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Regulatory Oversight Consumer Lenders Regulatory Requirements

Troutman Pepper Locke

Shifting Gears: Adapting to Regulatory Changes in Auto Finance — Moving the Metal: The Auto Finance Podcast

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In this episode of Moving the Metal, Brooke Conkle and Chris Capurso from Troutman Pepper Locke’s Consumer Financial Services Practice Group discuss what dealerships and auto finance companies should prioritize amidst...more

Ballard Spahr LLP

NCUA finalizes rule authorizing new payday loan alternative option

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The National Credit Union Administration has published a final rule in the Federal Register that amend the NCUA’s general lending rule to provide federal credit unions (FCU) with a second option for offering “payday...more

Allen Matkins

DBO Reports Record Number Of CFL Licensees

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California prohibits any person (unless exempt) from engaging in the business of a finance lender or broker without obtaining a license from the Commissioner of Business Oversight. Cal. Fin. Code § 22100(a). This applies to...more

Ballard Spahr LLP

Illinois Adds Exemption and Company Registration Process for Independent Loan Processing Entities

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Effective immediately, Illinois has amended the Residential Mortgage License Act to exempt any entity engaged solely in providing independent contractor loan processing services through the sponsoring of individual licensees....more

Ballard Spahr LLP

Washington D.C. publishes final student loan servicing regulations

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The District of Columbia Department of Insurance, Securities, and Banking (DISB) published its final rules under the Student Loan Ombudsman Establishment and Servicing Regulation Amendment Act of 2016. ...more

Ballard Spahr LLP

CFPB publishes annual CARD Act, HOEPA, QM adjustments

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The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more

Ballard Spahr LLP

Arizona’s regulatory sandbox is open for play

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On August 3, 2018, Arizona began accepting applications for its regulatory sandbox that “enables a participant to obtain limited access to Arizona’s market to test innovative financial products or services without first...more

Ballard Spahr LLP

Washington Amends Mortgage Servicing Regulations

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The Washington Department of Financial Institutions (DFI) amended its regulations under the Consumer Loan Act, effective September 1, 2018. Changes are made to a variety of provisions, including licensing coverage and various...more

Troutman Pepper Locke

Regulatory Uncertainty at Federal Level Continues for 'Bank Model' Lending Arrangements

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When differences emerge between the activities of state banks and national banks in the U.S. dual banking system, the root cause typically is a difference between state and federal law....more

Ballard Spahr LLP

NYDFS calls for application of NY usury limits to all online lending and more regulation in online lending report

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The New York Department of Financial Services (NYDFS) has issued an Online Lending Report that calls for the application of New York usury limits to all online lending and increased regulation of online lenders making loans...more

Ballard Spahr LLP

California Department of Business Oversight Issues Warning to Lenders and Servicers Who Fail to File Mandatory Reports

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On June 29, 2018, the California Commissioner of Business Oversight warned California residential mortgage lenders and servicers that their failure to file annual reports could lead to enforcement actions. ...more

Ballard Spahr LLP

New York City adopts new requirements for used car dealers

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The New York City Department of Consumer Affairs (DCA) has adopted new rules for used car dealers, requiring all licensed dealers to make additional disclosures to consumers and creating a new consumer bill of rights for the...more

Ballard Spahr LLP

Plaintiffs in industry lawsuit challenging CFPB payday loan rule move for reconsideration

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We have previously blogged about the industry challenge to the CFPB’s rule on payday/vehicle title/high rate installment loans.  ...more

Ballard Spahr LLP

NCUA proposes second payday loan option

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The National Credit Union Administration has published a notice in the Federal Register proposing to amend the NCUA’s general lending rule to provide federal credit unions (FCU) with a second option for offering “payday...more

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