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Reporting Requirements Financial Regulatory Reform Consumer Financial Products

Troutman Pepper Locke

CFPB Proposes Rescission of Nonbank Registration Rule

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Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) released a proposed rule to rescind its previous regulation requiring nonbank entities to report certain agency and court orders to a Bureau registry....more

A&O Shearman

PSR publishes policy statement on 2024 APP scams data

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The UK Payment Systems Regulator (PSR) has published a policy statement outlining its approach to publishing authorised push payment (APP) scams data for 2024. In 2025, the PSR will take a different approach to publishing...more

Latham & Watkins LLP

FCA Sets Out Findings From Review of Firms’ Treatment of Vulnerable Customers

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The regulator found many examples of good practice, but also published further guidance and case studies to help firms address areas for improvement....more

Orrick, Herrington & Sutcliffe LLP

CFPB will reportedly continue to update Average Prime Offer Rate tables

On February 11, it was reported that, despite the temporary halt in the CFPB’s operations, the Bureau’s tables for the Average Prime Offer Rate (APOR) will continue to be updated weekly by the CFPB. A Bureau spokesperson...more

Ballard Spahr LLP

Republicans renew efforts to repeal Section 1071

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Republicans on Capitol Hill are seeking to repeal a section of the Dodd-Frank Act that requires financial institutions to report information contained in loan applications submitted by women-owned, minority-owned and...more

Shipkevich PLLC

CA DFPI Registration Requirements Under CCFPL for Debt Settlement Companies and Service Providers

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On October 11, 2024, the California Office of Administrative Law approved and filed with the California Secretary of State proposed regulations by the California Department of Protection and Innovation (“DFPI”) to establish...more

Ballard Spahr LLP

CFPB Announces the Beta Platform for Small Business Lending Data Reporting

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The CFPB announced the availability of its beta platform for the small business lending data collection rule pursuant to section 1071 of the Dodd-Frank Act....more

Ballard Spahr LLP

Texas Judge Rules CFPB Did Not Exceed Authority in Issuing Small Business Reporting Rule

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In a tentative win for the CFPB, a federal judge in Texas ruled on August 26, 2024, that the agency did not exceed its authority when it issued its final Section 1071 small business lending rule. The court also rejected...more

Ballard Spahr LLP

CFPB: Confidentiality Agreements Can’t Deter Whistleblowers from Reporting Alleged Violations

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The CFPB warned on July 24, 2024,  that confidentiality agreements that employees of a company are required to sign likely violate federal law if those agreements imply that employees could face retaliation from their...more

Troutman Pepper Locke

Highlights from the CFPB’s Spring 2024 Semi-Annual Regulatory Agenda

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The Consumer Financial Protection Bureau (CFPB or Bureau) recently released its semi-annual regulatory agenda, outlining its planned rulemaking initiatives. The CFPB releases regulatory agendas twice a year in voluntary...more

Ballard Spahr LLP

CFPB Releases Mortgage Servicing Report on Borrower Experiences During the COVID-19 Pandemic

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The complexity of loss mitigation programs designed to assist distressed mortgage borrowers during the COVID-19 pandemic may have been too daunting for many borrowers to seek help, the CFPB said, in a report released last...more

Ballard Spahr LLP

CFPB Issues Proposed Rule Amending Mortgage Servicing Rules

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The CFPB recently issued its long-awaited proposed rule amending the mortgage servicing rules under Regulation X, with a focus on streamlining and expanding the loss mitigation procedures and foreclosure protections. The...more

Troutman Pepper Locke

CFPB Proposed Rule Banning Reporting of Medical Debt

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On June 11, the Consumer Financial Protection Bureau (CFPB or Bureau) released a proposed rule amending Regulation V, which implements the Fair Credit Reporting Act (FCRA), concerning medical debt. The proposed rule would...more

Ballard Spahr LLP

CFPB Issues Final Rule Creating Nonbank Enforcement Action Registry

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The CFPB issued its final rule, titled the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule, on June 3, 2024. The rule will require certain nonbank entities to register certain covered...more

Allen Matkins

Why Is The DFPI Requesting Funding To Implement Venture Capital Funding Reporting Mandate?

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Last year, the California legislature enacted a bill, SB 54 (Skinner), that requires a "a venture capital" company to report annually to the Civil Rights Department on its funding determinations related to companies primarily...more

Troutman Pepper Locke

Sales-Based Financing Trade Group Files Suit Challenging CFPB’s Section 1071 Rule

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Late last month, the Revenue Based Finance Coalition (RBFC), a trade group of sales-based financing providers, filed a complaint in the U.S. District Court for the Southern District of Florida challenging the Consumer...more

Troutman Pepper Locke

Update: Congress Passes Resolutions to Override CFPB’s Section 1071 Final Rule, Biden Vows to Veto

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As discussed here, this summer, Representative Roger Williams (R-Texas) and Senator John Kennedy (R-La.) introduced identical Congressional Review Act (CRA) resolutions in the U.S. House and Senate (H.J. Res. 66 and S. J....more

Troutman Pepper Locke

California Joins War on Fees With Passage of S.B. 666

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On October 13, California Governor Gavin Newsom signed into law Senate Bill 666, which amends the California Financing Law to prohibit a covered entity from charging certain fees in connection with a commercial financing...more

Troutman Pepper Locke

Congressional Republicans Receive Banking and Credit Union Trade Association Support for Legislation to Overturn the CFPB’s...

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This summer, Representative Roger Williams (R-Texas) and Senator John Kennedy (R-La.) introduced identical Congressional Review Act (CRA) resolutions in the U.S. House and Senate (H.J. Res. 66 and S. J. Res. 32, respectively)...more

Orrick, Herrington & Sutcliffe LLP

Maryland amends student financing company registration provisions

On May 8, the Maryland governor signed HB 913 to amend certain provisions relating to student financing company registration and reporting requirements...more

Morgan Lewis

Protecting Your Investment: Insights For 2020

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Investors and investment managers around the globe are seeing increasing rules and regulations on how they can deploy their money, how they can advertise their services, and how they have to report to regulators. ...more

Ballard Spahr LLP

CFPB Updates HMDA Guide

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As previously reported, in October 2019 the CFPB issued a final rule under the Home Mortgage Disclosure Act (HMDA) to...more

Ballard Spahr LLP

New York Issues Final Mortgage Servicing Regulations

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On December 18, 2019, the New York Department of Financial Services (DFS) issued its Final Regulations detailing the business conduct rules for mortgage loan servicers. ...more

Ballard Spahr LLP

CFPB Issues Final HMDA Rule (2019 Update)

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The CFPB recently issued in final form two elements of a May 2019 Home Mortgage Disclosure Act (HMDA) proposed rule. As previously reported, the May 2019 proposal would...more

Ballard Spahr LLP

FinCEN Issues Exceptive Relief from Beneficial Ownership Rule to Certain Account Renewals

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FinCEN Cites Low Risk of Money Laundering and High Regulatory Burden of Rule - On September 7, 2018, the Financial Crimes Enforcement Network (“FinCEN”) issued permanent exceptive relief (“Relief”) to the Beneficial...more

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