Judgment Still Sends a Clear Message

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If we could use only one word to describe the future of the Consumer Financial Protection Bureau, I think most of us would agree on the word "uncertain." However, one thing seems certain to occur as we wait to see what will...more

Nutter McClennen & Fish LLP

Nutter Bank Report: October 2024

Nutter McClennen & Fish LLP on

The CFPB has approved a final rule that requires banks and certain other financial services providers to share a consumer’s personal financial data with another provider at the consumer’s request. The CFPB’s Personal...more

Mayer Brown

Wisconsin Expands Scope of Consumer Loan Licensing Provisions

Mayer Brown on

In addition to the states that, similar to Washington, have adopted “true lender” provisions, several states have recently enacted changes to their consumer loan licensing laws that expand the scope of the licensing...more

Troutman Pepper Locke

CFPB and DOJ Joint Statement on Immigration Status and Credit Underwriting — The Consumer Finance Podcast

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Join Troutman Pepper Partner Chris Willis for a solo episode where he discusses a recent joint statement from the Consumer Financial Protection Bureau and the Department of Justice regarding the consideration of immigration...more

White & Case LLP

Implementation of the Credit Servicers Directive in Germany: A game-changer in the NPL-market

White & Case LLP on

The Directive (EU) 2021/2167 sets out a harmonized regulatory framework for services in relation to non-performing loans and has to be implemented by Member States by 29 December 2023. In Germany, the draft bill of the Credit...more

Bradley Arant Boult Cummings LLP

Subpoena Responses for Financial Institutions

Bradley Arant Boult Cummings LLP on

Financial services companies, such as banks, credit unions, lenders, finance companies, loan servicers, broker-dealers, and securities firms, often receive subpoenas from parties in litigation involving their customers,...more

Brownstein Hyatt Farber Schreck

Hunstein Decision Informs Financial Services Industry Use of Third Party Vendors

Brownstein Hyatt Farber Schreck on

More than a year ago on April 21, 2021, the 11th Circuit Court of Appeals issued an opinion in Hunstein v. Preferred Collection and Management Services Inc. that rocked the world of the debt collection industry, and the...more

Hudson Cook, LLP

CFPB Bites of the Month - March Top 10

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We thank you for reading our Top 10 and listening to our CFPB Bites of the Month webinars over the past two years. We are pleased to continue the series in 2022. In this month's article, we share some of our top "bites" for...more

Goodwin

SEC Proposes Short Sale Disclosure Rule and Reopens Comment Period for Reporting on Securities Loans

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule to increase market transparency regarding short selling and extended the comment period for its proposed rule requiring reporting on...more

Skadden, Arps, Slate, Meagher & Flom LLP

More Aggressive Consumer Financial Services Enforcement Expected

Skadden, Arps, Slate, Meagher & Flom LLP on

Takeaways - Redlining enforcement will be a significant priority for the CFPB, DOJ and other agencies. Loan servicers should expect increased scrutiny to prevent unnecessary defaults. Credit bureau reporting will be...more

Allen Matkins

California Statute Permits Unlicensed "Small Dollar" Lending By Some Nonprofits

Allen Matkins on

On the eve of the Great Depression, the United States Bureau of Printing and Engraving made a big change by introducing small bills.  The Bureau reduced the size of bills by about 30% to save money on ink and paper - the...more

Allen Matkins

Court Terminates "Rent-a-Bank" Claim

Allen Matkins on

Mr. Sims is a retired veteran living on a fixed income in California.  Last year, he " "responded to online marketing" on a website maintained by OppLoans, a Delaware limited liability company with an Illinois address.  Mr....more

Ballard Spahr LLP

Washington Proposes Amendments to Student Loan Servicing Rules

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The Washington State Department of Financial Institution (DFI) has published proposed revisions to its student loan servicer regulations. This proposal would amend rules that went into effect earlier this year pursuant to...more

Bricker Graydon LLP

FTC takes action and fines loan servicer: How to avoid being the subject of the next case

Bricker Graydon LLP on

Loan servicers, beware! The Federal Trade Commission (FTC) recently issued a large fine to a loan servicer, based on Unfair or Deceptive Acts or Practices (UDAP) standards. ...more

Ballard Spahr LLP

State AGs criticize ED withdrawal of Obama student loan servicing policy direction

Ballard Spahr LLP on

A group of 20 state attorneys general, the D.C. attorney general, and the Executive Director of the Office of Consumer Protection of Hawaii have sent a letter to U.S. Department of Education Secretary Betsy DeVos criticizing...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

Orrick, Herrington & Sutcliffe LLP on

Financial Industry Developments - Rejecting "True Lender" Arguments, California District Court Dismisses Claims Against Student Loan Servicers - This past Thursday, September 22, a federal district court in the...more

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