News & Analysis as of

Loans Nonbank Firms

Orrick, Herrington & Sutcliffe LLP

Prudential regulators release 2024 Shared National Credit report

On March 10, the FDIC, the Fed and the OCC published the 2024 Shared National Credit Program (SNC) report which highlighted that the overall SNC credit risk remains moderate — with a slight increase in the severity of risk...more

Sheppard Mullin Richter & Hampton LLP

CFPB Announces Plans to Regulate Nonbank Personal Loan Providers

On January 8, the CFPB announced its intent to pursue rulemaking that would allow the agency to oversee nonbank personal loan lender. The announcement came in response to a petition filed in September 2022 by the Consumer...more

Mayer Brown

Significant "True Lender" Changes to Washington Consumer Loan Act Now Effective

Mayer Brown on

Washington recently enacted significant changes to its Consumer Loan Act that may bring certain nonbank loan marketers and program managers within its scope. The Consumer Loan Act requires a license to make consumer loans of...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - November 2023

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Orrick - Finance 20/20

Madden v. Midland Funding, LLC

Orrick - Finance 20/20 on

On May 22, the Second Circuit Court of Appeals ruled that when a nonbank entity purchases loans from a national bank, the interest rate the nonbank entity may charge is limited to the rate of interest of the state of...more

Baker Donelson

CFPB Proposes Federal Oversight of Auto Financing Companies

Baker Donelson on

On September 17, 2014, noting the auto lending discrimination it has uncovered at banks, the Consumer Financial Protection Bureau (Bureau or CFPB) announced its plan to further extend its reach under the Dodd-Frank Act by...more

Ballard Spahr LLP

California Creates Exemption from Finance Lenders Law for Certain Nonprofits

Ballard Spahr LLP on

The state of California amended its Finance Lenders Law in an effort to help individuals obtain access to affordable, credit-building small dollar loans. The new law makes exempt from Finance Lenders Law a nonprofit...more

Stinson - Corporate & Securities Law Blog

CFPB To Oversee Nonbank Student Loan Servicers

The CFPB has issued a rule that allows the CFPB to supervise certain nonbank student loan servicers for the first time. The CFPB currently oversees student loan servicing at the largest banks. ...more

Orrick - Finance 20/20

Fed Proposal on Annual Assessments

Orrick - Finance 20/20 on

On April 15, the Fed requested comment on a proposed rule to establish an annual assessment for bank holding companies and savings and loan companies with $50 billion or greater in total consolidated assets, as well as for...more

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